The Growing Focus on Sustainability: Three Things for Fashion Retailers to Consider
Tata Consultancy Services | Digital Software & Solutions | Retail
by Kathleen Holm
3y ago
Shoppers today are looking for products and experiences that align with their personal values A good product is no longer enough to win a customer’s loyalty. Shoppers today want more than just quality; they are looking for products and experiences that align with their personal values. In the face of climate change, many customers want to buy from brands that share their social and environmental values. They want to understand the consequences their shopping habits have on the planet. According to the World Economic Forum, when it comes to pollution, the fashion industry produces 10% of all ..read more
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Are your business strategies based on half-baked analytics?
Tata Consultancy Services | Digital Software & Solutions | Retail
by Nitu Sharma
3y ago
  Data democratization across the enterprise leads to more effective decision making based on contextual intelligence. As the world entered the pandemic, COVID-19 forced many organizations to boost their digital transformation initiatives, making some fall prey to half-baked analytics. All businesses tried to implement this game-changing technology in the name of digital transformation, defying any barriers to adoption. COVID-19 has made everybody witness Analytical Intelligence reset the economy world over. This led many organizations to convert their legacy non-digital legacy systems ..read more
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A Glimpse of Things to Come in Retail- Post-COVID-19
Tata Consultancy Services | Digital Software & Solutions | Retail
by Kathleen Holm
3y ago
Placing new furniture on a digital tablet into the empty interior to see how it looks before buying. There have been a number of events that have split eras into times of before and after like the invention of the printing press, telephone, automobile and electricity and events like WWII, 9/11, the civil rights movement and the fall of the Berlin Wall to name just a few. We are living through one of those times now. What we knew as normal before COVID-19 continues to fade away as we navigate a new, unknown space where we must continually find new ways to cope in an unfamiliar world. Business ..read more
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Two Strategies for Bringing Your Customers Back to your Coffee Shop
Tata Consultancy Services | Digital Software & Solutions | Retail
by Padmashwini R
3y ago
Deliver personalized customer experiences that foster long term customer relationships Your customers are yearning to get back to their “favorite” coffee shops, sit on the comfy chairs, spend time browsing, reading, and meeting people that they have longed to see for many months now. As some businesses are beginning to open, there are many we will not see again. This year is slated to be the first since 2011 when the number of coffee and tea shops in the U.S. will decline, with Euromonitor International suggesting that 7.3 percent will have closed by the end of 2020, according to a report fr ..read more
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COVID-19 Reveals Misconceptions Around Digital Readiness
Tata Consultancy Services | Digital Software & Solutions | Retail
by Kathleen Holm
3y ago
  There are many stories about enterprises that have been able to adapt quickly to the pandemic by shifting to a remote, digital environment in a very short time. These enterprises are celebrated for fast-tracking digital innovation within their businesses and often regarded as the gold standard for how digital enterprises should operate. Is your company digital-ready? According to TCS’ recent digital readiness report, two-thirds of enterprises can support employees working remotely, which is great. But less than a third have other essential capabilities of digital readiness needed to wi ..read more
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Persona Discovery- Key to Gen Z Customer Engagement
Tata Consultancy Services | Digital Software & Solutions | Retail
by Kathleen Holm
3y ago
Gen Z is now the largest generation with a spending power of $143 billion Last year, Gen Z became the largest generation, constituting 32 percent of the global population — or 2.47 billion of the 7.7 billion people on Earth — surpassing the millennials and Baby Boomers, respectively. In an age group that spans 7 to 22, Gen Z currently have a has a spending power of $143 billion. [Source: Business Insider.com] That’s why it’s so important for retailers to understand what makes them tick. But learning about Gen Z can be challenging. They are still in the process of growing up, with the ol ..read more
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How Retailers Can Pivot and Thrive Amid the COVID-19 Pandemic
Tata Consultancy Services | Digital Software & Solutions | Retail
by Kathleen Holm
3y ago
Customer browsing online store Retail was struggling before COVID-19 hit. Over the past couple of years, there have been almost daily reports of stores closing and retailers going bankrupt. CNN Business reported that more than 9,300 stores closed in 2019 and MoneyWise reported that more than 6,600 stores have closed so far in 2020 with predicted shut downs reaching as many as 25,000. What COVID-19 has done is accelerate the pace and number of store closings for already struggling retailers. Stores without a strong online presence saw their revenues eroded by retailers with robust online capa ..read more
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COVID-19 Compels a Persona Makeover of Retail Customers- Guest Blog by Jon Duke, Research Vice President, Retail Insights, IDC
Tata Consultancy Services | Digital Software & Solutions | Retail
by Jon Duke
3y ago
Retailers need to shift to a point-of-context-driven understanding of their customers Are you the same consumer you were in January 2020? Have your shopping patterns changed? Do you make the same number of trips to the same stores and buy the same items in the same amounts? Do you shop online exactly as much as you did before the COVID-19 pandemic? For nearly everyone the answer is a clear and resounding “No!” But the retailers you shop at probably don’t see this. While they understand it intuitively, they likely have a static view of customer personas based more on art than science. Retaile ..read more
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Safety is the New CX, But then What?
Tata Consultancy Services | Digital Software & Solutions | Retail
by Jeffrey Abbott
3y ago
        Safety is the new customer experience Customer Experience has become the focal point for how retailers deliver value to their customers. The classic four Ps of marketing (product, price, promotion, and place) have taken a back seat to this higher-level overlay of experience. This shift has often been attributed to the pervasiveness of e-commerce, that has rendered each of the Ps to be nearly insignificant as points of differentiation: Product: Our global economy has spawned wide availability of goods and services Price: Shoppers can perform comparison shopping in ..read more
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What’s Past is not Prologue: Retail Analytics in the age of COVID-19
Tata Consultancy Services | Digital Software & Solutions | Retail
by Kathleen Holm
4y ago
Big data analytics Customer behavior today bears little resemblance to customer behavior yesterday, pre-pandemic. The predictive analytics retailers used to depend on for customer insights relied on historical information, which does not exist for the COVID-19 outbreak. As a result, businesses must restart their data collection and analysis processes. Existing data is no longer relevant because everything has changed: how and where we work, how and where we shop, how and where we socialize.  We need to collect new data and create new models based on that new data that reflects when the ..read more
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