Tata Consultancy Services (TCS) seeks to leverage the rapid digitization drive across the retail sector, as global and domestic retail chains aim to enhance a technology-driven physical store experience for customers and enhance their e-commerce and digital presence.
Over the past five years, the company has begun investing in building its own intellectual property in areas where traditional solutions lack the experience or insight that retailers are looking for.
Shankar Narayanan, Head of Business Group (Retail Cluster), TCS, said F.E. Some of the key gaps in the experience provided by the traditional system of non-friction checkout with self-service options, the ability to shop from anywhere, personalized discounts, paperless receipts or easy returns. “New business models such as subscriptions, products as services, sustainable shopping are also developing rapidly in the retail sector. Traditional solutions and data are not ready to support future business models, “said Narayanan.
Traditional point-of-sale software is an exclusive platform that is difficult to scale. These large, complex systems were once considered state-of-the-art technology and were designed for high efficiency and reliability. However, with the advancement of technology it is possible for businesses to benefit from more granular components based on the target customer experience.
According to TCS, covid-induced disruptions have had a profound effect on the retail sector, which is going through a significant shift as companies jump to digitize operations. There is a rapid digitization drive across the sector to enable retailers to better manage their business and customer expectations, which has gone through sea changes since the epidemic hit.
“Retailers aim to provide their customers with an uninterrupted shopping experience across the channel, providing them with a variety of payment methods and a hyper-personalized experience, as well as shopping, filling and refunds of their choice. They want to make their checkout platform affordable and future proof. It is highly unlikely that retailers will be able to accomplish all this using a standard monolith platform, ”said Narayanan.
To fill this gap, TCS has launched various solutions in the retail sector using the latest digital technology. The TCS OmniStore is a solution that allows technology chiefs to run their own omni-channel checkout experience through an AI-powered unified commerce platform.
FY22 grew 20-21% year on year, leading to a significant acceleration in the demand for digital conversion in TCS’s retail vertical retail space.
“We also provided a pipeline that was one of our best. Over গত 5 billion worth of order books in the last fiscal year FY23 and beyond have set us up nicely. This pipeline is at an all-time high, so the demand for technology talent and digital talent in this sector is also at an all-time high, ”said Narayanan.
The company recently partnered with Duluth Trading Company, a US-based workware and accessories company, to run its omni-channel checkout experience using TCS OmniStore.
Narayanan had previously told Amnesty that Duluth was using a legacy point of sales solution in his stores, blocking their vision for a seamless move towards a fully digital experience. “Now they provide quick check-out with improved visibility of items purchased across the channel. For store partners, the TCS OmniStore provides real-time access to public carts, promotions and orders, item information, and inventory, including contexts connected online and within the store. Store associates also use this information to offer personalized recommendations as well as upsell and cross-sell, ”he said.