Every retailer is facing a similar challenge. If you are a retailer and constantly feel the pinch from online giants like Amazon and Google, you have an opportunity to gain back control and competitive advantage with more personalized products and services, building that intimate relationship that these giants simply cannot provide.
Matt Simonsen, Director of Retail Strategy at Infor talks about 3 ways that retailers can exceed customer expectations with a networked supply chain.
When it comes to their orders, customers want them fast and they want them free. But these two forces are often in direct conflict inside the supply chain, where planning and production typically take place months in advance, and inventory is widely distributed among a geographically diverse set of stores and warehouses, logistics providers, and factories. The question for many retailers becomes, “How much margin am I willing to sacrifice to satisfy my customer?”
Retail powerhouses like Amazon and Walmart have conditioned customers to expect their orders in days, if not hours. And a growing number of consumers have become comfortable using options like click-and-collect to secure an item online and pick it up shortly thereafter in a store, or rely on third-parties like Instacart to do their shopping for them.
In this episode of Reinventing Retail, listen to Vineet Chaudhary, co-founder of Trendage, a fashion and technology personalization company enabling 3.5 million users to digitally mix and match clothing using avatars, AI, and a vast product database. The discussion centers on how apps like Trendage are leveling the playing field between retailers and consumers, giving them both the tools and reciprocity to establish a two-way street when it comes to giving up personal data in return for great customer experiences.