The Digital Landscape
QUESTION
1
Ali Baba's Latest 2020 retail strategy
Jack
Ma, the founder of Alibaba, realized that the destiny of retail will not be a
contest between offline and online shopping. Those two choices cannot be the
only ones available. The new retail model is predicated on the straightforward
assumption that e-commerce will not come to completely dominate the retail
industry in the foreseeable future. Instead, it will involve the digitization
of every type of commercial transaction. Not only will new customer engagement
be required for successful retail, but so will an overhaul of the complete value
chain. It's a digitalization of the complete stack. Retailers will have the
opportunity to design supply chains that are more intelligent and adaptable,
and which can manage inventory across both traditional and digital channels. At
the very same time, data will play an even more significant role than it has in
the past when it comes to the development of products. Retailers and
manufacturers will start viewing everything through the prism of how it will
enable technology, how it will affect their business, and how it will affect
their customers (Khan and Tariq, 2021). Alibaba is the company that runs the
major e-commerce networks in China and says that more than half a billion
people shop on its many marketplaces. Brick-and-mortar retail still dominates
more than 80 percent of overall retail sales, even though China has the highest
prevalence of online sales of any country on the planet. Even though it is
still in its infant stages, Alibaba's new retail model is already showing signs
of being a paradigm shifter in the retailing innovation scene. Alibaba opines
that its Hema Supermarkets are "vibrant and lucrative" in their
respective markets.
Hema
has the potential to more than quadruple the normal profit margins of typical
supermarkets and hypermarkets, which are typically between 2% and 4%. The
company claims that the fact that it allows consumers to shop in both its
physical and virtual locations contributes to an increase in the consumers'
overall monthly spending (Khan and Tariq, 2021). People who purchased at Hema
both online and offline invested an average of 575 yuan per month, which is
significantly higher than the less than 300 yuan spent by people who shopped
exclusively online or exclusively offline. Alibaba knows anything you've bought
as a consumer. Therefore, it records that information and stores it so that
when you shop again in the future, you can have the same things delivered to
your door. It's possible that one of the most important pillars of Alibaba's
approach is to help individuals feel more at ease placing orders online. The personalized
physical space is the next great revolution in retail, and Hema may very well
be the single biggest analogy of this invention that exists anywhere in the
world right now. In addition to grocery stores, Alibaba is also making the
process of buying a car less stressful. You can purchase a vehicle from one of
Alibaba's automated automobile vending machines in China as part of your New
Retail experiences there (Kumar and Venkatesan, 2021). The days of having to spend hours with a
chatty salesman and scheduling appointments have long since passed. Only when
you are ready to purchase something should you set up a meeting with a dealer.
QUESTION 2
The
major technologies of 2020 are the following:
Bluetooth beacon
A
Bluetooth beacon is an extremely low-power wireless device. It acts similarly
to a lighthouse in that it constantly broadcasts a signal for other devices to
pick up. It doesn't shine brightly like a typical light bulb, but rather sends
out a radio signal that contains numerals and letters at frequent intervals
(Gillpatrick et al, 2019).
Advantages
·
The machine can offer
better quality outcomes.
·
Productivity and
accuracy in the process (Pitt, 2019).
·
Easier data collection
for daily reports and work analytics.
·
Happier Employees
sharing jobs with robots
Disadvantages
·
Need a new business
model to accommodate new jobs and training for the low-skilled labor.
·
Lack of efficiency and
prohibitive cost.
Facial Recognition technologies
An
individual's identification can be verified or established through the use of
facial recognition. People in images, films, or instantaneously can all be
identified with the use of facial recognition technologies (Kahn et al, 2018).
Recognition of an individual's face is a form
of biometric protection. Additionally, voice recognition, fingerprints
scanning, and retina/iris scanning are also examples of biometric software.
There is growing interest in applying technologies outside of security and law
administration.
Advantages
·
Helps in better
security measures in banks
·
Protect against
business theft
·
Makes shopping
efficient
·
Helps in reducing human
touchpoints
Disadvantages
·
Threat to societal and
individual privacy
·
Violation of personal
rights
·
Helps in
vulnerabilities of data
Auto Checks
This
technology consists of the machines that are used for automated checks in any
particular industry in any kind or form (Kahn et al, 2018).
Advantages
·
Helps in saving time
·
Faster feedback cycle
·
Better insights
·
Improvement accuracy
Disadvantages
·
Very expensive
technology
·
Limited to only a few
organizations
·
Requirement of extra
skilled and trained staff
Smart Mirrors
There
is a digital screen behind the mirror glass, and it communicates with your
smartphone via Bluetooth or Wi-Fi. Time, date, headlines, predictions, and
traffic updates are just some of the things that can be found on this screen
(Pitt, 2019).
Advantages
·
Can be used for its
safety and appearance.
·
Helps in the
administration of makeup.
·
readily access the
information given to it.
Disadvantages
·
Expensive technology in
the shape of equipment gadgets.
·
Many different
technical issues.
·
Image perception will
be distorted.
Robot Assistant
A
robot personal assistant is an AI system that provides practical assistance
with mundane domestic duties. Numerous tasks can be accomplished with the help
of these handy household adjuncts. They are made to relieve you of the
burdensome responsibilities you face regularly, such as keeping track of your
schedule or remembering important dates like anniversaries and birthdays. Smart
robots can swiftly and easily adapt to your desires after being set up (Pitt,
2019). The vast majority can be used immediately after the initial pairing with
the corresponding mobile app.
Advantages
·
Helps in controlling
the extreme environment around the specific place.
