Digital is at the core of innovation across entire retail business segment. Almost all retail businesses today, irrespective of any industry, are being driven by digital power. Today we can order almost everything online; be it food, household goods, clothing, electronics, books; you can book your new house online as well. Online stores are making more sale than physical stores, online stores are attending more customers than physical stores, and online stores are getting more repeat customers than physical stores. Why it is so?
Simple assessment is that digital is faster, cheaper, more visible and of course more responsive. Further, digital has helped in improving operational performance, increasing efficiency, minimizing typical wastages and improving the overall supply chain across various retail industry segments.
In an era of unprecedented change, technology offers banking clients greater access to information than ever before. Because of this technological revolution, a new class of smarter and more demanding customers has emerged. At the same time new financial players are moving quickly to offer new compelling digital services. Banks that embrace digitization have an opportunity to generate new business value and better engage with their customers.
The banking industry is essential to our commercial and personal lives; it has always evolved with the times to embrace new challenges and consumer behaviors. Technology plays an obvious and increasingly important role in this evolution. Inventions such as the ATM and credit cards launched in the 1960s, internet banking services in the 1990s and now mobile banking and payments, have all fundamentally changed how banking is done. A major driver in banking industry change is the consumer demand to be better connected to their money. This demand is now supporting a new breed of digital banking services that is coming in the center stage. An important question at the moment is how can banks benefit from the new types of customer interaction enabled by digital services and how will banks stave off competition from more digitally-advanced retail and telecom companies?
In the emerging markets between 50% - 65% of population is estimated to be below the age group of 35 years, this age group is fueling the demand of retail products like never before. This age group is getting more and more techno savvy; they want to have control of most of the things into their hand, at their own time and comfort. Digitization has provided this majority group to get what matters most to them – convenience, ease of use, not bound by any fixed time and they can use the digital channels as and when they need.Back