Data: the key to changing consumer behavior | Retail voice


Today’s consumer wants convenience, choice and speed, and retailers who are unable to supply the right products at the right time are at a significant disadvantage.

Retailers must find ways to turn the tide and keep up with changing consumer demands and expectations, which is even more difficult due to supply chain issues caused by labor shortages. and drivers.

More efficient use of data and full visibility of all of their operations are essential to help retailers better respond to consumer demands.

Yet while retailers have no dearth of data, many struggle to centralize data into “one source of truth” to get the precise, real-time information needed.

“Retailers must digitally transform their infrastructure to meet consumer demand”

The root of this problem? Legacy systems and the inability to connect data silos across the entire ecosystem of trading partners and enterprise systems.

While these issues are not new, issues such as budget constraints, lack of technological expertise, and a sense of inertia have traditionally prevented retailers and consumer goods companies from doing anything about them. .

Moving forward, retailers must meet these challenges by digitally transforming their infrastructure so that they can ultimately meet consumer demand.

Transform infrastructure

Retailers need to be able to connect all internal and external data sources and access that data in real time. This requires the use of a control tower alongside a modern data management platform with a Data Fabric architecture to connect all sources and harmonize this data so that it is standardized, accurate and accessible in time. real.

This approach will also allow retailers to gain end-to-end supply chain visibility, as well as access to advanced intelligence capabilities, such as machine learning (ML) and open-source analytics. -service, to obtain more actionable information from their data.

Smart Data Fabrics – a new kind of modern architectural approach – access, transform and harmonize data from multiple sources, on demand, with interoperability to make data usable and actionable for a wide variety of applications.

The advanced analytics capabilities built into this framework also allow existing legacy applications and data to remain in place.

With budget constraints being a consideration for many retailers, this use of technology allows retailers to maximize the value of their previous technology investments, rather than causing them to tear them up and replace them.

Be smart about supply and demand

The capabilities enabled by this use of technology with integrated AI and ML allow real-time visibility of inventory levels across the network.

Retailers could view up-to-the-minute inventory levels in department-level stores and in warehouses to ensure they have the quantities needed to meet customer demand at all times with real-time alerting of any execution problem.

This will help retailers meet changing consumer demand and improve the customer experience.

By being able to combine real-time internal and external data into a cognitive smart data fabric platform, retailers will be able to react and adapt more quickly to changes in customer buying behavior.

For example, if a retailer who runs product brand promotions in 1,500 stores during the week sees a customer’s buying behavior change in 300 stores in three different countries, have a platform for intelligent data can detect this shift in demand and provide execution options for existing systems. to rebalance stocks and respond to this new demand.

“Being able to anticipate customer needs will improve customer experience and loyalty and ultimately increase revenue”

In addition, a data platform with an intelligent data fabric can offer store managers the ability to have a unified and accurate end-to-end view of their sales, inventory, orders and deliveries. at scale while improving the accuracy of demand forecasting at the department level. .

Being able to anticipate the needs of their customers and ensure that they are able to meet those needs will improve the customer experience and loyalty and ultimately increase revenue.

As consumer behavior continues to evolve, using technology to gain end-to-end supply chain visibility will ensure retailers have increased resilience and agility to continue delivering the right products and services to the market. their customers, even in the face of supply chain disruptions.

Read more

Retail Week Supply chain 2022 The report, produced in association with supply chain experts Bis Henderson Consulting, GreyOrange, Intersystems and Snowflake, provides the model for retailers looking to sustain growth and succeed in these new ways.

Access the report here today for:

  • Refine the first mile and navigate the warehouse space race
  • Understanding how to win the last mile – and if speedy delivery is key
  • Sustain your supply chain in a global context
  • Learn to embrace sustainability in all aspects of your operations
  • Learn about the role of strategic alliances in making retail supply chains more resilient

Holmes, Marc

Mark Holmes is Senior Supply Chain Advisor at InterSystems

Source link


About Author

Leave A Reply