Leveraging digital technology in retailing business: Unboxing synergy between omnichannel retail adoption and sustainable retail performance

Manjunath S. Vhatkar, Rakesh D. Raut, Ravindra Gokhale, Mukesh Kumar, Milind Akarte and Sudishna Ghoshal

Journal of Retailing and Consumer Services, 2024, vol. 81, issue C

Abstract: The retail industry is undergoing a significant transformation driven by digital technology. Among the key challenges retailers face are the rise of e-commerce, changing customer behaviour, and growing supply chain complexity. These shifts have intensified the pressure on retailers’ margins, necessitating bold action to reverse the negative trajectory. By leveraging digital technology in retail, this study unboxes the synergy between omnichannel retail adoption and sustainable retail performance and explores the intersection of omnichannel retail adoption and sustainable performance. By embracing omnichannel strategies and harnessing data at scale, retailers can enhance customer experiences, optimize operations, and drive growth. Utilizing Structural Equation Modelling (SEM) on data from 485 employees of Indian retail respondents. Findings reveal that digital technology has a significant moderation effect that boosts omnichannel activities' financial, environmental, and social aspects. Specifically, Generative Artificial Intelligence (Gen-AI) tools such as chatbots, visual search, and personalized retail experiences play a pivotal role. The study underscores combining data-driven, process, and Gen-AI technologies with omnichannel strategies to elevate performance. These insights contribute to understanding how retailers can leverage digital innovation within omnichannel frameworks for sustainable success.

Keywords: Omnichannel retailing; Digital technologies; Retail company performance; TBL; Triple bottom line (search for similar items in EconPapers)
Date: 2024
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:joreco:v:81:y:2024:i:c:s0969698924003436

DOI: 10.1016/j.jretconser.2024.104047

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