There is another element to analytics that isn’t as glitzy but equally (and some would say, more) important: “How do we improve operational efficiencies” using analytics? Operational efficiencies relate to an inward-looking improvement, focused on workforce employees, how they work, what they do and when, to be able to reduce revenue leakage, be at the right place for maximum impact and more. Obviously, improving operational efficiency results in customer experience improvements as well.
One of the most effective ways to reach the consumer with targeted messages is to deliver it to their mobile devices. And being able to deliver it at the right time increases the effectiveness manifold. After all, would you remember to use a pharmacy discount coupon for 20% mailed to you 2 weeks ago, or would you remember to use if that coupon magically popped up when you are at CVS Pharmacy shopping?
That is the power of proximity marketing!
Running an e-commerce portal can be frustrating especially if your website is vulnerable to glitches and doesn’t perform up to the mark. So, you have an e-commerce portal with payment gateways and shopping carts. Not to forget, you are looking after an extensive set of features like product catalogs, customer data, market automation and lots more. This calls for some stringent software testing!
Digital Transformation is much more than a disruption or technology. A case in point is the retail giant Walmart. Amazon's epic takeover of the online retail market has compelled companies like Walmart to adjust or perish. Toys R Us is a good example. Toys R Us was one of the world’s most famous toy brands which buckled under due to growing online competition. They filed for bankruptcy last September and are now shutting down their stores. Walmart, however, is clearly trying to up the ante as it plans to add 500 more pick-up towers to its already existing network of brick and mortar stores and 200 pickup towers. It is trying to blur the line between online and offline sales by allowing the buyer to pick-up online ordered products from any of its pickup towers. In the process it gives buyers discounts for picking up their stuff, thereby, saving delivery cost. With an employee base of more than 2.3 Mn, retail giant Walmart has a good insight on purchasing habits of people. Recent retail industry reports suggest that they are now prioritizing the extraction of client data. With data being the new currency, they have realized that to continue succeeding in their game they will need to transform how and what they sell. Such a paradigm shift in their way of doing business has enabled them to maintain a thorough catalog, while providing significant value to their customers.
Over the years, thanks to technology and world wide web, retail marketing has undergone a sea change. It has given consumers many different options in which they can shop apart from physically going to a store. However, for a customer, shopping is an experience, so the expectations from an online … read more
Today's consumers are no longer dependent on their local store to shop. With a world of retailers and brands on their palm, customers have literally become a ‘point of sale’ with their preferred devices. Consumers today, no matter wherever they are, shop from their computers, tablets, and smartphones. They are free to make choices and choose their desired methods of payment. Whether a customer would like his order to be shipped to his home or picked up from a store, all depends on his will and convenience.
When retailers aim to collect more data about their customers, they follow larger sources of market information. These vast pools of analytics, facts and figures are known as Big Data
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