Data is the new currency. But without trust, brands can’t cash in on it, and it may actually cost them. Since consumers have more power over their data than ever, it’s up to brands to explicitly state the value they'll deliver in exchange for it — and then consistently keep their promises.
In the upcoming March/April 2018 issue of Retail Executive, I dedicate my Viewpoint article to voice commerce, a topic we’ll be covering more diligently as the technology progresses. As such, I caught up with Saeed Amidi, CEO of Plug and Play Tech Center and Retail Executive Editorial Advisory Board member to get his take on the progression of the technology and how retailers should utilize it.
Modern retailers understand the core benefits of leveraging the power of Predictive Analytics and Artificial Intelligence. Predictive Analytics accounts for all of your company’s relevant data at a micro-level, identifies your business’ trends, opportunities, and influencing factors. It makes recommendations to retailers that will help them increase forecast accuracy, reduce inventory costs, increase in sales, and maintain high customer satisfaction levels.
Converting retail stores into mini-fulfillment centers is a more cost-effective way to expand the distribution network using existing facilities that are already close to where customers live.
Today, shoppers want to know exactly what they are buying, where it comes from and how it affects their well-being. According to a recent study by Label Insight, 76 percent of shoppers search online for answers when they cannot find information they are looking for on product labels. There is a desire to obtain information about the quality, the origin and the nutrition, and also the desire to support companies and products that reflect their own values and lifestyle.
Customer service has become a key component of the overall customer journey, and more critically, customer lifetime value. Therefore, retailers need to invest in service options to provide choice and convenience to customers.
In today’s just-in-time-shipping work environment, downtime and other productivity wasters must be minimized for a warehouse/DC company to survive.
To keep pace with growing consumer expectations, retailers must be equipped with modern order management systems that greatly expand their fulfillment capabilities. However, many still lag behind. To gain insight into these challenges and retailers’ top priorities for a future OMS investment, Radial partnered with Incisiv to conduct a quantitative survey of retail executives spanning key business functions across the retail supply chain.
In the old days, consumers went shopping because they had to. However, thanks to a plethora of new options, consumers today must now be inspired to want to shop. To improve the customer experience, retailers are looking toward many different options, such as buy online pick up in store (BOPIS), click and collect and ship-from store. While convenient, these fulfillment methods have only further exposed the problem of out-of-stocks.
Let Radial handle the complexity and risk of payment processing, fraud management and tax compliance. Our fully outsourced solution turns orders into revenue, sends criminals running, keeps governments satisfied, and turns one-time shoppers into repeat customers.
Radial Fraud Zero delivers a best-in-class combination of people, processes, and technology for end-to-end fraud management. We are 100% focused on converting the highest percentage of transactions and keeping fraud well below industry standards to provide a frictionless experience for your customers. Our blending, cutting-edge technology with rigorous expert analysis translates into higher approval rates and happier customers.
Data is the new currency. But without trust, brands can’t cash in on it, and it may actually cost them. Since consumers have more power over their data than ever, it’s up to brands to explicitly state the value they'll deliver in exchange for it — and then consistently keep their promises.
EY wavespace™ is a global growth and innovation network where digital communities are brought together to help clients explore new operating models and emerging technologies that can transform their businesses. wavespace’s focus areas include, but are not limited to, artificial intelligence, analytics, blockchain, customer experience, the Internet of Things, user experience, and both virtual and augmented reality. Woody Driggs, EY Americas Advisory Digital Transformation Wavespace Leader, took time to speak with Retail Operations Insights about how these technologies relate to retail, as well as what trends retailers should be aware of.
Thanks to the growth of eCommerce, companies spent a record $1.5 trillion on shipping costs in 2017. Retailers and manufacturers credit the ‘Amazon Age’ for the struggle to keep goods moving to consumers — a struggle compounded by the critical shortage of truck drivers in the U.S. Fortunately there is a virtual light at the end of the tunnel for freight delivery.
The convenience of couch-shopping continues to disrupt what used to be America’s biggest in-store shopping day of the year, as a growing number of people turn in their physical shopping carts for online icons on Black Friday. Notorious for its aggressive consumer behavior, Black Friday is no longer the brick-and-mortar extravaganza it was even a few years ago, as more shoppers move online.
With December around the corner, retailers are looking for quick and easy solutions to boost their e-commerce game in time for the holiday season. Great product content can make all the difference and with the right tools, brands can quickly update their digital presence.
