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The retail world changed too. I recently read another book about the Titanic. The personal lives that were affected, the boldness in building something so large, the technology and of course, mother nature. The w Attending conferences can be an incredibly fun learning experience or a drab mish-mosh of boring presentations lulling the attendees to sleep.
We have attended the conference for seve Lewis offers specific education and techniques on how to think like a buyer, retail math including AUR , improve collaboration, and planning to profit.
Customer Centricity: A Primer for Retailers
Retailers have finally realized that they can no longer simply depend upon cost cutting and optimization of their supply chain to provide sustainable competitive advantage. Instead, industry leading retailers are implementing strategies and tactics that improve top line sales, increase associate productivity, while delivering a better customer experience built on a relevant dialogue with their customers.
They want their Omni-Channel shopping experience to be personalized, relevant, convenient and enjoyable. They are demanding more from the stores they patronize, because they have access to more information than ever before and use mobile devices and the web to learn, shop and communicate in new ways. Furthermore, the recent recession has taught them new budget discipline, making consumers less willing to compromise and more likely to defect to another retailer if an associate provides better service or more options.
Retailers need to change to succeed in this new reality. To keep customers and gain market share, they need to connect people, insight and customer relationships in new, innovative ways.
Gartner Retail in the Digital Age
If they are going to execute successfully on this new agenda, retailers will need to integrate the entire retail operation, enterprise to store with a comprehensive solution. Extend that capability beyond the store using consumer facing mobile applications and online personalization technology. Successfully deploying a thoughtful, disciplined and repeatable customer centric strategy can be a challenge, but if executed well, will reward a retailer with virtually immediate sales lift and improved customer lifetime value.
Like so many catch phrases today, the term customer centricity is often misused, and has become the rally cry for any decision or activity that impacts the customer. In an attempt to differentiate their businesses, few retailers grasp the fundamental operational and cultural shift necessary to achieve real enterprise-wide customer centricity. Customer centric retailing requires the traditional retail model to be turned on its head.
A winning customer-centric strategy requires the development of enterprise-wide practices focused around taking absolute responsibility for a customers satisfaction throughout the entire want it, buy it, use it experience. Fitted with the right tools and insight, retailers have was is needed to build relationships that bring together individually articulated customer preferences, lifestyle information and product knowledge to create high-value solutions for their customers. Unfortunately most retailers are reactive and tend to think in terms of point solutions and quick fix solutions.
The result is unpredictable service levels, unrepeatable customer experiences, dissatisfied customers and diminished store performance. Underlying any customer-centric initiative is some type of customer-focused technology platform. At its center, is data that provides a degree view of the customer.
This multi-dimensional customer, transaction and product repository may be aggregated or accessed in real time from numerous existing enterprise data sources including POS transaction systems, product inventory, merchandising and e-commerce. Once the master data is available, business intelligence and campaign management tools at HQ and clienteling, loyalty and product recommendation tools at store-level, transforms this underlying data into actionable knowledge.
Using workflow tools and mobile applications, customer preference and lifestyle information is collected during each customer interaction, improving customer insight and increasing responsiveness to ever more personalized and relevant corporate and store level communication.
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Leaders are investing in sophisticated enterprise-wide solutions, enabling management to access loyalty, marketing and campaign management tools to analyze and segment data. Armed with these, marketers can identify new multi-channel sales campaigns and deliver personalized offers directly to customers or prompt associates to take specific actions with those individuals.
The underlying infrastructure must be secure, easily integrated and flexible enough to meet the constantly-changing needs of the retailer and consumer.
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