Prospects for the development of Russian retail companies in the context of digital transformation of business

Abstract

The competitiveness of modern companies directly depends on the extent of their digitalisation. Digital transformation has penetrated all spheres, industries, and business processes. Retail has historically been among the leading sectors in terms of innovation. Technologies are changing traditional inventory management and logistics processes. The implementation of such systems allows for more accurate forecasting of needs, optimization of supply chains, and minimization of losses. This significantly reduces costs and improves customer service levels. However, competition in the online space is becoming increasingly fierce, forcing companies to continuously adapt to market changes, track new trends and technologies, and require additional investments in developing IT infrastructure and training personnel. Retail companies have widely adopted artificial intelligence and machine learning technologies, big data processing technologies, Wi-Fi analytics, the Internet of Things, as well as virtual and augmented reality technologies, etc. The aim of this article is to identify the main development directions for Russian retail companies against the backdrop of the active spread of modern technologies.