As the coronavirus pandemic continues to reverberate, the European retail industry is experiencing an unprecedented period of growth and prosperity. Small and medium-sized companies in the European retail sector are most at risk as the COVID-19 pandemic has accelerated the shift from face-to-face interactions towards omnichannel digital communications. While some retail brands have already taken approaches to combat the COVID-19 challenges, others are still struggling to maintain productivity and ensure business continuity. As such, European retail brands must take actions to navigate the COVID-19 crisis, plan for the recovery, and shape the future. In addition to this, retail brands must focus on creating exceptional customer experiences to set themselves apart from their competitors, expand home delivery options, reimagine the post-COVID-19 environment, and build agile capabilities for fluid times.
We can help you to survive the COVID-19 crisis and prepare for the post-COVID-19 environment. Learn more about our business continuity services to navigate the COVID-19 crisis.
Business Challenge
The client is a retail firm based out of Central Europe with over 55+ retail outlets.
The prolonged spread of coronavirus had a significant impact on the client’s supply chain operations. Also, the client’s inability to fully transition to a vertically integrated distribution model made it difficult for them to manage demand-supply requirements. Besides, as the customer buying behavior and spending patterns were changing, the client faced challenges in addressing immediate customer needs and preparing for the post-COVID-19 environment.
The European retail industry client noted that many retail brands have already stepped forward to facilitate their customers by accelerating digital options and adjusting merchandising plans. The client, therefore, wanted to understand their customers buying behavior and analyze spending patterns. They chose to collaborate with Infiniti Research to leverage their expertise in offering customer intelligence engagement.
Other key objectives of the European retail industry client were:
- To enhance digital engagement for keeping sales up and enhancing business continuity
- To review inventory and rethink merchandising plans for the next half of 2020
- To enable home delivery options for capturing market share in this demand shift
- To make physical operations touch-free
- To simplify the product portfolio without compromising customer experience
- To reimagine brick-and-mortar strategy for the post-COVID-19 era
- To build capabilities to meet the changing needs and demands of customers
Maintaining a strong customer experience during such crisis requires an understanding of changing dynamics and pain points of customers. Our customer intelligence engagement can help you achieve this strategic objective. Get in touch with us.
Our Integrated Approach
The experts reviewed the company’s 2020 budget and inventory plans. Also, the experts assessed COVID-19’s impact on the business unit and analyzed the evolving changing customer behavior and spending patterns. As a part of the customer intelligence engagement, the experts helped the European retail industry client to devise a customer intelligence framework. This subsequently helped the client to understand their customers’ behaviors and analyze their purchasing patterns.
By analyzing the changing needs and demands of customers, the experts recommended the European retail industry client to accelerate digital options and set up new online portals to explain available services. Besides, the experts recommended the client to consider a partnership with reputable e-retailers.
The experts noted that spending patterns of customer have subsequently evolved owing to the COVID-19 crisis. As such, the experts recommended the European retail industry client to rethink merchandising strategy for the latter half of 2020 and plan for dealing with unprecedented levels of unsold inventory.
Business Outcome
By leveraging customer intelligence solution, the experts provided the European retail industry client with real-time contextual recommendations to deliver hyper-personalized experiences and create more effective customer relations. By closely analyzing China’s response to COVID-19 and changing customer buying behavior, the experts recommended the client to innovate their delivery models to help consumers navigate the pandemic safely. The rapid development of digital functionalities further helped the client to ensure continuity of services. Besides, the experts recommended the European retail industry client to experiment with bulk versions of their offering.
The experts also helped the European retail industry client in identifying third-party service providers to support them in enabling technology setup and infrastructure for accelerating digital options. Besides, to serve customers at this challenging time, the experts recommended the client to promote personal engagement and program chatbots.
By devising a sound marketing strategy, the experts further helped the European retail industry client to enhance their current digital offerings and encourage more customers to use digital channels for ordering products. The experts also analyzed the client’s infrastructure capacity and helped them in stabilizing critical infrastructure and addressing technology gaps to offer a seamless digital customer experience. In addition to this, the client was able to simplify product portfolio, reimagine brick-and-mortar strategy for the post-COVID-19 era, and build capabilities to meet changing needs and demands of customers.
By analyzing the initiatives undertaken by retail brands in China and the United States, the experts helped the European retail industry client to adapt to contactless-delivery options and make physical operations touch-free. Besides, the experts helped the client to keep pace with changing customer preferences in Europe and adopt agile innovation to address immediate customer needs.
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