By “Consumerization” of technology, the power of the consumer has been augmented and accelerated. Consumers now demand more – more convenience, more consistency, more collaboration, more customization.
Though the amount of sales made is crucial in the ecommerce industry, it’s the ability of the e-tailing company to make more sales per person that edges them past their competition
The existing level of retail collaboration with suppliers lacks mutually intertwined processes for co-strategic development and a focus on enhancing shopper experience.
Understand your customer deep down and provide a personalized shopping experience with the right assortment, right pricing and right promotions
Positioning of the right products and its spread across the shelf , at the right times can influence shopper demand. However retailers do realize that it depends on a number of variables under the demand forecasting umbrella.
A retailer’s arsenal for raising profit margins certainly includes ushering in new and improved products on shelf before they become commonly available.
The power of Big Data analytics is turning data into action. Both the brick and mortar and e-retailers are finding their ways and means to capture the shopper imagination.
Retailers are always looking for the most profitable ways to bring products to market. This essentially means an increased dependence on suppliers and wholesalers.