What GCCs need to do to thrive in the phygital world
Many Global Capability Centers (GCCs) began their migration to a new normal following the pandemic in 2021, based on more vigorous support for the GCC model, expanded functions beyond conventional workstreams, and increased use of digital technology. However, with the need to recalibrate strategies with the changing retail ecosystem, GCCs will need to keep up with the technological advancements changing dynamics, and the blurring lines between the physical and digital world.
Hence, considering today’s scenario, what will drive innovation in building a predominantly ‘phygital’ world in 2022?
Best of both worlds: the digital-physical symbiosis in retail
The customer has always been central to any retail business. With the rapid digital transformations brought by the pandemic, customers now demand more convenience, quicker access, and a safer approach considering the current environment. The allure of a symbiotic platform that provides digital expediency and curated personal experience is irresistible to the post-pandemic consumer.
A seamless, multi-channel, personalized experience has emerged as the core of transformation in retail. COVID-19 has stimulated engineering and product innovation, making it imperative in this phygital race. The businesses that refuse to innovate today are unlikely to survive another unanticipated event like this pandemic. The critical step businesses must consider is combing through customer data and the insights they derive from it. Data collection is only as good as the system used to cultivate and regulate it, and with the right AI system, the real-time examination of data could be nonpareil. The widespread adoption of AI and deep tech tools is the next logical step.
Innovative technological advancements at the forefront
The coalescence of engineering capacity and innovative tech is here, and it is increasingly being regarded as a necessary tool in retail to assist retailers in ensuring optimal customer experience. The shift to phygital comes with its concerns; authenticity and trust are fundamental challenges and easily breached through innovation. Leveraging AR brings the physical to the digital and helps consumers see what they cannot hold for themselves. Creating contactless experiences and omnichannel purchasing is the need of the hour. The next generation of technological advancements will influence other areas, such as deliveries based on autonomous vehicles powered by blockchain will be driven by a robust AI and IoT component.
Renewed technology challenges of 2022
While engineering and AI inclusion has brought a massive boost for companies, it places a great deal of strain on technology systems in terms of ubiquity, dependability, performance, and providing a safe and trustworthy environment for consumers to surf in. The future might bring more accessibility to the physical world. Still, the newfound digitally enhanced experience is more than likely to stick around along with all the innovative developments in the retail world. Merchants must continually adapt their infrastructure platforms and security measures to meet new technology developments and customer demands. This development has also made upskilling crucial in the post-pandemic world.
New talent and culture for the new world
The vast talent pool found in India caters across factions of next-generation technology, engineering, AI expertise, and so forth. Harnessing that talent is vital and incorporating it internally and externally will set businesses apart, such as exploring talent in third parties that provide specific different skill sets. Upgrading the current workforce is essential despite the initial costs of upskilling- it will channel the full potential of the employee body and ultimately add to profit. At the heart of any talent is the person who comes with his own set of cultures. India is well-known for its unique cultural values, which play a critical role in defining best practices in every industry. The right culture can sow the seeds of remarkable innovation and become a breeding ground for innovators.
GCCs are continuously growing and achieving the immersion, immediacy, and interaction needed to thrive in this phygital world. Amid the ongoing pandemic, evolving skill sets have offered significant assistance and helped build a better consumer experience while adapting to the new hybrid culture.