Business Background
Even before the economic downturn, three storms were gathering that now present themselves as immediate and unavoidable challenges for any retailer. But there are strategies that retailers can implement to transform them from obstacles to opportunities.
The catalyst: a smarter consumer
Nearly two billion people are now online, with that number expected to increase to 2.2 billion by 20132. Tech-savvy consumers have quickly learned to use these tools to research products, prices and availability; they are also tapping into broad social networks of consumers who share ratings, views, shopping experiences and other information.
The retailer's response: a smarter shopping experience
Ensure choice and convenience for your customers by providing a spectrum of touch points across all channels—and by integrating those touch points for easy, seamless movement from one to another. The benefits include enhanced customer loyalty, improved efficiency and increased sales.
The catalyst: changing buying habits
What you see is not always what you get with consumers. Today’s consumers are buying for more than their traditional household. 40% of consumers are regularly purchasing for family members who may not live within their traditional home. 19% of the global population now has adult parents, adult children or grandchildren leaving with them in the last 2 years.
The retailers’ reaction: listen and learn
As consumers purchase, tweet and blog, they are leaving behind a trail of data. With the help of advanced analytics, retailers can make the most of this data to understand—and predict—actual consumer buying behavior and transform into truly customer-centric enterprises.
The catalyst: emerging competition
Today, just about anyone can become a retailer, in just about any retail segment, from almost anywhere in the world. Many thousands of people now earn their living full time selling goods on auction sites such as eBay. Meanwhile, supermarkets routinely offer bank branches, while drug stores practice medicine and sell fishing licenses.
The retailer’s response: play up your strengths
Fortunately, retailers have unique resources that they can use to respond to this threat, including physical stores and trained personnel who can provide a personalized and relevant experience—something that few manufacturers, distributors, social networking sites or search engines can easily match. Retailers have the opportunity to be the lifestyle brand to their customers, building stronger relationships through offerings that are unique, relevant and meaningful.
1. IBM survey conducted in October 2010. It includes consumers in Australia, Argentina, Brazil, Canada, Chile, China, Colombia, France, Germany, Italy, Mexico, United Kingdom and United States.
2. http://mobithinking.com/blog/latest-mobile-stats; http://www.internetworldstats.com/stats.htm
Features of the Tangentia Retail Industry Solution
Tangentia has aligned its solution offerings in Retail around the IBM Retail Industry solution framework and has bundled value based Tangentia consulting and outsourcing services to provide world class solutions at a reasonable price point. Some of targetted solutions in the space include.
1) Distribution network and inventory optimization for retail
Do you have access to the information you need to make better decisions about managing your distribution, transportation and inventory? The distribution network and inventory optimization solution employs predictive analytics to help you identify the best strategic approach to improve your supply network performance.
Use next generation e-commerce solution from IBM to reduce risk and attain higher transaction volumes and greater business agility. With the help of a rich Web 2.0 user interface and advanced e-commerce and cross-channel enhancements, you can achieve better conversion rates and digitally influenced store sales.
3) Product information and attribute management for retail
Product information is fundamental to merchandising, assortment planning, supply chain, and Web and store applications—as well as customer buying decisions. Yet data input is prone to inconsistency and error. The result can be lost sales, lower margins and decreased productivity. We can help.