Finding an equilibrium between online and physical shopping has been a long-standing challenge for retailers. The pandemic upped the ante, signaling to retailers that it’s now or maybe never. As work and commerce moved online, and automation reshapes the human-machine relationship, retailers are pinning their hopes on digital to create new efficiencies, meet evolving customer needs and, importantly, boost revenues.
AI, advanced analytics, alongside IoT have emerged as critical tools for retailers seeking to create robust omnichannel experiences, improve recommendations and personalize how shoppers interact and transact with them. Meanwhile, automation of manual tasks is making work more efficient but has highlighted the need to reskill employees to meet the demands of the post-pandemic age.
The Cognizant’s Center for the Future of Work (CFoW), working with Oxford Economics, recently surveyed 4,000 C-level executives globally, including 287 senior retail leaders, to understand how this agenda is being implemented.