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How to think like your customers

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It is clear that retailers need to map a clear path to navigate this environmental disruption. We identified three underlying themes to help retailers achieve this.

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How to think like your customers

  1. 1. For more details on better engaging your customer, check out our report, “Thinking like a customer.” Because cognitive computing is new and not completely understood to its full potential, regular communication at all levels is critical. Communications should consider all stakeholders. Address any fears, uncertainties and doubts head on, and leverage executive sponsors to reinforce the value of cognitive to the organization’s mission. 1“IBM Announces Watson Mobile Developer Challenge WInners.” IBM Press Release. June 3, 2014. https://www-03.ibm.com/press/us/en/pressrelease/44057.wss 2“StatSocial Partners with IBM Watson to Bring Cognitive Computing to Social Media Data.” PRWeb. November 18, 2015. http://www.prweb.com/releases/2015/11/prweb13086321.htm 3IBM Institute for Business Value anallysis based on IBM case studies and client interviews. Download the report : Almost half of the retail executives we surveyed reported a lack of confidence in making strategic business decisions. Strategic decision-making can be especially difficult in circumstances where retailers lack understanding about how to use data and analytics to support decisions. 3 // Decide Cognitive systems aid in decision-making and reduce human bias by offering better, evidence-based recommendations. They continually evolve based on new information, oucomes, and actions. // Takeaway The company deployed a content analytics solution to analyze customer sentiment on social media and the voice of the customer through the company’s call center. Using the solution, the corporation quickly identifies problems to determine solutions. As a consequence, the company hopes to achieve a major increase in the operating profits through 2016. Major global digital technology company uses cognitive to generate insights to make fundamental changes in its business.3 2 // Discover 57% 52% 51% 48% Key challenges in pursuing disruptive innovation: Overly aggressive ROI expectations Insufficient business case/modeling skills Lack of quality/ reliable data Insufficient skilled human resources Vendors around the world have access to huge volumes of data. They are confronted with challenges in identifying technology and innovation that can differentiate them from others and help them create new, different and sustainable business models. It is critical that retailers improve their capability to use the vast amount of customer data available to create insights, find patterns, and deliver relevant experiences. // Takeaway StatSocial analyzes social and blog content to understand consumer demographics, affinities, and personality types. It can enable the brands and marketers to understand intrinsic needs and values of their customer. Cognitive can help discover valuable insights for retailers. 2 1 // Engage RedAnt uses cognitive to let employees easily identify individual customers’ buying preferences by analyzing demographics, purchase history and wish lists, as well as product information, local pricing, customer reviews and tech specs. Cognitive can help enrich customer experiences. Speed of resolution 67% Personalized experience 60% Enabling self service 57% Quality of service 56% Major areas in which retailers are not competent enough in delivering customer service: personal interaction speed transparency with their retailers Today’s customers want: Cognitive systems can consume vast amounts of structured and unstructured information, can reconcile ambiguous and even self-contradictory data, and can learn. // Takeaway 1 How to think like your customers The retail industry is currently experiencing unprecedented disruption. New and sophisticated digital technologies have helped shift the entire retail paradigm. Now, brick-and-mortar stores are often used for “showrooming,” in which customers compare products in store and then purchase online. Disruption turns into focus It is clear that retailers need to map a clear path to navigate this environmental disruption. We identified three underlying themes to help retailers achieve this.

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