Chap7.2 Flashcards

1
Q

What are the 3 online retail transformation and describe them

A
  1. E-commerce
    - Activity of buying and selling products or online services over the internet
  2. Better online customer experience
    - Personalization
    ———- Offerings and experience tailored to customer’s behaviors and preferences
    ———- Retailers to use AI to gain actionable insights on customers behavior and preference
  • AR/VR
    – help buyers choose a product in an environment where buying can be made more realistic
  1. Digital selling
    - Selling through live stream
    – Host acts as their own demonstrators show off all features of the product
    – Highly interactive as questions can be asked to the host
    – Shoppers drawn to live auction bidding
    – hosts are mix of celebrities or influencers
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2
Q

What are the 2 offline retail transformation and describe them

A
  1. Better offline customer experience
    - Digitized customer service
    —— Virtual assistants as customer support through the rising popularity of AI and chat apps
    ——- Reduce staff, increase efficiency and customer satisfaction
    ——- Robot handles typical issues like questions or product returns
    ——- Online chat service is 24/7, drives brand loyalty and sales revenues, can handle concurrent users
  • In-store digitization
    ——- Technologies allow for rich in-store experiences and better customer engagement
    ——- Wifi Beacon: send out notifications as user traverse through the store
    ——- Interactive display: recognize user and recommend them items, make offers, push discounts
  1. Store/Warehouse transformation
    - Product selection/placement
    - Inventory Management
    - Warehouse Management
    - Delivery
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3
Q

What are the 2 online + offline and describe them

A
  1. Optimized user journey
    – Using online like mobile app and getting the product on hand offline
    – To enhance the customers already existing journey
  2. Omnichannel Shopping experience
    – Seamlessly integrating all shopping channels online and offline so as to order anywhere, fulfil from anywhere
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4
Q

Benefits of offline and online payment

A

Offline
1. Instant gratification
2. Onsite demonstration
3. Real experience
4. Strong sense of value

Online
1. Convenient and time saving
2. Save money
3. Access to massive global goods

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5
Q

Benefits of retail transformation

A
  1. Better customer experience offline and online
  2. Higher conversion, greater efficiency, lower cost for retailers
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