Digital transformation is the latest trend in creating game changing business innovations by either disrupting old methods or creating new ones. Digital technology is not only used to help enable this, but it is also an integral part of the transformation.
No one wants to go and stand in lines and do things the old fashioned way anymore. They want quick service, which they receive with just a few taps of a button, sitting in their own living room. Since the first wave of digital transformation hit the markets, it affected economics and the industries in radical ways.
Digital Transformation and Retail
Retail is all about transferring possession of physical goods between a store and a consumer. When digital transformation is mentioned in such a scenario, goods cannot be digitally transmitted to the consumer but the entire process of browsing, selecting or discarding, paying and tracking the order can all be completed online. In Canada alone, about 22. 5 million people shopped online in 2018.