'In a data-empowered digital world in which solving customers’ problems has become the key success factor, the traditional model for retail supply-chain excellence has to evolve, and retailers must find ways to offer customer convenience across all touchpoints.' - McKinsey
Consumer priorities are changing. Brand loyalty, while not quite a thing of the past, is heavily influenced by customer experience.
The widespread adoption of new technologies has made the customer journey interactive, frictionless and more valuable. Although this is great for the consumer, it puts pressure on retailers to update their legacy systems or lose out to the competition.
In FMCG, F = Fast. Retailers need to adapt to rapid changes in consumer attitudes and the marketplace. Every aspect of retail operations has the potential to make or break the customer experience. AI technologies are breaking down barriers and making it imperative for retailers to adopt a globally competitive retail business model. The power of machine learning has made it possible for businesses to continuously scrutinize customer behaviour data and generate alerts when the time is right for the next best action.