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Robotic Process Automation(RPA) in Retail – Automation in Retail Sector

RPA in Retail

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Retail business models and wider value chains will be transformed by automation, allowing for a much more robust and agile organization equipped with real-time analytics. Those businesses who understand these implications and act accordingly will thrive in this industry.

The retail industry is under pressure. In addition to rising costs associated with managing e-commerce supply chains, suppliers are requesting higher pricing for raw materials, and employment costs are steadily rising.  With retailers struggling to adapt, and even survive, they increasingly invest in automation to address margin pressures and increasingly demanding customers. RPA in Retail is revolutionizing the way retailers do business. By automating most of the mundane, rule-based jobs, RPA can free up your taskforce and enable them to focus their time and energies on more productive tasks.

MicKensy states that “Over the past three years, the McKinsey Global Institute has conducted a broad-based research initiative on automation across sectors. This research has shown that about half of the activities in retail can be automated using current, at-scale technology. While this number is alarming, the change will be less about job loss and more about the evolution of jobs, the creation of new ones, and reskilling.”

Challenges in the Retail Industry

  1. Business Analytics: The retail industry has a low margin, so accuracy and efficiency are crucial to its success. Delay in sales analytics, fluctuations in market demand can significantly impact your retail business.
  2. Demand Planning: Generally, in retail, supplying the market demand is affected by manual processes, such as invoice processing, order processing, etc. Delays in supply lead to a loss of sales.
  3. Inventory Management: Retail industry must ensure product availability on-demand to make the products available to consumers. Companies spend more than they should on inventory because of low visibility. This causes them to spend more.
  4. Supply Chain Management: Retailers will have to restructure their strategy to meet customer demands due to disruptions in the supply chain management. In the interim, inventory and logistics must be streamlined in order to keep operations running smoothly.

Benefits of RPA in Retail Sector

Leading retailers across the world are using RPA to enhance their operational efficiency and increase accuracy and productivity across all the operations

Some of the benefits of RPA in retail businesses are:

  • Market trend predictions by RPA.
  • Analysis of sales of products in real time.
  • Automated invoice processing using RPA’s optical character recognition (OCR).
  • Fulfill market demand by improving product availability.
  • Enhanced customer experience with personalized & smarter promotions.
  • Error-free business operations.
  • Streamline operations with Data Management automation.
  • Real-time analytics are available for planning sales and inventory efficiently.
  • Enhance customer satisfaction by expediting return and order processing.
  • Focus your time on improving customer experience.
  • Providing 24/7 support to customers.
  • Ensure compliance.
  • Empowered and productive team
  • Integration with existing or legacy systems

RPA Use Cases in Retail

RPA in Retail

1.New Product Launch: There are a number of new products launched every month in the retail setting. Older products have to be updated as new ones are introduced. Inventory quantities and pricing are regularly altered. With RPA, you can manage inventory, adjust pricing, and tweak product rates in real-time based on customer opinions.

2.Business & Sales Analytics : Retail analytics is a vital tool for decision-making in areas such as trade promotions, churn rate, and product introductions. Numerous retail decisions, such as product introductions and trade promotions, rely on sales analytics. RPA can produce real-time reports about a particular feature or product, based on the preferences and behaviors of its users. RPA in Retail automates this process by generating real-time, data-driven reports on what customers are doing with specific products or aspects of them. Retailers can use these reports to learn why certain customers are leaving; take advantage of the opportunity to maximize customer retention.

3. Order and Return Processing : By using RPA to process returns and orders, retailers can achieve a faster turnaround time by preventing delays in the process, freeing up time and bandwidth for exception handling.

4. Customer support management: Customer support is an essential component of a competitive retail environment, and RPA bots are an essential tool for retaining happy and satisfied customers. RPA bots can assist buyers with everything from product recommendations to order payments to deliveries, providing them with an incredibly easy and hassle-free shopping experience.

5. Integration with ERP : Integrating ERP with RPA is critical for tracking billing, price changes, employee vacancies, and other transactions the account payable and receivable department requires for generating reports. RPA in Retail sector can assist with automating these time-consuming back-office functions. With RPA, human effort is drastically reduced and inventory can be managed better, resulting in faster payments, streamlined debt collection, and quicker shipping.

6. Store Planning & Inventory Management : Retail strategy refers to setting up the store based on existing customer needs and preferences. The issue with this is that human employees can only take so much information and factors in mind and process it; there’s bound to be some gaps. Human analysts cannot fully analyze high-level sales data because of the nuances contained within it. They need support from technology to solve such problems, which is effectively provided by RPA. Retail RPA can help you improve the experience of your customers, boost profits, and adapt your store to fit customer expectations.

7. Supply Chain Management : Retail activities are driven by logistics and supply chain management. The retailer is responsible for getting the items from suppliers and sending them to the customer. Between these two points, however, several processes occur, such as inventory inventory monitoring, customer service, shipments, tracking orders, and reverse shipments. Each of these processes requires human intervention. Automating logistics and supply chains with robotic process automation in retail can improve collaboration between suppliers, customers, and distributors. Your employees can also be more productive, as now they are able to focus on more strategic roles.

8. Automated checkout : No customer likes to stand in long queues in a crowded retail store to get their order processes. Especially with the convenience offered by big retail giants on the internet, the retailers need to optimize and offer a much simpler and delightful customer experience when they enter their retail store or supermarket. Retail companies could automate the checkout process with RPA to help their customers escape these types of problems.

9. Invoice Processing : Process invoices is a tedious and repetitive task that requires a lot of time and effort. Many workers spend several hours per day doing unproductive tasks and facing mountains of paperwork. Thus, human intervention continues to weaken profits in this department. It is therefore imperative that retail automate this aspect. By implementing RPA in retail, information is collected, data is sorted, and billing is processed much faster and without human error.

 Outsource RPA Services to Automate and Digitally Transform Your Retail Business

Our RPA services are comprehensive and integrated with technical and functional aspects that deliver rich business value for our clients. After a detailed discussion with your team, our RPA experts will recommend the most appropriate strategy for deploying this technology in your business. Having extensive technical experience and industry knowledge makes us your ideal option for RPA projects.

Reach out to us if you need reliable and cost-effective RPA services for the retail sector.

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