While many retailers struggle to put their customer at the center of their decision making, our recent survey on optimizing customer-centric category management found those that do are improving their business outcomes significantly. How well a retailer or CPG supplier manages and acts on the customer data at its disposal will be a leading critical indicator of future success.
In a recent guest post for Total Retail, I discussed how the emergence of machine learning and artificial intelligence provides opportunities for retailers and suppliers to make customer-centric decisions in real time at the store, category and product levels.
Establishing a 360-degree view of customer behavior patterns from all touchpoints can allow retailers to intelligently redefine their approach to planning, pricing, promotions and marketing processes with the customer at the center. This commitment to customer-centric retail builds more rewarding shopping experiences that create more reliable long-term growth conditions than improvements to business-driven efficiencies.