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Alumni Session on Digital Transformation in Retail for PGDM-Retail Management students batch

JIMS Rohini organised an alumni Session on “Digital Transformation in Retail” for PGDM-Retail Management students batch 2020-22 on 20th February,2021. The Resource Person was Mr. Neeraj Sarup Sharma, Project Manager- Digital Transformation Birlasoft, alumnus batch-2001-04. Mr. Neeraj discussed that the continued spread of the Corona virus has impacted the whole world. If the pandemic is not controlled quickly, the world economy is likely to face the risk of a global recession. It has eventually stopped the growth of the retail industry and affected offline retailers profoundly. The COVID-19 outbreak has reduced customer volumes in the retail industry of various countries over the last few months and dived many businesses into operational complexities. The pandemic has forced the retail industry to transform and rethink their models digitally. Retailers are thinking about how they should respond to this immediate change. They want to understand how they can use technologies to find innovative ways to build up new business models and drive more revenue. He emphasized that digital transformation is entering into every field and industry that we know today, starting with mass media, education, healthcare, finance, banking and more. Organizations go digital to improve their services and facilities to bring up the satisfaction level of their customers. The idea behind digital transformation in retail is based on the needs and requirements of customers. It is about creating a connected engagement facilitated by the use of technology. It is not only about data intelligence, agility, customer centricity, new value propositions and innovative, but also about reducing costs, enhancing efficiencies and streamlining processes. It can navigate customer retention and satisfaction by offering customers the services and products they need. Big data analytics, location-based services and mobile apps have brought a significant transformation in the way retailers conduct business. However, the path to digital transformation may have to face various challenges like change management, commitment, complexity, technology. The session was not a lecture but more of an interaction between students and the alumnus.