Despite the global pandemic taking a massive hit on many brick and mortar retail businesses worldwide, the future of eCommerce looks brighter than ever. Capitalizing on the upcoming eCommerce trends, retailers are feverishly transitioning to online selling platforms, while fresh entrepreneurs are kick-starting new D2C ventures online.
Taking automation a step further, Hyper-automation is the application of Artificial intelligence (AI) and machine learning (ML) to increasingly automate processes. The amalgamation of automation technologies with intelligence not only augments human capabilities but also extends the scope of automation to more sophisticated and complex tasks.
The shift of businesses from offline to online channels has driven double-digit growth year after year, with 2020 being no different. Despite the pandemic taking a massive hit on businesses worldwide, the future of eCommerce looks bright. Retailers are transitioning to online selling platforms while fresh entrepreneurs are kick-starting their ventures online.
Data analytics works like magic when utilized properly. It has not only refined the customer experience but also revolutionized the customer-marketer relationship while multiplying sales and enhancing customer satisfaction. Paul Gaynor, a partner at PwC, states that advanced business analytics inhabits the potential to predict everything from customer interaction to financial transactions, anywhere in the world. This equates data as no less than a superpower for businesses today.
Retail industry is dynamic; it is always adapting to better cater to the changing customer needs, preferences, and behaviors. The past decade has seen advancements that have propelled the retail industry dramatically forward. No matter how much the industry changes, one idea will stay the same: “Customer experience is paramount.”
Demand forecasting has become a key component in the eCommerce and retail industry. While analysts often employ it manually with the use of ERP solutions to optimize stock levels, increase efficiency and elevate customer experiences, advancements in artificial intelligence have taken demand forecasting to a whole new level.
Here are 4 ways how artificial intelligence is reshaping retail demand forecasting:
August 4, 2020, Cranbury, NJ – Visionet Systems, Inc., a leading provider of digital supply chain services and solutions, announced today the introduction of their Essential Supply Chain solution on Microsoft AppSource to deliver a holistic digital transformation solution for small to medium-sized Food & Beverages businesses leveraging Microsoft Azure and Microsoft Dynamics 365.
Middletown New Jersey, 17 June 2020 – The technology consulting and service company Visionet Systems has been awarded a place in the Top 10 in Bob Scott’s coveted list of Top 100 value-added resellers (VAR) for 2020. This prestigious, much-anticipated list is compiled each year by IT industry expert Bob Scott. The Top 100 resellers are chosen from organizations specializing in the sale and implementation of Enterprise Resource Planning (ERP) and accounting software. The selection is based on annual revenue generated by each reseller.
Written by AJ Leale, Sr. Director eCommerce
There are countless products and services in the market, often similar in quality. We could argue that the only hope for businesses to secure a return customer base lies in a personalized, highly-convenient eCommerce experience.
Customer experience (CX) helps boost customer retention, which itself is important — the success rate of selling to existing customers is 60–70%, compared to a 5–20% success rate with new customers.