Customer Behavior and Shopping Habits

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Questions and Answers

What is multi-channel retailing, and what are its benefits?

Combining several retail channels to sell products/services and increase customer benefits, which can expand reach to new markets, leverage business competencies, overcome limitations of existing formats, and increase share of customer wallet.

Why is it important for retailers to evolve to multi-channel retailing?

To expand reach to new markets, leverage business competencies, overcome limitations of existing formats, and increase share of customer wallet.

What percentage of customers buy offline after researching online, according to the McKinsey 2015 report?

90%+

What type of retail strategy involves combining several retail channels to sell products and services?

Multi-channel retailing Signup and view all the answers

What are some benefits of leveraging business competencies and assets in multi-channel retailing?

Increase profits and benefit from brand equity Signup and view all the answers

What is the primary goal of developing channel strategies in retail?

To increase customer benefits and expand reach to new markets Signup and view all the answers

What is a potential limitation of existing retail formats that multi-channel retailing can overcome?

Limited reach and customer engagement Signup and view all the answers

What is the key concept in retailing that involves providing a seamless customer experience across all available shopping channels?

Omni-channel retailing Signup and view all the answers

What is the main challenge that retailers face in adopting an omni-channel approach?

Providing a seamless customer experience across all channels Signup and view all the answers

What is the primary difference between omni-channel and multichannel retailing?

Omni-channel retailing eliminates channel divisions, while multichannel retailing manages channels separately Signup and view all the answers

How can big data analytics support omni-channel retailing strategies?

By providing insights to personalize customer experiences and optimize channel combinations Signup and view all the answers

What is the importance of segmentation and targeting in omni-channel retailing?

To tailor the customer experience to specific customer groups and enhance customer engagement Signup and view all the answers

What are retail objectives, and how do they relate to omni-channel retailing?

Retail objectives are specific goals, such as increasing sales or improving customer satisfaction, which omni-channel retailing can help achieve Signup and view all the answers

How can retailers use portfolios to support their omni-channel strategies?

By allocating resources to multiple channels and optimizing channel combinations Signup and view all the answers

What is the role of retail strategies in achieving omni-channel excellence?

To define the overall approach to omni-channel retailing and guide channel-specific strategies Signup and view all the answers

What is the core competency that enables retailers to anticipate and respond to the rapidly changing external world?

Bundling and leveraging customer data and analytics Signup and view all the answers

What is the primary benefit of leveraging customer data and analytics in omnichannel retail?

Increased revenue through enhanced customer experience Signup and view all the answers

What is the key difference between omnichannel and multichannel retail?

Omnichannel retail integrates physical and digital channels, whereas multichannel retail treats them separately Signup and view all the answers

What is the primary goal of segmentation and targeting in omnichannel retail?

To create personalized experiences for specific customer groups Signup and view all the answers

What is the role of big data analytics in omnichannel retail?

To leverage customer data to inform business decisions and drive revenue growth Signup and view all the answers

What is a key objective of retail portfolios in omnichannel retail?

To manage and optimize the performance of physical and digital channels Signup and view all the answers

What is the primary benefit of decreased operational costs in omnichannel retail?

Increased profitability and competitiveness Signup and view all the answers

What is a key characteristic of a sustainable competitive advantage in omnichannel retail?

It is unique and difficult to replicate Signup and view all the answers

Study Notes