Retail IQ
Time as a factor in Retail
In the fast-paced world of retail, time is a critical resource. Every second counts, from the moment a customer enters a store (whether physical or virtual) to the delivery of a product at their doorstep. Time is not only linked to efficiency but also to customer satisfaction, supply chain success, and business profitability. In today's retail industry, understanding how time affects every player in the ecosystem—customers, suppliers, retailers, and digital transformation partners—is key to staying competitive.
- In the digital age, convenience and speed are top priorities for customers.
- 61% of consumers value fast delivery over free delivery.
- Retailers like Amazon Prime thrive by minimizing the time from order to delivery.
- Streamlined shopping experiences (intuitive websites, quick checkouts, mobile apps) lead to higher sales.
- Long wait times can cause customer dissatisfaction and cart abandonment
- 61% of consumers value fast delivery over free delivery.
- Retailers like Amazon Prime thrive by minimizing the time from order to delivery.
- Streamlined shopping experiences (intuitive websites, quick checkouts, mobile apps) lead to higher sales.
- Long wait times can cause customer dissatisfaction and cart abandonment
- Time is tied to production, logistics, and costs for suppliers.
- Delays in delivery can disrupt the retail supply chain, causing stockouts and lost sales.
- Efficient planning is crucial for timely delivery, especially with perishable goods.
- Shorter lead times lower production and transportation costs, benefiting both suppliers and retailers.
- Oracle Retail Suite helps suppliers and retailers optimize delivery schedules and improve demand forecasting
- Delays in delivery can disrupt the retail supply chain, causing stockouts and lost sales.
- Efficient planning is crucial for timely delivery, especially with perishable goods.
- Shorter lead times lower production and transportation costs, benefiting both suppliers and retailers.
- Oracle Retail Suite helps suppliers and retailers optimize delivery schedules and improve demand forecasting
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The Retailer Perspective: Time Equals Profitability
- Agility is key for retailers to stay competitive—quick decisions on stock, promotions, and market shifts are essential.
- Automation and streamlined processes help retailers manage time effectively.
- Delays in stocking or processing orders can lead to missed sales and dissatisfied customers.
- Technology enables faster decision-making (e.g., restocking items, launching promotions).
- Digital transformation with partners like Retail Consult, using Oracle Retail Suite, helps retailers reduce operational costs and make faster, data-driven decisions.
- Automation and streamlined processes help retailers manage time effectively.
- Delays in stocking or processing orders can lead to missed sales and dissatisfied customers.
- Technology enables faster decision-making (e.g., restocking items, launching promotions).
- Digital transformation with partners like Retail Consult, using Oracle Retail Suite, helps retailers reduce operational costs and make faster, data-driven decisions.
The Digital Transformation Partner Perspective: Time to Transform is Now
- Digital transformation is crucial in a rapidly evolving retail market—timing is everything.
- Retailers who delay digital transformation risk losing customers and market share.
- Retail Consult and Oracle Retail provide solutions that streamline operations, improve customer experiences, and drive faster decision-making.
- Retail Consult ensures quick, high-quality digital transformations, offering long-term support to keep retailers ahead of trends.
- Retailers who delay digital transformation risk losing customers and market share.
- Retail Consult and Oracle Retail provide solutions that streamline operations, improve customer experiences, and drive faster decision-making.
- Retail Consult ensures quick, high-quality digital transformations, offering long-term support to keep retailers ahead of trends.
Sources:
- Oracle Retail: "Retail Insights"
“Stones on the way? I keep them all, one day I will build a castle."
Fernando PessoaThe outbreak of COVID-19 has created a time of both personal and economic uncertainty. On March 9, 2020, Retail Consult implemented a work-from-home, remote workforce model to protect our employees, clients and partners. Most of our clients and partners are also working from home. Working collaboratively we have been able to safely and productively continue our business activities and we will continuity and innovation to navigate this time of crisis together!