Because of the least inventory cost and broad difference of commodities for the consumers to choose from the e-commerce, it has an enormous impact on the brick and mortar stores. The customer is highly spending more time and money on certain commodities and moving far away from the sales is yet unknown for stores. Assigning the products such that involving the survey level, the complete store is a problem that might annoy the retail store owners for ages. The retail analytics company wants to draw attention to the customer to implement the various products' firsthand experience. The retail sector is having many problems in this current age, such as:
To administer retail data, analytics is the solution for SMEs using Big Data. The consumer's 360-degree view will help the dealers efficiently with the customers to picturise. To identify and sell particular shelves to the manufacturers is the only solution for in-store retail analytics. Big data analytics will help us run the day-to-day operations in staff marketing, manage stocks, manage the supply chain, develop unique strategies based on marketing analytics, etc.
Customers give away their behavioral data through various sources & forums. Tapping into this data & drawing meaningful insights is a nightmare for the best of the companies.
These are the challenges which companies are struggling to address.
Procurement management is one of the key departments of any organization. Procurement happens in the space of hardware, software, human resources, goods, etc., & there have been a lot of instances of fraud in the transactions of the same. If suppliers & procurement department join hands to commit a fraud then it is extremely difficult to identify it. It is even worse given that the fraud transactions happen under-the-table, off-the-records. This will leave a deep hole in the cash pockets of organizations leading to losses to the tune of millions of dollars. Companies are finding it very hard to identify such fraud events by applying traditional accounting practices.
Business Problem Statement: Majority of profits for a company lies in the repeat orders and repeat customers. Businesses which are customer-centered would tend to focus much on retaining customers. Many of the companies fail to lure/attract customers due to lack of strategies, action plans etc. It's much more hard to acquire a potential customers than to continue an active customer. Companies often ignore this fact and try concentrating on increasing new customer base leading to poor performance.
Ecommerce era is having a huge impact on the brick & mortar stores because of the low inventory cost & wide variety of products for customers to choose from. Luring customers into buying more by ensuring that convenience is given the prime importance by effective rack placement, is sending shivers down the spine of retail giants also. Knowing on why customer is spending more time against certain exhibit & moving away without making a purchase is yet another challenge. Spacing the products such that the interest level of exploring the complete store is a problem, which is haunting the retail store owners since ages. How to compete with online stores in this tough world where people prefer convenience to commute, is the question, which many management pundits are trying to address.
In countries throughout the world, massive shopping centers have become the glory of the city. These malls have a direct impact on the revenue generated by the tourism industry. With the expansion of malls, comes the increase in the inconvenience caused to customers such as: unable to find the right store or the right offer or the right product on the right floor. BPMN enabled signages, time-motion study, navigation charts, etc., to some extent helps customers in navigating through the mall. However, the bigger problem of converting the footfalls into sales, by suggesting the right product to the right customer at the right time is the challenge, which even the most aesthetically built shopping malls are trying to solve.