More about GIIMs Digital Retail Program
Retail is not what it was even a few years ago. Understanding emerging information technologies and their impact on the retail industry, and the roles and responsibilities of IT and non-IT stakeholders in leveraging these emerging technologies in light of the digital transformation, will be at the heart of all of the courses.
Example Of AIs impact Improving Efficiencies, accuracy & accessibility.
- Improve customer experience by providing personalized discounts & recommendations
- Optimize pricing strategies
- Spatial inventory; Improve inventory control/management & product information, shelf inventory and restocking & location/layout
- Reduce costs by automating tasks such as demand forecasting and supply chain management
- Enhanced customer services to attract more Customers, e.g., automated self-checkout
- Demand prediction & management
- Optimize all business processes
Traditional retail jobs are under pressure from the rise of e-commerce, automated checkouts, and AI systems. Retailers are increasingly relying on technology to predict consumer behavior and manage inventory with minimal human intervention. According to the World Economic Forum, retail employment could shrink by up to 25% over the next decade as AI systems take on tasks ranging from stocking shelves to offering personalized shopping assistance. Similar to economic indicators that advise caution, the retail employment landscape is rife with warning signs of significant disruption.
Naturally, having accurate, accessible, secure data is fundamental to a successful AI initiative, thus providing additional topics addressed in this program. This certificate prepares candidates (IT and non-IT) for challenging careers in the retail industry as it progresses through the digital transformation. The certificate provides a comprehensive curriculum that focuses on the impact that emerging information technologies are having on the retail industry, combined with the essential IT management skills necessary to leverage IT in the back office and front office, while providing valuable new customer services.
The Digital Retail Certificate focuses on the use of IT to enhance the strategic, tactical, and operational elements across the retail industry value chain.
Management Competencies
Management Competencies
Consumers no longer think of shopping as online or offline. They want one, seamless experience that combines the best elements of both. While agile companies adopted digital strategies early on, those that clung to their traditional business models are on the verge of extinction, if they’re not already dead. The pandemic has exasperated the demand to be responsive.
It is now obvious that a digital strategy isn’t only critical for success, but for survival.
At this point, many leaders of retail companies have put digital transformation at the top of their to-do list. But important questions remain:
- Is it even possible to embark on digital transformation this late in the game?
- How can big box retailers adopt digital retail strategy with their massive storefronts and thousands of employees?
The answer to the first question is yes. Digital transformation is not only possible, but also a must.
The answer to the second question is a little more complicated. Retailers have no choice but to go digital, and other industries should take note.
Most businesses will struggle to meet consumers’ expectations for convenience, immediacy, and personalization without a powerful online presence. The demise of many retailers should be a warning to company executives in all industries. Consumers expect access to digital tools in banking, healthcare, education — you name it. Companies that fail to provide these things will quickly lose out to the competition.
What Managers Need To Know
When creating a digital retail strategy, leaders must account for existing brick and mortar stores. For many, declining foot traffic and lower in-store sales might necessitate closing some locations. But done correctly, companies can integrate their digital retail strategy into the in-store experience.
The customer experience is central to every change the company has introduced, across all product and service offerings. The key is integrating the digital with the physical. Leveraging technology to improve the in-store experience, is also fundamental.
The courses in this certificate will develop important IT management related skills including retail industry specific analytical, strategic, communication, organization, time management, human resource management, and service management. Candidates will also develop specific retail industry technical leadership and management strategies and skills related to finance, accounting, marketing, services, as they gain knowledge of industry/product specific subject matters (e.g., department stores, clothing stores, grocery stores, convenient stores, specialty stores, auto, home furnishing, multi-channel).
The courses are designed for IT and non-IT professionals whose roles involve leveraging digital retail industry opportunities to provide demonstrable value from their IT investments, in light of the digital transformation and emerging information technologies (e.g., AI, blockchain, social media, analytics, big data), while addressing important considerations like providing a secure infrastructure and hybrid work environment.
