Digital twin is referred to digital models of actual objects that can be changed over time. This is popularly used to run simulations before making costly changes in real life. While a range of industries adopts this technology, the role of the digital twin in production in the manufacturing industry and consumer shopping in the retail sector differs to a certain extent. The former infuses digital twin technology to conduct simulations or assess what-if scenarios. In contrast, digital twin are used for tracking and tracing consumer items and other functions associated with supply chains and logistics in retail. This does not mean that the benefits digital twin offer to industries such as manufacturing are not applicable in the retail sector.
Benefits such as simulation and predictive analytics are additional ways the retail industry utilises digital twin technology. However, digital twins are relatively new in customer retail. A recent report by Research and Markets estimates that the global market for the digital twin is expected to grow to USD 35.5 Billion by 2026, and hence, brands around the world are yet to unlock their full potential in the retail sector. In other words, digital twin technology is an integral asset for logic businesses and supply-chain managers in retail.
Four Core Benefits of Incorporating Digital Twin in the Retail Industry
Forward-thinking retailers should infuse digital twin technologies as a tool to maximise productivity and execute the teams’ creativity and innovation. From forecasting potential revenue and obstacles to minimising your financial and supply chain waste, here are four benefits those in the retail industry can enjoy if digital twin are incorporated.
Reduce Waste in Supply Chains and Increase Transparency
According to the World Economic Forum, more than four trillion consumer products are made annually. Whether it is retail that specialises in fashion, electronics, sports, food or anything else, retailers constantly find bottlenecks that prevent their supply chain operations from streamlining. It is naturally hard for supply chain managers to keep track of the sheer number of purchased, packaged and shipped supplies. By incorporating digital twin, the manager can automatically gain access to real-time data on its supplies and also consider the availability of stocks in the market, buying trends, and weather conditions, identifying the cause of waste in their supply chains. Digital twin also helps managers track each parcel wherever they are in the world and share its updates with consumers, who can trace the location of their purchased materials, gain information about its manufactured place, and receive information on where the item in question can be resold or recycled.
Embrace Eco-Friendly Practices
Traditionally, retailers had to fly out to their relevant offices to view new collections and place orders. As supplies are bought in bulk, all things are considered before placing an order for the relevant material to be shipped. This is why retail managers sometimes travel across the globe to confirm their orders, at least when ordering from a manufacturer for the first time. By incorporating digital twin, retailers can confidently view and purchase items without travelling a metre. With the increased need to reduce carbon emissions and implement net-zero initiatives, in addition to dealing with the governmental policies that restrict companies due to unsustainable practices, retailers can now adopt an eco-friendly approach by eliminating unnecessary business travel. By having an integrated cloud via digital twin, retailers can also determine the cost of each product’s carbon emission before getting it shipped to their warehouse.
Make Sure Your Products Are Feasible in All Respects
A brand’s first impression can be gained by the product package. Usually, in designing a product, package designers would test how it looks under different lighting or how eye-catching it is when placed amidst a shelf that holds your competitor’s products. With digital twin, however, designers can easily get a digital duplicate and place it in any context. It can stimulate and visualise the physical appearance of a product package and consider situations where the consumer puts it in a shopping bag that includes other materials. In other words, digital twin will assess whether the design would stay intact and secure the product when shipped off.
Enhance In-Store User Experience Even Online
Retail stores incorporating digital twin can provide customers with an in-store user experience even when they shop online. By integrating the digital twin’s technology into the retailers’ website and virtual and augmented reality technologies, anyone visiting the website can access high-definition 3D visuals and gain an engaging experience. Whether viewing a garment from a specific angle, zooming into the item or knowing details regarding the material and texture, the digital world has evolved to make it as authentic as possible. By infusing concepts in the metaverse, retailers can also let customers create avatars and go to the extent of letting them try on products. This also widens your clientele and reaches potential customers across the globe.
Cerexio: Revolutionising Digital Twin to Help You Be Better
Upgraded with even more advanced simulation technology, Digital Twin Environment powered by Cerexio is an excellent option for the retail industry. As the high-pressure work environment of retailers is equivalent to the manufacturing industry, Cerexio has been a popular choice by manufacturers and warehouses, thereby being the ideal solution for retail as well. You can physically manipulate virtual representations of your product designs and other retail-related desires and gain insight into the feasibility of adding or removing a product from your stores.
Prioritise items which could lead to spoilage by sending stocks to your consumer in due time and keep a lookout for any possibilities your products could be damaged. Make informed decisions with the detailed automatically generated reports and take steps to actively prevent future risks that Cerexio Digital Twin can foresee. Remodel your administrative efforts, guarantee customer satisfaction, reduce your overall finances, cut down on supply chain waste and surge ahead as an industry leader with sustainable practices.
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Unleash the Power of Digital Twin in the Retail Industry
As retail managers are slow to integrate the power of digital twin technology, if you are bold enough, join the few that are striving ahead. As the world of retail is fast evolving, update your existing infrastructures to keep up with the most effective trends. With the help of industry 4.0, including the Internet of Things, Augmented Reality, and Predictive Analytics, integrate a digital platform to solve all your problems and efficiently maximise your sales. Reduce supply chain waste, guarantee customer satisfaction through increased transparency, save your overall finances, utilise your time productively, and extend your global presence whilst reducing your carbon footprint all in one go. Through this, gain a database of loyal customers, receive praise for upholding quality and sustainability, and achieve a higher level of satisfaction throughout the entire process.