Consultants help retailers tailor new technology to customers
Retailers are increasingly using independent consultants to advise them on how to adapt to digital transformation and tailor new technology to their customers. Writing for Consultancy.uk, Phil Bacon from Xpedition looks at four ways in which consultants are playing a key role in helping retailers navigate change and prepare for the future of the sector. He outlines how consultants will: analyse a current data set and change the way it is used to achieve optimum efficiency; interrogate inventory and advise on how to make better decisions; use advanced analytics to deploy a price elasticity of demand strategy that will help retailers avoid pricing too low for products which people are happy to pay more for while offering cheaper prices for things which will lead to a spike in demand; and offer smart ERP solutions to enable retailers to adapt fast and react immediately to demands, identify and analyse high-value customers, and create a targeted marketing strategy. The author notes recent growth of 65% in retail consulting work.