·
Helps in the
replacement of human labor.
·
Creating more jobs for
the robotic industry
Disadvantages
·
Safety hazards
·
Reduction in jobs of
low-skilled workers
·
More expensive than
human labor
QUESTION 3
Supermarket
2020: Vision of Future
The
behavior of customers is shifting; thus, the supermarket must adapt to remain
competitive.
In the grocery store of the year 2020, there
ought to be a greater degree of connectivity between the shoppers and the
proprietors of the market. While multi-channel platforms make it possible to
have seamless transfers and self-defined limitations in all aspects of life,
the advanced grid gives people more authority over their lifestyle choices and
helps shape those choices. In Turkey, more than sixty percent of the population
conducted online product searches in the previous year. It is quite clear that businesses
need to transition to a user-centered strategy, move to areas where individuals
are, and adapt their marketing messages to many devices (Bottcher et al, 2021).
Citizens Of other countries are culturally receptive, mobile individuals who
are also market influencers who are "digitally native" and are
establishing appropriate norms in many aspects of life. Companies are required
to deliver National Capital and 'real' brand experiences that promote trust and
make it possible for communities to thrive to participate in A Real Thing.
People are interested in knowing and experiencing the specific reasons why they
need to communicate with you.
People
will interact with brands and businesses that are creating a positive change in
the world since that is what everyone wants—a better world—and businesses, not
governments, need to be the driving force behind a sustainable society. Because
excessive consumption has prompted a focus on "Well-Being Economics"
and is already shaping our choices, Intelligent Health solutions need to be
incorporated. It's not about getting more of the same thing; rather, it's about
getting something better. In the end, all of these movements contribute to our
yearning for "The Good Life," a state of being in which we challenge
traditional standards of achievement and contemplate ways in which a society
can become more joyful. Statistics have shown that cheerful people are more
involved, more concentrated, and up to fifty percent more productive than their
less happy counterparts (Kaur et al, 2020). This is something we already know
to be true. It is time to contribute values from both the left and right sides
of the brain to form a constructive future vision. It gives a visual foundation of insights,
which enables us to understand issues and opportunities on a global as well as
a local scale.
We
believe that the shop of tomorrow will have a variety of elements that are
centered on the client, as the retail stores of today are no longer appropriate
to suit the requirements of the clients of today. The traditional department
store is undergoing a radical makeover as a result of the rise of multi-channel
and convenient shopping (Naseri, 2021). In a reputational economy, where
businesses have to work even harder to be seen and trusted by consumers,
complete transparency has emerged as an absolute must. Your organization's
leaders and the brand commitment you make to customers must be perfectly
aligned for you to be considered an Authentic Organization. Cloud services,
which prioritize adaptability and scalability, encourage the development of
novel commercial and collaboration strategies that center on the discussion.
Because there will be more than 50 billion gadgets connected to the
"Internet of Things" by the year 2020, there will be abundant
opportunities to communicate with a significantly wider audience of consumers
and gain insight into the way they live (LEU and MASRI, 2021).
QUESTION 4
Localization
based marketing
Thanks
to its demonstrated efficacy and effectiveness, location-based advertising is
quickly becoming increasingly popular. More than $26 billion was expected to be
spent on geo-targeted advertising in the United States in 2019 by marketers,
according to a study by BIA Advisory Services. It is expected that this number
would keep growing throughout 2020 and then beyond. Based on current trends and
the industry's growing trust in location-based marketing, this strategy is set
to maintain its dominance in 2020. Them' location information is used in
location-based advertising and marketing campaigns to offer customers more
relevant and timely ads. Improved campaign participation and actionable
information gleaned from customer behavior are two clear benefits of this type
of marketing (Dyk and Belle, 2019). It's hardly shocking that most of your
clients are always connected through a smartphone. It's true that most people
openly disclose their whereabouts using their mobile apps. Here's where
salespeople can make a case for their wares using location-based information
from nearby mobile devices. Of course, effective marketing is crucial for every
company. Although businesses work hard to ensure their advertising and
promotional materials appeal to target audiences, statistics show that they are
not always successful. Forty-plus percent of consumers who receive advertising
messages from companies via their mobile devices view them as irrelevant and
ineffective, per a study on mobile marketing. Location-based marketing is one
strategy that is supposed to improve this situation.
Customers'
location information is used in location-based advertising to provide them only
relevant and valuable material at optimal times (Ferreira et al, 2020). If a
consumer is at a shopping center, for illustration, a coffee shop might send
them a notification offering a special deal. If the offer is current and
relevant, the customer is far more likely to think about taking advantage of
it. You may increase customer interaction with your adverts and ultimately your
business's success through the use of location-based marketing. Marketers
constantly strive to maximize efficiency in their efforts to reach their target
audience without breaking the bank (Chaparro-Pelaez et al, 2020). One approach
to do this is through hyperlocal advertising, in which customers are
identifying the benefits of their intended destinations within a smaller
geographic region. The area around these locations, within which a consumer
would be notified, is known as a geofence, and they are often landmarks.
Hyperlocal advertising and geofencing help businesses of all sizes take
advantage of the fact that consumers are more likely to support local
establishments. An increasing number of our settings are becoming
"smart," making it simpler for businesses to contact us through our
electronic gadgets and for us to remember to make purchases from or through
these businesses. Since the client already has the device, the use of smart
devices paves the way for improved tracking of their activities and more
options to display adverts in a non-intrusive manner (Borjesson, 2021).
Customers can become dependent on the company's smart devices, which is a form
of self-targeting.
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