The Wonders of Robotic Process Automation (RPA) in the Retail Industry
Retail has been one of the most growth-oriented and promising sectors, especially in recent years. A study by eMarketer suggests that the global retail industry is expected to reach a mark of $57.7 trillion by 2025. With such immensely growing opportunities, the growth in competition has also seen a steady rise.
The retail players actively adopt new technologies and practices to attract, engage, and satisfy more customers. One such innovation is Automation, specifically Robotic Process Automation (RPA). RPA has proven its mettle across all industries, including retail.
RPA overhauling the retail industry
RPA also caters to most of the essential administrative tasks, apart from the regular tasks. This, in turn, results in better customer relationship management, improved audibility, cost reductions, and so much more.
Let’s see some areas and use-cases where RPA has truly reformed the retail industry!
- Sales Analytics. Robotic Process Automation makes it possible for organizations to analyze large amounts of sales data. This was not possible to do manually, but with the powers of Robotic Process Automations, all of this becomes possible seamlessly. Automated analytics also gives business owners a comprehensive overview and real-time insights into their sales to maximize future opportunities.
- Introduction to New Products. Robotic Process Automation enhances collaboration and communication manifolds. This includes collaboration between different departments of an organization – like R&D, sales, manufacturing, marketing, and so on – that would otherwise operate from their own silos. With RPA, each of the departments is at a position to adjust pricing, manage inventory, and foresee productions – making collaboration a whole lot smoother and more efficient.
- Products Planning In-Store. Robotic Process Automation gives companies the ability to use all of their real-time as well as legacy data to anticipate customer demands and expectations. This information comes in extremely handy when planning in-store products, creating store-specific merchandise, and performing any kind of customer forecast.
- Order and Returns Processing. By using RPA to manage orders and returns, business owners can receive a faster turnaround than ever before. Using RPA completely eliminates the scope of human errors, which significantly reduces delays and provides the business owners with more time to focus on important tasks.
- Track Promotional Activities. Tracking campaigns and promotional activities is a challenging task for retailers, especially if done manually. With RPA, this can be automated so that owners are able to accurately and quickly analyze as well as track how their promotional activities are performing and what changes, if any, are required!
Apart from the use cases and benefits discussed above, RPA also simplifies ERP management, workflow management, logistics, supply chain management, and more for the retail industry.
It’s time to take a step towards a more efficient and streamlined way of working – towards RPA!