Chap7.2 Flashcards
1
Q
What are the 3 online retail transformation and describe them
A
- E-commerce
- Activity of buying and selling products or online services over the internet - 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
- 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
2
Q
What are the 2 offline retail transformation and describe them
A
- 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
- Store/Warehouse transformation
- Product selection/placement
- Inventory Management
- Warehouse Management
- Delivery
3
Q
What are the 2 online + offline and describe them
A
- Optimized user journey
– Using online like mobile app and getting the product on hand offline
– To enhance the customers already existing journey - Omnichannel Shopping experience
– Seamlessly integrating all shopping channels online and offline so as to order anywhere, fulfil from anywhere
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
5
Q
Benefits of retail transformation
A
- Better customer experience offline and online
- Higher conversion, greater efficiency, lower cost for retailers