Strong Core Systems & Customer-Facing Technology Future of Retail Industry

Kim Sim, Chief Information Officer at Mr. Price Group, South Africa, oversees technology for the group's 3000 stores, including head office, warehouses, finance, and e-commerce. She has expertise in strategy development, retail industry best practices, SAP solution architecture, digital innovation, and loyalty program development. Sim previously served as Chief Information and Innovation officer at retail pharmacy chain, Dis-Chem.

In a recent conversation with the Global Woman Leader Magazine, Kim talks about the future of the retail industry with respect to technological evolution. She simplifies the digital approach retailers must take to balance between core products and innovative solutions. Outlining the key challenges retailers may face in balancing personalization with privacy concerns, Kim highlights the need to maintain data protection to keep customers at ease.

Pursue the conversation to know about Kim’s perspective on technology’s impact on retail’s future.

How do you see the current market landscape of retail shaping the future of digital innovation, particularly in streamlining business operations and enhancing customer experience?

Customer expectations are constantly evolving, with newer, digitally advanced brands appearing and aging technology platforms posing challenges for more mature retailers. The advent of Uber revolutionized public transport, providing freedom and choice. Retailers must balance maintaining core products and solutions while providing customers with the same experience across all channels.

Balancing technology, customer expectations, and competitors' capabilities is challenging. To succeed, retailers must focus on core business elements and customer experience, ensuring consistency across channels and not trying to be everything to everyone. This approach will prevent distraction and create a satisfactory customer experience. By focusing on core business elements and customer experience, retailers can maintain a competitive edge.

How do you prioritize the adoption of new digital tools such as mobile apps and e-commerce platforms, ensuring they integrate seamlessly with existing business processes and overall system architecture?

Retailers must modernize their core systems to ensure scalability, security, and future-proofing. They must also pursue innovative digital technologies to enhance customer experience. Retailers should have a dual strategy: modernizing existing platforms and integrating new digital opportunities. This includes e-commerce solutions, mobile apps, and other customer-facing technologies. E-commerce solutions should 

be integrated with core systems to present the right information to customers at the right time. Prioritizing both is crucial; retailers cannot afford to focus solely on core systems. Retailers must also consider their customers' interests and expectations when deciding on technology and marketing opportunities. For example, some retailers may not invest in high-end experiences, as they believe their customers would not associate their brand with that. By prioritizing both, retailers can ensure their core systems and digital offerings remain relevant and effective for the future.

How do you envision collaboration between retail industry leaders and technology providersshaping the future of retail? What role do partnerships play in driving the next wave of digital transformation?

Partnering with experienced individuals is crucial for driving the next wave of digital transformation. Retailers should work with partners who have experience in implementing large ERPsystems like Oracle and have learned lessons from other retailer implementations. Client advisory boards, where software providers invite customers to provide valuable insights into their experiences with technology and the industry. This allows retailers to influence their investments and R&D, pivot their strategies, and participate in early adopter programs.

A strong partnership between retailers and partners in the ecosystem is essential for setting the pace for the next wave of technology. Retailers must stay abreast of what's possible and relevant, and participating in conferences like the National Retail Federation Conference (NRF) in New York allows them to be exposed to new technologies and think about how they may be relevant in the context of their business. By participating in these conferences, retailers can gain a better understanding of how to utilize and maximize the benefits of new technologies.

What are the key challenges in balancing personalization with privacy concerns in retail? How should businesses navigate this balance from both a strategic and technological perspective?

A strong CRM system is essential for businesses to maintain a two-way conversation with customers. Retailers should track interactions with customers, regardless of their location, and make it easy for them to share their information. Unique identifiers, such as QR codes, can be used to track customer interactions. Engagement with customers needs to be relevant.

Retailers should manage preferences at the lowest level possible, allowing customers to opt in or out of multiple channels, departments, or brands. This balance ensures that customers feel their data is protected while still allowing them to share their information where it's relevant. Maintaining data security is crucial, to build the trust in the relationship with your customers.

How can businesses develop a unified, data-driven approach that integrates e-commerce, physical stores, and mobile platforms to provide consistent value across all channels?

To achieve a seamless customer experience across all channels, retailers need strong core systems and customer-facing technology which integrate seamlessly. This includes point of sale, loyalty systems, e-commerce, and apps. Retailers must use customer data appropriately and not only collect it for loyalty programs. Younger customers value more than just product and price and are looking for more from organizations, such as ethically sourced products. In an omni-channel environment, a seamless experience is achieved through the integration of good systems and unique offerings. Data integration is critical, with single data lakes working off of core systems sharing customer data points. Real-time data transition and engagement with customers help retailers stay top of mind and remain relevant in their world. By doing so, retailers can remain aware of the ever-evolving customer needs.

Message to Readers

Women should believe in themselves and use their voices, especially in traditionally male-dominated industries like retail and technology. Be brave to use your voice ask questionsor make comments, and follow up to buildtrust and reliability. This will build peer respect and allow you to achieve your goals. It's crucial to be brave enough to use your voice and take the right action to achieve success.