CUSTOMISE According to a survey conducted by Instant.ly, on behalf of Synqera, shoppers in America gravitate towards retail locations that offer a customised shopping experience. Understandably, retail companies are crafting the shopping experience around mass customisation—building a unique product for every customer. For instance Burberry, a leading luxury heritage brand has introduced Burberry Bespoke, allowing its customers to design and order custom-made trench coats. For retailers, the benefits of customisation are manifold including topline growth and improved cash flow. But how do you predict what your customer wants—even before he has spelled it out—to enable you to offer a superior customised shopping experience? The answer lies in Predictive Analytics, which leverages granular data (generated from social media, feedback forms and POS systems, etc.) to extract relevant information (related to customers’ preferences), and helps deliver assortments based on customer insights. Retailers are fully aware that by customising offers, they can increase sales and prevent shoppers from switching to competition. An interesting case in point is the example of how Tesco, a leading UK-based grocery and general merchandise company, through its Clubcard program is focusing on enhancing sales to regular customers and building loyalty with targeted coupons. As part of the programme, the retailer tracks what the customers are buying, in which store and the mode of payment, thus enabling it to adjust inventory to suit local preferences, as well as, customise offerings at the individual level. Similarly Safeway, a US-based grocery company, has a Just for U programme, offering buyers customised offers based on previous purchase... ... middle of paper ... ...rough identification of high discretionary spend categories; and devise innovative customer engagement initiatives for improving sales • Improve shopping experience with multichannel data management, which allows customers to order products from any medium/device of choice; and drive volume by offering the right product through the right channel • Develop a collaborative, real-time supply chain with Predictive Analytics. This can track the entire supply chain process and include factors such as upcoming promotional details, price changes, corporate plan, new product launches, and expansion in newer geographies, etc. It also facilitates inventory management in order to minimise warehousing costs, ensure stock optimisation; and reduce warehouse-to-store lead time • Help improve vendor management by measuring supplier performance against set parameters
Macy’s intended to deliver enhanced shopping experiences to its consumers through dynamic department stores and online sites. In this regard, the company developed a North Star strategy that allows it to improve its sales growth and to develop its existing core activities. The company’s consumer research monitors, analyze and anticipate their needs and wants based on the changing market trends. This allows it to strengthen its customer base and also helps it in identifying new markets and customers. Macy’s also identifies different styles and designs based on various occasions and events that allow it to capture the changing preferences of its customers. The company also celebrates various iconic events to interact with its customers which
Nordstrom can continue providing their exceptional online experience and client focused approach using their online system by offering an unmatched online experience that copies their in-store customer service. This would allow Nordstrom to raise its revenue considerably as well as further improving their brand image. I will also discuss specific ways of successful execution, and the steps required to provide Nordstrom a stunning picture of how to execute strategy.
Having prior knowledge of a customers needs, habits, and questions before or during every interaction and transaction can boost customer satisfaction. (Zueschner, Raymond. (1997). Communicating Today. Boston: Allyn and Bacon.
Industry Overview Some 400,000 specialty retail stores operate in the US with combined annual sales of $350 billion. CAGR 2002-06: 5%. Market is dominated by large players like Best Buy, Toys “R” Us, Gap, Sports Authority, etc. The market size of some major product categories.
Albertson’s also has also taken steps to boost it average sales. Albertson’s goal is to fill every shopping cart to as full capacity as possible, as well as getting to know their customers a lot better. They have installed have installed a $50 million NCR Teradata where house in order to analyze customer data, and what type of products certain customers primarily purchase. They then plan to use their customer loyalty cards, so that they can match individual buying preferences against store inventories. Also through technology this data is available for analysis minutes after customers leave the store. This is a very valuable resource, because now Albertson’s may be able to reach its goal of having the right products, on the right shelves, at the right time.
Firstly, one of the most important focuses would be given to the target customer as we will need to know more about their taste and preferences. What it is they need and or want. Particular topics covering this area will be, the need for ‘Market segmentation’, identifying a competitive position in the market about to enter in the market and studying consumer behaviour, will all be discussed.
Nordstrom’s retail positioning strategy provides it with the competitive edge it needs to differentiate it from competitors who also serve similar markets.
Also, the retailers can send ads, coupons to their customer base on the information they have to get their customers to come back. It is really easy for the retail to bond the relationship with their customers by knowing what their customers’ need and desire. Importantly, it is all about making people feel comfortable into liking the place, and they will likely to come back. According to the book “Why We Buy the Science of Shopping”, written by Paco Underhill, people doesn’t like to be brushed or touched from behind. They’ll even move from the merchandise they’re interested in avoiding it. The sales from a tie rack were lower than expected; it was because of the butt-brush factor. After they moved the rack; the sale went up quickly and substantially (fbdfjbsjfbsj). That implies the retailers are always looking to chance in order to match customers’ interest. Not only that, they could also use the data from to send out the deal to the customer base on their interest. As a result, the customer will most likely to come back to the store they already familiar with. In extend, the retailers can also send out gift cards, reward cards to customers rewarding them for being loyalty to the store. Some people think it is manipulating people into buying goods, but it is not true. The customer always has to choice whether to buy or not. No one is forcing them to buy anything. Often, people came
In order to fulfill customer needs, companies offer a lot of shopping ways to customers like bonus point programs and membership programs. Customers can obtain the redemption products and enjoy discounts when purchasing by joining these programs, which can lead to save more.
3. New technology allows marketers to track the specific purchase and usage behavior of their customers.
... concept is inadequate. The concept according to majority of retailers is just dressing a window, or just an unnecessary expenditure. The competitors’ today have an astonishing retail design stock and will have to compete purely on master merchandising and the technological edge.
In order to look out for their customers, Pick n Pay released a customer rewards programme called “Smartshopper”. The programme, launched in March 2011, allows the franchise to get to know and understand each customer better by observing each individual’s shopping habits and references. The company has direct access to many Smartshopper customers via e-mail and/or sms, which allows the business to communicate with their customers in a more engaging manner. Pick n Pay asks for feedback from customers, and sends targeted marketing communications directly to them. All of this is done in an effort to both design and execute marketing campaigns and product ranges which are more relevant to their customers by extracting insights from the customers shopping habits data, as well as to assist the company in growing their sales volumes – which will ultimately lead to an rise in profit (FastMoving, 2012).
According to Martinez – Ruiz et al (2010) states, in this modern age customers are always on the look for their conveniences. For this the researcher has used some of the elements such as; membership card, parking lots, and children’s area. For example, the availability of parking lots in the hypermarket can provide convenience for customer who has a car thus leading to positive impact on the customer satisfaction. Membership card can provide customers with special promotions, offers and discounts.
As the author of the article concedes, the online shopping has flourished in the past years. Many customer have seen the advantages of e-commerce in the ways of time and money saving. Whit a simple click on the keyboard the goods are uploaded in a virtual cart and from there are delivered to the customer address. Also, the online stores have the opportunity to create a customer database and a customer profile. The customers receive periodic reminders of the new offers and sales via email or mobile phone messages. In the meantime, many classic stores have struggled to maintain the business keep up. According to the article, the brick and mortar stores will implement new features that conduct customers to an easy and pleasant shopping. For instance, the retailers will use the customer mobile phone as a concierge application. The customer will be informed about latest products and their availability. Furthermore, the customer will have the possibility to track needed items inside the store with the help of store mapping and products locations. If the customer will change the shopping list, the app will provide the route to the new item. Also, when a customer will passing a store the app will remind the last customer visit into the store and
To effectively sell a product or service, organizations have to really know how customers behave, regarding to what they buy. The study