Do you own retail business? It sure means learning how to be scrappy, adapting your business to the changing times and making the most of what you have.E-commerce space continues to grow at rapid speeds, causing brick-and-mortar businesses to suffer. 662 retail companies had filed for bankruptcy in 2017 as per a report published by CNN. Still, can you imagine walking down Madison Avenue in New York and not seeing any storefronts?
For most of the traditional companies – adapting to changing times is still looked at like a herculean task. However, we do not realize that technology could make our lives a lot easier. It could certainly reduce manual labor and time taken when you automate your retail business using the latest technologies that are available. Manual order booking, inventory management, marketing, etc. can be automated. You can manage multiple stores across locations from anywhere with a click of a button.
We are neither speaking about AI that could identify clothes and tag it nor the ones that do styling/designing to suit consumer trends. We are also not talking about IoT or Phygital technologies. These are absolutely possible for both small and big sized retails.