Think point #1
Meet the post-pandemic consumer
While the pandemic is far from over, consumer sentiments are no longer the same.
The charm of retail stores will stay forever, but consumers have tasted the convenience of online shopping. The e-commerce share of total sales is likely to hop from 15% to 25% by 2025.
If consumers have transformed so much, shouldn’t the e-commerce and retail models change to meet the evolving needs? And since e-commerce can generate enormous and authentic buyer data, shouldn’t it be utilized to understand and embrace this change?
Think about it!Read Viewpoint
Think point #2
Feeling the squeeze
There’s a shortage of everything in the retail space these days, be it raw materials, shipping containers, or staff. This indicates constrained margins for retailers.
As available quantities drop, costs go up. It’s becoming more expensive to buy raw materials, transport finished goods, and even employ people.
Using data in the right way can protect margins.
Just a thought!Read Viewpoint
Think point #3
What is the problem?
Visibility is the real big problem. Retailers and CPG brands find it hard to see what is happening in the supply chain or customer base. And by the time they see, the opportunity is lost due to missed action.
Brands, retailers, and their supply chains need to diligently track the kind of demand, inventory requirement, the location of demand, and the supply cost involved. This will help with accurate pricing and the right marketing.
What could be the appropriate action here?Read Viewpoint
Think point #4
The customer is always
right (in the middle).
The customer has always been important - but it was always the retailer who connected with the customer. That has all changed, as brands sell direct and logistics companies provide retail platforms – while retailers use their logistics.
What used to be a linear process has become a circular value network – with the customer in the middle.
Players are exploring partnerships to provide the most compelling offer at the best price and the lowest delivery cost.
The available consumer data, if shared and used collaboratively, carries much more potential than it appears now.Read Viewpoint
Think point #5
Who needs humans?
Historically, systems have presented data, and humans have made decisions. But, there is so much data, so much complexity, and so little time.
Artificial Intelligence (AI) and Machine Learning (ML) can help analyze this data to provide real-time recommendations for scenario/contingency planning. It can streamline processes, exploit opportunities, and align willing buyers with available products more effectively than the most intelligent humans ever could.
In fact, the smartest humans aren’t crunching data. They’re getting machines to crunch it for them.
Just think, what would it mean to get the right decision in less than a second?Read Viewpoint
Think point #6
Retail stores are
The retail experience has to change. It’s no longer just about selling products but also about providing unique experiences. It might be grocery stores selling fresh-cooked food, pharmacy stores offering primary healthcare, or local stores turning into logistics hubs to cover that critical last mile.
Ever thought, how can a store transform to a multi-service provider in the next five years?Read Viewpoint
Think point #7
Advertising is always important but shouting the loudest to grab the biggest market share is old-fashioned. With rising channels for customer communication, more opportunities come to target the right customer at the right time – and even at the perfect location. Highly targeted digital advertising, powered by AI-based logic, ensures the worth of each dollar spent on advertising.
With everyone in the competition, doing it better and the right way for the customer is crucial. So, the quality of data to plan advertising is as vital as the quality of the product.
Food for thought!Read Viewpoint
Think point #8
Conscience-driven customers prefer sustainable brands, but it always seemed an expensive option.
Now the cost equation is starting to balance out. Sustainable packaging is closer in price to traditional packaging. Saving energy can be cost-effective. Increased collaboration and transparency between companies improve efficiency and reduce waste. Retailers have started realizing sustainability initiatives to increase market share and boost margins.
Sustainability is not expensive in real terms!Read Viewpoint