Digital disruption has resulted in a radical shift in consumer shopping behavior, their beliefs, and expectations. Consumers have become more demanding than ever. Their growing need for ease of shopping, prompt service, and personalised solutions has left retailers with the only option, ‘either go digital or die’. It has become imperative for retailers to redefine their traditional business models, embrace digitisation and unleash tremendous opportunities provided by emerging new ecosystems.
In today’s complex business environment scenario, luxury retailers need to work towards re-inventing consumers’ shopping experience by understanding their pain points, needs, desires, and aspirations. Retailers should embrace technologies such as blockchain, artificial intelligence, smart sensors, computer vision, chatbots and facial recognition to solve problems like counterfeiting, delayed check-outs, queuing, product navigation, waiting time for product returns, delays in online order pick-ups and late order fulfillment.