Digital transformation strategies of trade enterprises: Key areas, development and implementation algorithms

Abstract

Digital transformation brings about fundamental transformations in relationships with partners, customers, and competitors. It is proved that digital transformation is to be studied thoroughly as a phenomenon that profoundly affects almost all the factors of the external and internal environment of the company. The article analyzes the key areas of the strategy development at the present stage of economy. The key trends of digital transformation in the activity of trade enterprises are taken into account. The article shows that such lines of innovative development as the improvement of digital methods of collecting, processing, and analyzing information; expansion of interaction with consumers in the digital environment; timely detection of changes in the competitive environment, a response to emerging threats by using technologies of Web Analytics, Video Analytics, Wi-Fi Analytics, data management platforms, Advanced Analytics, virtual and augmented reality technology, the Internet of Things, and many others can be regarded as the most important ones. The need for further improvement of digital technologies is recognized as a new company value for trade enterprises. Algorithms of forming digital transformation strategy components which contribute to the quick reaction to changes in the business environment of the company are proposed. © Published under licence by IOP Publishing Ltd.