It’s the lack of actionable strategy. Don’t you agree with me?
I bet that you’ll coincide with what I think. The business analysts look into the fabric, i.e. the data of the market & business research. His keen eyes observe the data through a veteran lens. Eventually, he comes out with a handful of effective solutions that are, indeed, actionable. In all, the most sought virtual assistance services provide with a concrete answer of the retail challenges.
Here, the word ‘data’ are in the limelight. It’s just because almost every retail strategy filters through the data, today.
Now, what if that data carry many laps?
Obviously, the driven business intelligence would not be as effective as it should be. The game-changing element won’t be there in those strategies. This is where the virtual assistant emerges to save the drowning ship of a retailer. What he aims at is the category management.
Let’s have a cursory glance over the category management definition.
What is Category Management?
The smart and experienced retailers stick around the practice of segmenting the products into discrete groups. It’s essential for effective & disciplined retailing and purchasing. Perhaps, Brian F. Harris has foreseen the significance of the category management in the digital space.
But, there is a glaring difference between the good data and the bad data. The adjective ‘good’ determines the viability of data. On the flip side, the bad data are nothing but the useless heap of data. The IoT connected world registers incredible inflow of data through a Magento virtual assistant, scan data, loyalty card data and a lot of more sources. So, the appropriate category management has become a need of the hour.
Presently, the retailers hardly attend the category management. This is why the bad data are piling up, which are of no use. The best retail solutions require proper segmentation. Otherwise, customer satisfaction won’t be achieved. However, some retailers measure growth and satisfaction through a net promoter card. They deploy a remote assistant to do that.
Net promoter card-What is it?
Net Promoter Card:
It’s an evaluator that maps customer’s willingness to recommend a brand or a company’s products. Simply say, it detects the loyalty of the customer. For this purpose, a scale is defined wherein the scores acts as the identifiers of the category.
Predominantly, the customer categorization is subset into these:
- Detractors: If the score is 0 or less than 6, the customer is a detractor.
- Passives: If the score is between 7 and 8, the customer is satisfied, but a step away from a promoter.
- Promoters: The score is between 9 and 10 tells that the customer is an enthusiast who loves to do mouth to mouth publicity of that product.
This card is a success metric. It sums up the level of customer satisfaction via the market research and data scrapping. Although every sector has embraced it, yet the retail industry is still waiting for its entry. Why is it so? Why is the retail world far from this category management?
You can learn the answer of ‘why’ here:
Strategic Loops in Measuring Customer Satisfaction: Retailers have created their own strategic world. How they measure the satisfaction level of their customers-it squarely comes out of their own imagery. Mainly, these three reasons are responsible for it:
1. Satisfaction Meter: Many retailers map the loyalty in their own way. They keep their supplementary ‘suppliers’ away from that map. It’s none of my business. Also, if the suppliers need to dig out the feedback, they themselves have to indulge in the market research--this is what they think. Thereby, they stay mum and reserve the product review with them only.
2. Need Big Pocket: If you talk about manual assessment, it’s a way far from the reality. A manufacturer can’t interact with the customers face-to-face. Practically, they need to have a deep pocket for such an intensive customer research. To my knowledge, Walmart is the only one that instinctively spends a huge amount to come across the user’s experience. That’s why Walton family is debiting whopping dollars into its account. Besides, it has acquired a major stake in the Flipkart-an e-Commerce giant of India.
3. Stick to Offbeat Practices: This is the most prominent cause. The typical top management doesn’t bother about category management. The middle management takes its advantage. It also gets off recoding satisfaction level of the customers.
As far as the junior level is concerned, it’s not aware of it. How could it record the category if it hasn’t heard of it? So, it’s obvious that this management gets ignored.
4. Customers are out: Has any shopper asked for your review? It barely happens. The retail industry is completely missing a beat. However, the overwhelming data are here. But, the customers are kept out of that index.