When retailers invest in a culture of data, they gain the ability to quickly navigate shifting customer priorities.
Jamie Kiser, COO and CCO at Talend, explains why retailers, striving to ensure they’re not missing out on future opportunities, must leverage one thing: data. By utilizing customer intelligence and better data management, retailers can collect supply chain data in real-time, make better orders to suppliers based on customer intelligence. While major industries from tech to the public sector felt COVID’s pain points, not many felt them as acutely as retail.
Spending via smartphones is going up. According to Forbes, smartphones accounted for 46.5% of all holiday sales on Thanksgiving Day 2020, and 40% of sales on Black Friday. This means close to half of all purchases were made not only online, but on a smartphone—which makes the mobile shopping experience all the more critical. Customers expect their transactions and experiences to go off without a hitch. And if that doesn’t happen?
Virtual experiences have been booming in retail and e-commerce. And it’s no wonder. VR and AR offer a ton of benefits to companies that sell products online, or use online channels to divert traffic to stores or sales professionals. These experiences can increase conversions, boost word-of-mouth traffic, and lower return rates. Want to see some examples?
Retail businesses understand the value of demand forecasting—using their intuition, product and market experience, and seasonal patterns and cycles to plan for future demand. Beyond the need for forecasts that are as accurate as possible, modern retailers also face the challenge of being able to perform demand planning at scale.
The top brands in the world strive to deliver more of what their customers want in the most convenient and delightful way possible. L’Oreal is relaunching 600 of their 3,000 different websites in just 3 years to impress their customers with a more personalized shopping experience, including AI-powered shopping assistants and color-matching. In this post, we introduce you to the tools that top retail brands are using to meet their digital experience objectives.
There are lessons to be learned from the brick and mortar or pure-play digital retailers that have been successful in the Covid-19 chaos. As the pandemic’s stress test of e-commerce, in-store insights, supply chain visibility, and fulfillment capabilities have revealed shortcomings, and long-lasting consumer experiences— it has also allowed many companies to pivot to very successful strategies built on enterprise data and the digitization efforts that accompany it.
Supply chain redesign has become an area of critical focus as businesses try to ensure supply chains aren’t overly reliant on any one constituent part.
