EXPLORING THE IMPACT OF DIGITAL TRANSFORMATION ON BUSINESS MODEL INNOVATION IN THE RETAIL SECTOR
Аннотация
There is no surprise that digital technologies have enormously transformed business management in recent decades. Individuals and organizations are at the cutting edge of digital transformation equivalently. Currently, most customers worldwide are digitally literate, have access to mobile devices, and make rational decisions concerning what, where, how to buy, and whom to trust. Therefore, organizations are keen to reshape the customer value requirements and transform their businesses online to compete in the new marketplace. The industrial world is giving way to the digital world. The retail industry is experiencing significant transmogrification as the outcome of digitalization and the glorification of related technologies. Throughout the COVID-19 predicament, the transformation process has accelerated. Marketers essentially pay attention to the reshaping of retail industry strategies in response to market conditions. This paper provides up-to-date literature on digital transformation by reviewing several valid research studies, as well as modern insights on capturing customer value through business strategy upgrades and implementation in the retail industry. This study contributes to a better understanding of how digital transformation is transforming business models in the retail industry, making important contributions. The study emphasizes its significance in driving creativity and adaptation in retail businesses by evaluating the key drivers, obstacles, and opportunities of digital transformation. The findings provide useful recommendations for retail executives looking to handle technological upheaval and capitalize on new business model prospects. Future studies can examine how business model innovation is affected over the long run by pioneering technologies like blockchain, artificial intelligence, and the Internet of Things. Future studies must use mixed-method research, then it will be beneficial for more accurate results, and a more thorough examination of cross-sector comparisons may clarify how digital transformation affects various businesses and their structures. Researchers could also look at how leadership and organizational culture affect the outcome of digital transformation projects.