Lectures Flashcards by Jurjan gillesse

What are the purposes of retail?

Break up bulk
Manufactorers don’t have to hold a lot of inventory
Variety in products in the assortment
Lower consumer search costs
Retailer offers services

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Defining characters of retail chain

Highly regulated 
Low productivity
Thin product margins 
Massive globalisation
Rapid influx of techonlogy

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Which two types of suppy chains are there?

Forward and reverse supply chains

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How is the share of people called who use the product of a retailer?

Online penetration

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What are the four different forms of retail?

Singe channel, multi channel, cross channel, omnichannel

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What is the difference between cross channel and omnichannel

With omnichannel, everything is done right, people can for example order online via qr in store

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What does ROPIS stand for?

Reserve online pick up in store

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What are the omnichannel fulfillment possibilities?

Click and collect
Ship to store
Ship from store
Drop shipping

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What is ship to store?

Long tail products are shipped to store when ordered for click and collect

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What does kpi stand for

Key performance indicators

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What are the two strategies to acheive succes?

Differentiation and cost leadership

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What is the line called in the cost efficiency/ service orientation what companies can compete?

Efficient frontier

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What are three forms of layouts in stores?

Racetrack
Free form
Grid

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When is the best time to use directly from supplier to store?

Difficult to handle products
Make to order products
Truckload volumes

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What store to think about with cost leadership?

Lidl

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What are examples of physical distribution channels?

Directly from supplier to store,
Warehousing
Cross docking

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Is the inventory of warehousing coupled of decoupled?

Decoupled

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What are the two forms of cross docking?

Pick to zero

Pre sorted

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What items can you cross dock?

Predictable demand items
High holding cost items
Known lead time items

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What cost goes up when value of products go up?

Inventory holding costs

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What are the key performance indicators realated to warehouse assesment?

Productivity
Quality
Flexibility
Costs

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What are the 5s?

Sort 
Straighten
Shine/ sweep
Standardise
Sustain

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What are store assortment dimentions?

Breath and debt

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What are advantages of larger assortments for consumers?

Shopping fun
Freedom of choosing
Learning the category
Drawing consumers to the website
Increase chance of finding ideal product
Variety seeking

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Disadvantages of larger assortments for consumers are?

Lower choice precision, harder to find ideal product Lower satisfaction with decision Lower satisfaction with the chosen product More procrastination

What are the two stages in which assortments have a role?

Attraction stage | Conversion stage

Why would you sell some products only online?

Long tail products, designed for online, offline space limitations

Why would you sell some products only offline?

Exclusivity, products need explaination, operational constraints

What can’t you sell everything online?

Choice overload, variable costs, space in distribution channel, need high sale concentration to improve trading position

What do you put in store when offering more online?

High earners, expertise needed products, overcome limitations digital world, inspire customers, tech customers about products

what is facing distribution?

Number of identical products facing the consumer

What is space to movement?

Assign more space to well selling SKUs

What is external categorization?

Grouping products implied by the assortment layout

What is internal categorization?

The way the consumer organizes the products in their head

What is congruency?

Degree of fit between the external an internal categorization

What is the difference when a supply network is not time sensetive?

The regional distribution centre can be skipped and stores can be supplied directly from national dc

What is the best option for fast movers, woth low variability?

Decentral warehouse/ crossdock

What are the four stages in the customer journey?

Pre purchase Purchase and fulfillment Post fulfillment Overall evalution

What are the functions of pre purchase?

Inspire and aspire Sensopathic experiences Provide advice Curation

What is curation?

Presenting an assortment in a logical way

What are the funtions of purchase and fulfillment?

Store as a pickup point | Store as a ditribution centre

What are the functions of post-fulfillment?

Store as a repair shop Store for returns handling Buy online return in store (BORIS)

Overall evalution functions

Store as a stage - like the playground | Store can be a community centre

What is the HALO effect?

More online sales in the neighbourhood with a store

What are cons of opening a store?

Down selling, people buy a cheaper product

How to close stores without losing consumers?

Before closure: collect consumer data During closure: targeted marketing After closure: learn from closure

What are 4 ways to stay revelant is digital transformation?

Omnichannel, visibility, convenience, experience

What are the three components of sustainable retail?

Governace, environment, social

What are the different aspects of leniency?

``` Time leniency Monetary leniency Effort leniency Scope leniency Exchange leniency ```

What is scope leniency?

How much of your order do you have to return?

What is exchange leniency?

What is the return for the products? Money , coupon

What are two types of Direct to Customer?

Online born brand that sell via their own online channel | Established brands who mainly sold via retailers also sell trough their own channels

Why do digital native brand struggle to make profit with dtc?

Problems with costumer retentions and high costumer costs

What are benefits to brands with subscription models?

Lock-in of consumers Predictabke demand Steadsy stream of income Possibility to upsell or cross sell

What sort of data analytics is needed for omnichannel retail?

Decision driver data analytics

What are the five stages of retail analytics?

``` Descriptive analytics Diagnostic analytics Predictive analytics Prescriptive analytics Autonomous analytics ```

What is the level most companies in the world achieve in analytics?

Descritive analytics - dashboards

What are the 6 categories of barrier and enablers of using data?

``` Culture Organisation People Processes Systems Data ```

New retail is characterized by:

``` Digital supply chains Digital payments Platforms that collect lots of data In-store apps Superapps ```

What is needed for this mew retail

Superior analytics

What is the dual role of technology?

Gather data | Work with this data

New business models will centre on what things?

Sustainability Efficiency Expertise Experiences