Five Business Imperatives for Retailers: Mike Tracy outlined five critical imperatives for retailers in the context of evolving e-commerce:
a. Improving conversions and average order value: Retailers should focus on enhancing conversions and increasing the average order value through offline modeling, data utilization, and personalized customer experiences.
b. Managing hyper-growth and demand variability: As retailers transition to e-commerce, they must effectively scale their capabilities to handle rapid growth and manage demand fluctuations. Agility plays a crucial role in adapting to changing market dynamics.
c. Increasing affinity to digital: It's important to consider the preferences and behaviors of different customer segments to drive adoption and preference toward digital channels.
d. Enhancing loyalty: Implementing loyalty programs can help retailers retain customers and drive revenue growth. Investing in existing customers is more cost-effective than acquiring new ones.
e. Delighting customers with skilled digital associates: Retailers empower their employees and provide deep product knowledge and expertise. Skilled digital associates can effectively address customer issues and create brand ambassadors.