How digital transformation is changing the retail industry - Fujitsu
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Fujitsu has announced its vision for the future, outlining megatrends and business opportunities of retail through the analysis of the impact of digital transformation in retail. Fujitsu has compiled these insights into a report, entitled Fujitsu Future Insights Digital Transformation in Retail.
The Fujitsu Future Insights series introduces the company's thoughts about global trends of digital transformation, providing deeper analysis of challenges and the impact of technologies in specific fields.
It also introduces possible future scenarios and strategies related to those areas.
In the Digital Transformation in Retail report, Fujitsu describes its vision for the future of digitalised retail services and proposes how retail and other industries will be transformed by its digital technologies.
As a digital transformation partner, Fujitsu is committed to co-creation with its customers across industries, ultimately contributing to realising a sustainable and prosperous society.
In recent years, consumer purchasing behaviour has been changing rapidly due to the prevalence of digital technologies as well as the diversification of lifestyles and sense of values in different generations.
Retailers are required to understand the diverse values and offer services tailored to individual needs.
Business transformation by digital technologies enables cross-industrial companies to co-create innovative solutions and services.
To respond to these trends, in this report, Fujitsu is proposing its thoughts about how Fujitsu's digital technologies help retailers co-create globally and drive digital transformation.
Digital Transformation in Retail1. Megatrends in the retail industry
By investigating the status of digital transformation in the retail business, Fujitsu has identified five key factors with major impact on the industry's future:
- Changes in consumer values and behaviour: Purchasing behaviour is greatly influenced by the differences in generation and the ability to use digital technology
- Consumers regaining control of data: Preparing for the future where individuals control their own data
- Diversifying relationships between people and machines: Creating new value through collaboration between people and machines.
- Human-centric ecosystems: Creating new services and values by collaboration across industries
- Redefining consumption: Contributing to realise a sustainable society through retail businesses
Fujitsu is transforming retail businesses under the global concept of "Connected Retail," aiming to accelerate innovation in the industry.
Taking into account the industry trends, Fujitsu's connected retail initiatives focus on the following five areas:
- Connecting people: Creating new touchpoints such as on-demand suits tailoring for apparel companies
- Connecting data: Providing a trusted data exchange system using IDYX (IDentitY eXchange) a digital identity exchange technology developed by Fujitsu Laboratories Ltd.
- Connecting people and machines: Helping customers use digital technology and machine to empower their employees. For example, an application of Digital Annealer, a new architecture that solves combinatorial optimisation problems at high speed with digital circuits inspired by quantum phenomena, optimises inventory allocation
- Connecting value: Providing a data platform to support a cross-industrial ecosystem using VPX(Virtual Private digital eXchange), a data distribution network technology that applies blockchain developed by Fujitsu Laboratories Ltd.
- Connecting the future: Taking actions to realise a sustainable society through co-creation with customers.
IDYX (IDentitY eXchange)
DYX (IDentitY eXchange) is a digital identity exchange technology that enables companies and individual users involved in online transactions to confirm the identity of other parties in transactions.