Mobility data analytics are transforming the way commercial strategies are defined in the retail business, and supermarket chains are no exception.
Understanding what consumers think, what they want and what they do is critical for companies in the retail sector. This is where Big Data tools play an important role, as it is possible to measure the affluence at a location and customer behavior, among other aspects. With this information, it is possible to model the performance of points of sale and estimate the turnover of competitors or potential locations.
Generating a trusting conversation with clients and identifying and presenting your own success stories is of utmost importance so that at the quotation stage a price is defined based on the value provided by the products and services.
According to Ariel Banos, founder of Fijaciondeprecios.com, exploring the method of defining prices based on the value for the client is a recommendable resource for those who hesitate about how much to charge their clients.
The use of predictive models based on artificial intelligence processes and automated collections are some of the changes that companies are already applying in this new reality to reduce operating, management and risk costs.
The spread of covid-19 changed the rules in almost all markets and business models, a situation that has affected the collections departments of companies, whose work teams are currently facing complex challenges.
Companies with teams dedicated to innovation, organizational structures that allow for agile decision making and that quickly migrated to teleworking, are those that have best adapted to the new commercial reality.
The pandemic brought about a scenario of changes in the business models, the companies had to apply radical changes in an accelerated way in order to successfully face the challenges represented by the changes in people's habits.
Promoting a risk management culture, defining possible scenarios by turning uncertainty into a variable and preparing to safeguard the company's operational continuity are some of the most important strategies for facing the coming year.
The pandemic that generated the spread of covid-19, caused changes in all business sectors and also generated an environment of uncertainty regarding the future of the economy.
Verifying the new levels of demand, offering only basic products or services, and delaying investments as much as possible to recover cash flow, are some of the strategies that businesses plan to implement to face the new commercial reality.
Because of the covid-19 outbreak in Central America, governments decreed strict home quarantines and restricted most economic activities and the movement of consumers.
Assessing the company's value proposition and conveying it properly, as well as adapting quickly to the current business environment to create bonds of trust with customers, are part of the challenges that brands must face to survive.
According to experts on issues related to marketing and branding, the severe home quarantines decreed by the Central American governments due to the outbreak of covid-19, has imposed new habits to consumers.
In the current complicated context, companies must reconsider their strategies so as not to fall into the error of making aggressive discounts, since they could affect the positioning of their products in the medium and long term.
Ariel Baños, a specialist in pricemanagement and founder of Fijaciondeprecios.com, explains some of the important conditions that must be considered when deciding to make discounts in an environment of high uncertainty such as that which has generated the current crisis of covid-19.
Identifying critical business needs and setting up plans on how to maintain supplies and operations, as well as establishing communication channels with suppliers to be informed in case of any eventuality, are part of the advice for companies.
The coronavirus has already affected the world economy, and its effects do not seem to stop.
Having general ideas of how a computer can look at an image and identify a stop sign, a pedestrian or a car, is fundamental for business leaders to be able to empower humans with the help of artificial intelligence.
The development of artificial intelligence tools suggests that human work will be abolished, something that could be far away, since these technological applications are for now used for the execution of specific business tasks and not for problem solving.
Applying artificial intelligence tools and complementing it with increasing the technological capabilities of employees is essential to significantly improve the performance of companies.
According to reports by Harvard Business Review, companies have been found to achieve the most significant performance improvements when humans and machines work together.
Generating comprehensive information on consumer tastes and preferences using artificial intelligence systems is the main challenge faced by companies, which must increasingly make faster and better decisions.
No company or industry seeking to continue operating in these new times can avoid these challenges. An example of this is the entertainment sector, a market that with the arrival of new platforms such as Netflix, Amazon Prime and Spotify, has become increasingly competitive. Companies like Warner Bros. have reported that they are beginning to use advanced technological systems to decide which films to produce.
For companies, it is increasingly essential to support their strategies with artificial intelligence (AI) and "machine learning" tools, since these systems have the ability to suggest the best combinations of offers to ensure sales success.
For sales software used by companies, artificial intelligence (AI) and machine learning have become essential, because only in this way is it possible to successfully analyze the large volumes of information generated from information systems that record customer data.
Technology and tools for analyzing large volumes of information used by large corporations to make business decisions are also available to businessmen and small companies.
Finding the best location for a new sales point, finding the areas where potential customers move and analyzing their purchasing power and their behavior as consumers are just some of the things that can be done today with the help of new technologies.
To have clear the purpose of the organization and to improve the "human" experience of the relationship client - brand, are the two trends that the experts visualize in the strategies of the companies in the next years.
According to the "2020 Global Marketing Trends Report", prepared by Deloitte, there are five other trends that derive from human purpose and experience: fusion, trust, participation, talent and agility.
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