Retail

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Customer Centricity in the Digital Age

  • Blog
  • Read Time: 4 min 

As AI moves from the hype stage to implementation within organizations, retailers and marketers have new competitive opportunities with customer centricity. AI enables companies to apply data about their customers’ wants, needs, and preferences to customize their offerings, create personalized shopping experiences, and make the purchase process simpler and more convenient.

A More Profitable Approach to Product Returns

A relatively small number of purchase and return metrics can accurately predict customer profitability — and the likelihood of policy abuse. By using analytics to identify the few customers who cost the company the most money by abusing return policies before they make their next purchase, companies can prevent abusive returns, avoid PR disasters, and boost their profitability.

Master the Challenges of Multichannel Pricing

Retail customers may accept different prices on different channels — but retailers need to manage new complexities to make it work. These include understanding what customers value in each channel and how that affects what they will pay, giving store employees the right language for talking about price differences, and working out operational challenges. Getting it right has a real payoff: Retailers that effectively price differently across all channels see bottom-line growth of 2 to 5%.

Driving Operational Cost Savings With the Internet of Things

AI and IoT offer significant benefits — as yet untapped — for facilities maintenance. In most large companies, maintenance and repair is done piecemeal with tremendous inefficiency, something automated, data-centered management practices could reduce. Operations executives should take notice, because the companies that allocate resources toward putting technology to work in this area are likely to gain an important competitive advantage.

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Image courtesy of chotuKool.

How Disruptive Will Innovations from Emerging Markets Be?

Companies located in developing countries are currently serving billions of local consumers with innovative and inexpensive products. But what happens when more of those companies make the leap into more developed markets? Is it inevitable that these companies will overtake the more developed companies? Using historical examples, this article looks at how disruptors and incumbents compete. For incumbents, knowing that much of their fate rests in their hands is half the battle won.

Image courtesy of Flickr user uggboy.

Marks and Spencer's Emerging Business Case for Sustainability

Marks and Spencer’s business case for sustainability is built around its five year old Plan Plan A, a commitment to tangible steps to make the company more sustainable. T-shirts for associates featured the slogan, “There is no Plan B.” Plan A includes 180 commitments. All to be achieved by 2015. Their ultimate goal is to become the world’s most sustainable major retailer.

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Showing 1-16 of 16