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Thanks to rapid innovations in supplychainmanagement, AI technology and digital marketing, e-commerce is increasingly playing an integral role in the lives of everyday Aussies. Customerretention With both consumers and retailers feeling the pinch of increasing costs, customerretention will be a key theme of 2024.
Retailers must ensure they have complete confidence in the data reflected in their inventory management systems. With 40 per cent of shoppers in the same study stating that out-of-stock items would constitute a bad experience, this could make or break customerretention, compromising top-line growth and customer satisfaction.
Focus on contingency planning for best- and worst-case scenarios, particularly around supply-chainmanagement, and continueto monitor and identify alternative suppliers to keep the business moving, should disruptions occur. A successful year might not be double-digit sales growth in a challenging economic environment.
Customer engagement Customer engagement and experience is essential to business success in retail – in fact 81% of businesses say that it is a key competitive differentiator – because of the way that it drives customerretention and average spend and increased profits.
To fulfill purchase orders and support customerretention in this uncertain landscape, companies have reevaluated their supplychain processes and adjusted their logistics frameworks. Improve SupplyChains, Boost Customer Satisfaction. Truck driver shortages. Altered trucking routes.
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