Over the last few years, the retail industry has been going through many uncertainties with increasing competition, changing customer needs and expectations, technical advancements, digital disruption, and a looming threat of maintaining brand loyalty and improving workforce efficiency. With this in mind, retailers need to reinvent themselves by adapting to the flexible customer purchasing landscape in order to penetrate deeper into the market and overcome the challenges posed by these constantly evolving times.
Fortunately, retailers can cater to the demands of modern customers by unifying data on an adaptable platform like Microsoft Dynamics 365. In other words, Dynamics 365 for Retail facilitates retailers to be at the forefront of driving innovation and offering rich customer-centric retail experiences through its built-in analytics and automation & BI capabilities. This, in turn, paves the way for organized and streamlined organized retail operations. Furthermore, D365 helps retailers improve employee productivity and personalize customer engagement by unifying retail operations across in-store, digital, and back-office departments. In a nutshell, D365 enables retailers to engage customers with more confidence and agility and brings new dimensions to the retail experience. Now, let’s dive deep into the common challenges faced by the retail industry and how Dynamics 365 implementation can solve them.
1. Inventory Management
Inventory management is one of the common challenges faced by many retailers globally since it requires proper alignment with sales and logistics. In other words, managing inventory is a tedious, time-consuming, and complex process as it encompasses multiple dimensions right from product delivery to customer satisfaction. Using D365, retailers can overcome the challenges pertaining to inventory management.
Dynamics 365 Help Retailers:
- Obtain a faster return on investment (ROI)
- Leverage the built-in ML capabilities to automate recurring reporting and inventory management processes.
- Establish better relationships with customers and meet their expectations
- Have a holistic view of the entire inventory management process in one centralized location.
2. Staying Competitive and Future-Proofing the Business
Being a customer-facing industry, the competition in retail is highly intense. Not to mention, AI is deeply rooted in the retail industry in the form of intelligent chatbots, virtual personal assistants, IoT devices, and more. With this in mind, retailers need to establish state-of-the-art business models to improve customer engagement across a range of touchpoints.
Dynamics 365 enables retailers to attract customer attention and stay updated with the latest developments in the market including technical breakthroughs and digital disruption to set up a robust foundation for long-term competitive advantage. Furthermore, D365 empowers retailers by letting them automate routine processes to improve operational efficiency, reduce costs, increase agility, and fuel better engagement. In a nutshell, D365 in-built capabilities such as real-time analytics can not only transform customer interactions at scale but also help retailers stay competitive and future-proof their business.
How D365 Can Drive Business Growth
3. Meeting Dynamic Customer Demands
Customers’ expectations are evolving incessantly and becoming increasingly challenging. To meet constantly changing customer demands, retailers need to transform their product’s pricing, sequencing, and presentation. Dynamics 365 for Retail leverages advanced analytics capabilities backed by Machine Learning to provide retailers with personalized, optimized, and predictive insights into customer needs. Using D365, retailers can not only target and attract new customers but also exceed the expectations of existing customers. Besides this, Dynamics 365 implementation allows retailers to keep up with the changes in buying behaviors of customers and analyze market trends by leveraging tools to access product, inventory, and order visibility in real-time. Furthermore, D365 for Retail enables users to manage loyalty programs to improve brand and customer loyalty.
4. Personalized Omnichannel Experience
Today, a large number of customers are using multiple touchpoints to interact with retailers. In fact, over 80% of customers prefer omnichannel experiences, which simply means that retailers need to provide a connected shopping experience across all channels to gain a competitive edge. D365 is designed to help retailers in decoding both customer and business data in real-time and deliver highly personalized and seamless customer experiences that improve their buying journey. Furthermore, D365 for Retail allows users to deliver an omnichannel experience across retail stores, mobile, web, and call centers. This unified shopping experience brings a substantial impact on retailers’ sales and profit growth, brand loyalty, and customer satisfaction across all customer touchpoints.
Dynamics 365 has emerged as the go-to solution for retailers to improve customer engagement and exceed their constantly changing needs with custom product selections. This enterprise-grade solution works seamlessly across all channels and delivers a unified shopping experience to customers across all touchpoints. If you are also planning to know your customers better and engage them with confidence, you may consider hiring a professional that has rich prowess in D365 implementation for Retail.
A Roadmap for Successful D365 Implementation
Case in Focus
The client was running multiple businesses in an array of industries and omnichannel fashion retail was one of them. The client was struggling to maintain the same level of communication across all the channels and looking for a feature-packed marketing solution to streamline on-site events, improve social media presence, and manage email campaigns effectively. By implementing D365, the client got the required functionality to launch an end-to-end email campaign, organize events, and engage with its audience on social networks.