Customer centricity means that retailers should align products and services with the needs of their most valuable customers 1. Said Peter Drucker more than 50 years ago: “it is the customer who determines what a business is, what it produces, and whether it will prosper.”
Continue reading Customer Centricity – Now is the Opportunity to know your Customers Better
One of the most important goals for retailers is to maintain long-term and profitable relationships with their customers. The construct Customer Relationship Management (CRM) started when retailers moved the orientation of their business from their companies to their customers. However, the advent of the internet, Web 2.0, and online social networks have disrupted the traditional way that retailers communicated with their customers. Hence, Social Customer Relationship Management (SCRM) came to the fore because of the emergence of a “social customer”.
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Do Big Data for small retailers offer an opportunity to compete with the big retailers or is it too much trouble? One of the fall outs of the digitization of business is the massive amount of data that are everywhere.
Continue reading Big Data for Small Retailers – Is it Doable?