Digital transformation of retail business: trends and technologies

Abstract

Digital transformation penetrates into all spheres and industries, starting with finance, banking, media, education, manufacturing, healthcare, etc. Transition to digital technologies covers such aspects as organization of processes within a company, work with personnel, external communication. The term «digital transformation» in retail encompasses a range of business opportunities that go beyond mere focus on one technology or hidden strategy such as e-commerce or click-and-pick. Retail digital transformation strategy refers to the trend of creating new and innovative business models that blur the physical and digital worlds by retailers. Traditionally retailing has been among the leading industries in the field of innovation. The pandemic has accelerated the transformation process. Companies with scalable digital capabilities and infrastructure have adapted relatively well to the existing situation, while those who did not have them are forced to try not only to take immediate action, but also to develop their strategies for change. The pandemic has forced retailers to rethink their models digitally. The purpose of the research is to study the features of digital transformation of retail trade, to analyze its main trends. The article discusses current trends in retail digitalization, its key drivers and main problems. The technologies used have been analyzed: data analytics, artificial intelligence, the Internet of Things; examples of their application have been given. Possible ways of introducing digital processes in retail trade enterprises have been proposed.