Digital Transformation in the Retail Sector - Looking beyond the Covid-19 Crisis
Thursday 11th June 2020 14:00-16:00 - Online Workshop Registration will be open soonWhy Participate?
The Digital Retail sector is radically changing and will look significantly different within the next five years. Most parts of the sector have also been significantly disrupted by the Covid-19 epidemic. The massive use of digital technologies and big data analytics, such as Internet, AI, IoT, smart devices, cloud services, virtual reality, robotics or blockchain is transforming the face of retailing dramatically. This is mainly due to three major drivers:
- Dynamic consumer behaviour and more than ever empowered customers with increased expectations in experience and convenience. [1]
- Evolvement of channels, multiple retail touchpoints, changing of value creation within a market where boundaries are reshaping and new competitors from the digital world are entering.
- At the same time, the world retail sector is expected to reach USD $20 trillion by 2024, at a yearly growth rate of around 6% between 2019-2024 [2].
The changes will also result in challenges that, while disrupting established processes, can create new value propositions and revenue streams. Some of the challenges are [3,4,5,6]:
- Evaluating strategies towards digital innovation and transformation;
- Enable consistency along the omnichannel customer journey;
- Develop and leverage analytics technologies for sustainable competitiveness;
- Undergoing organizational and cultural changes towards a digital-oriented mindset;
- Redesign of operational activities such as assortment decisions, inventory management and reverse logistics;
- Regulatory compliance and fraud prevention initiatives for protecting customers across channels.
It is then fundamental that all the digital retail stakeholders – customers, retailers, suppliers, service providers, employees, policy makers and investors – come together and actively participate in shaping the future of retailing mainly by shifting focus away from a system of isolated channels, to a digitally-powered integrated retailing scenario which puts the customers and retailers at the centre and maximize their experience, convenience and sustainability in the market.
This workshop will analyse and discuss possible scenarios, options and challenges in order to shape a vision of the Digital Retail sector in 2025. With a small group of experts and leaders, we will seek to define the new digitally-powered retailing ecosystem together with its business models and enabling technologies. We will identify a possible strategy and action plan to position key stakeholders ahead of the competition.
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[1]https://brpconsulting.com/download/2018-unified-commerce-survey/
[2]Euromonitor 2020. World Retailing Market Sizes.
[3]https://www.accenture.com/_acnmedia/pdf-105/accenture-retail-technology-vision-2019.pdf
[4]https://www2.deloitte.com/content/dam/Deloitte/at/Documents/about-deloitte/global-powers-of-retailing-2018.pdf
[5]https://www.primaseller.com/blog/omnichannel-retail-challenges/
[6]https://www.iovation.com/topics/omnichannel-fraud
Forming a focused research initiative
To get the full benefit of the opportunities offered in the changing retail sector, all the stakeholders in the retail ecosystem and researchers need to come together.
The intent of the workshop is to build a working consortium of retailers, retail service providers, policy makers and researchers, who ‘stay together’ over the coming two years, to share and engage in this discovery and definition effort. We ‘learn and apply’ together. Ideally, we establish a core group that drive specific aspects, and a broader group that appreciate the shared knowledge and contribute as they can. Our current thinking is to run bi- annual detailed workshops. With this workshop we aim to find answers to the following question:
- What is the action plan to achieve 2025 objectives toward a growing retail sector?
- What are the potential digital solutions to improve customer experience across different channels?
- What are the retail related challenges in compliance to GDPR and other similar regulations?
- What skills and trainings are mostly required to move toward more efficient use of digital technologies?
Who should attend?
This is an invitation-only event for select digital retail stakeholders such as strategic leaders, digital innovation leaders, IT experts, brand manufacturers and suppliers as well as consumer associations representatives.
Outputs
- Possible scenarios and value network(s)
- Prioritisation of challenges
- Action plan to address key challenges
Prof Markus Helfert
Michael Hanley
Dr Zohreh Pourzolfaghar
Gültekin Cakir
Rehan Iftikhar
Artem Bielozorov
Douglas Cirqueira
Facilitators and Organisation Team
The Innovation Value Institute (IVI) is a multidisciplinary research and education institute co-founded in 2006 by Maynooth University and Intel Corporation with the support of the Irish Government.
IVI’s mission is to research, develop and disseminate empirically proven and industry validated IT best practice through a unique open innovation and collaboration between leading academic and industry practitioners.
The overall goal of PERFORM is to establish a European training network to prepare the next generation of Digital Retail Managers. Established Business Models need to be revised as customer behaviour is changing. Customers no longer prefer online or in-store purchasing but switch between channels to suit their own personal requirements. Innovative digital technologies such as Internet of Things, Big Data, advanced analytics as well as augmented reality novel payment systems and visualisation concepts can create a unique and individual customer experience.
View Agenda
| 10:00 – 10:15 | Agenda, Introductions and familairisation with online collaboration enviornment |
| 10:15 – 10:30 | Focused Learning – Setting the scene Looking beyond the current crisis. – will we return to normal or is there a new normal for operating in? (Markus Helfert, IVI) |
| 10:30 – 10:45 | Break – Virtual Coffee and Networking Online |
| 10:45 – 11:30 | Discovery Activity – Mapping the Contextual Landscape: Explore benefits of digital technologies in the Retail Sector Identify challenges Prioritising the challenges for Retail Technology Practices towards 2025 using novel online techniques |
| 11:30 – 11:45 | Break – (IVI Will summarise the themes collected while participants take a break) |
| 11:45 – 12:15 | Design Activity – Future of Retail Industry Technologies, capabilities and Transofrmaiton Path for Retail 2025 How to build better Digital Transformation roadmaps? What are novel ways to utilize digital technologies in Retail? |
| 12:15 – 12:30 | Summary, next steps and close |
The location:
This is an online virtual event and we will be using a number of novel tools and techniques to enable a remote collaboration environment
