Customers leave behind an incomprehensible amount of data while they go about shopping. Making sense of that data and reacting in real time are the two things that will keep companies one-step ahead of their customers (and competition) in the present-day customer-centric world.
Today, the average customer is spoilt for choice. Every time he goes shopping, he expects highly personalized, relevant offers. One poor interaction with a brand, and poof, the customer’s gone, almost-certain never to return. Customer retention’s turning into customer obsession, and only companies with the ability to paint a highly granular image of their customers will survive. Marketing teams cannot take 24 hours or more to react, their response to customer needs must be almost instantaneous.
In the first part of this blog post, we had read about how data analytics is being used by restaurants and fast food chains in customer segmentation.
Today, we will look at how analysis helps to build, or rather, re-build a restaurant’s menu. That’s right. Analytics can play a big role in not only determining a menu but also working “behind the scenes” and improving kitchen efficiency.
One of the oft-quoted examples
Big Data and its analysis has come as a disruptor for the food industry, more so for restaurants. There was a time when restaurants were largely run on the gut feelings of a manager or the whims and fancies of the owner. Those days are fading away.
Restaurants now have a new “help” - data analytics - to get a leg up over competition, as well as to grow, leveraging on
In the first part of this blog, we looked at how Artificial Intelligence (AI) has changed the supplier side of the retail eco-system, especially on two fronts - Price and Product Offering. In this post, we shall analyze how it has affected the buyer's journey at almost every step of the way.
As most of you will know, a buyer's journey starts from the awareness stage, where he comes to learn
Never before have customers been more in control of the retail trade than today. But are they really? Or has the retailer wrested control of the exchange? Let's revisit this in the light of new technologies and sensors deployed in this "game".
In the sixties through the eighties, Sears, Walmart and K-mart kind of super stores aggregated purchase information to decide what to buy and stock their shelves. Improving the scale
There was a time when retailers could only fantasize about selling everywhere. It was a retailer's version of a Utopian dream. Then came technology and big data analytics, and boom, omnichannel retail suddenly was achievable.
Omnichannel shopping is really a continuity of the shopping experience. Technology has blurred the lines between brick and mortar shops and online shopping, and between devices. With footfalls dropping, and the retail space getting even more
How many times have your customers remarked after an interaction with your business - what an excellent experience?
Whether you are a B2C or B2B company, the customer is king (sounds clichéd but it’s true), and customer satisfaction is your business’ ultimate aim, if it has to remain competitive. For that, you need to look at things from a customer’s perspective, not from a seller’s viewpoint.
The spotlight, thus, is always on
A couple of blogs posts ago we had talked of how data was fast becoming a very critical component in a restaurant's kitchen.
Bloomberg Gadfly columnist Shelly Banjo, who covers retail and consumer goods, recently wrote a column on how almost all the big restaurant chains in the United States had reported a drop in sales in Q2, 2016, hinting at an industry downturn. While we are not getting into the
Which is the single most important ingredient in today’s restaurant business? It’s data.
Surprised? Don’t be. In the face of extreme competition, restaurants, especially quick service restaurants (QSR) (where time is of essence) are increasingly turning to data analytics to reduce costs, increase revenue, and pump up profits. It’s an industry where time is money, where margins are small but volumes, large.
In today’s digital world, electronic transactions have opened the sluicegates
Way back in 2010, one of the conclusions of the IBM ‘Global CEO Study’ was the acknowledgement by 88% of CEOs that their priority was to get their businesses closer to customers in the next five years. Yet here we are, at the start of 2016, and it would not be an exaggeration to state that many global businesses are still far from achieving this target.
Many companies still find themselves