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The Transformation of Digital Innovative Services in Retail Trade Due to the COVID-19 Pandemic: A Systematic Review

Author

Listed:
  • Vaida Mardosaite

    (Vilnius University, Kaunas City, Lithuania)

  • Edmundas Jasinskas

    (Vilnius University, Kaunas City, Lithuania)

  • Giedrius Romeika

    (Vilnius University, Kaunas City, Lithuania)

Abstract

Retailers should prioritise technological innovations, adapt their business models, manage their distribution channels effectively, and strengthen their customer-centric strategies. Additionally, it is crucial to note that while smart retail is gaining prominence in the sector, challenges such as the lack of digital culture, training, and digital leadership persist. The importance of digitalisation was significantly highlighted during the crisis period, which proved to be a key opportunity and solution for retailers. Before the pandemic, there was already a steady growth in retail innovations through the use of artificial intelligence (AI), the Internet of Things (IoT), and Robotics to manage data and ensure efficiencies. However, the crisis not only negatively affected retail trade (restrictions, etc.), but opened new opportunities to react faster and make good decisions when opening or improving electronic stores and implementing digital innovative solutions. Retailers' investments in digital innovation benefit their business models and improve the shopping experience for consumers.

Suggested Citation

  • Vaida Mardosaite & Edmundas Jasinskas & Giedrius Romeika, 2024. "The Transformation of Digital Innovative Services in Retail Trade Due to the COVID-19 Pandemic: A Systematic Review," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 26(67), pages 885-885, August.
    • Handle: RePEc:aes:amfeco:v:26:y:2024:i:67:p:885
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    digital innovative services; digital technologies; artificial intelligence; COVID-19 pandemic; retailing process; digital innovations in retailing; retail trade;
    All these keywords.

    JEL classification:

    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • L81 - Industrial Organization - - Industry Studies: Services - - - Retail and Wholesale Trade; e-Commerce
    • L86 - Industrial Organization - - Industry Studies: Services - - - Information and Internet Services; Computer Software
    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing

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