thinking like a customer
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©2016 IBM Corporation1 May 1, 2023
Thinking like a customer
Presenter’s Name | Optional presenter’s title/credentialsOptional presentation location | Optional presentation date
Your cognitive future in the retail industry
©2016 IBM Corporation2 May 1, 2023
Five disruptive forces are forcing retail industry to focus on three key areas
Customer expectations
Customers inundated with information are
looking for compelling content. Retailers need to
engage better with these customers
Self-serve retail
Customers are assuming ever
greater ownership over their personal
retail journey. Retailers will have to ensure better
customer engagement on all
channels
Security breaches
Malware attacks targeting systems
are becoming more common. Retailers have to discover
effective and relevant solutions to
combat this
Eroding margins
Retailers are highly concerned about
declining customer loyalty and
profitability. Retailers need to adapt fast in
the new normal environment
Technology progress
Technology is redefining the way in which retailers can
interact with customers. Retailers will have to be more aggressive in making decisions to embrace
new technology
Provide better collaboration between with suppliers, partners and customers
and enables seamless experience across channels
Engage DecideDiscover
Provide ability to digest vast amounts of data to identify new avenues and
implement new ideas
Provide contextual, evidence-backed recommendations, with changing
business models, cost structures and customer behavior
©2016 IBM Corporation3 May 1, 2023
Customers are demanding more personalized experience but retail executives struggle in delivering this
of retail executives agree customers demand more personalized experiences1
Industry need
Engage
Source: See notes
The key question
65%
60%
57%
56%
Achievement gap
Enabling self service
Quality of service
Personalized experience
Speed of resolution
Major areas in which retailers are not competent enough in delivering customer service2
69%
How can retail organizations provide better personalized experience to its customers?
©2016 IBM Corporation4 May 1, 2023
of retail CXOs are actively pursuing industry model innovation1
Industry need Achievement gap
Key challenges to pursue disruptive innovation2
59%
57%
52%
51%
48%
Overly aggressive ROI expectations
Insufficient business case/modeling skills
Lack of quality/reliable data
Insufficient skilled human resources
Retail industry is actively pursuing innovation but is challenged by aggressive ROI expectations and insufficient skills
Discover
Source: See notes
The key question
How can retailers free themselves from constraints of traditional capabilities and foster innovation?
©2016 IBM Corporation5 May 1, 2023
Retail executives are not confident in making decisions
Industry need
Decide
of retail executives are expected to make big decisions in the strategic areas, such as competitor collaboration and corporate
restructuring, in the next twelve months1
Source: See notes
More than half
Achievement gap
47% of the retail executives are not
strong in taking strategic business decisions2
The key question
How can retail organizations build capability of taking right decision at right time ?
©2016 IBM Corporation6 May 1, 2023
One way of answering these questions is through cognitive computing which…
Engage DecideDiscover
Source: IBM Institute for Business Value Analysis 2015
Acts as a tireless agent providing expert assistance to human users
Carries a conversation naturally, e.g. in human language
Understands consumers from past history and enriches interactions with context- and evidence-based reasoning
Helps people discover insights far above human levels
Finds insights and connections, understands the vast amounts of information available
Visualizes possibilities and validates theories like experts
Offers evidence-based recommendations
Evolves continually towards more accuracy based on new information, outcomes, and actions
Provides traceability to audit why a particular decision is made
©2016 IBM Corporation7 May 1, 2023
Retail executives believe cognitive computing will play a disruptive role and intend to invest in this capability in the future
… of executives familiar with cognitive computing believe it will have a critical impact on the future of their business1
…of executives familiar with cognitive computing believe that it will play a disruptive role in retail industry1
94% of the executives familiar with cognitive computing are likely to invest in this in future2
83%
91%
Source: See notes
1-2yrs 3-4 yrs >= 5 yrs0%
10%20%30%40%50%60%
6%
39%
49%
©2016 IBM Corporation8 May 1, 2023
To learn how your organization can use cognitive computing to open up opportunities in the retail ecosystem, please contact:
Anthony MarshallResearch Director and Strategy LeaderIBM Institute for Business Valueanthony2@us.ibm.com
Keith MercierGlobal Retail LeaderIBM Watson Groupkdmercier@us.ibm.com
Sandipan SarkarCognitive Computing Leader,IBM Institute for Business Valuesandipan.sarkar@in.ibm.com
Visit our website to read full report on this topic:
http://www-935.ibm.com/services/us/gbs/thoughtleadership/cognitiveindustry/
Contact study authors
IBM Institute for Business ValueLeading edge thought leadership and practical insightsfor business executives
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