\r\n
\r\nIn 2021, based on results from A/B testing, the company began a brand refresh and store remodel to accommodate the launch of its made-to-order and healthy food products in 30 designated markets as well as a redesign of its app to accommodate the new made-to-order food sales. Additional analysis examined customer experiences and revealed that habits and mission-driving shopping were the greatest barriers to the trial of the new food program. Kum & Go shifted focus, creating friction to encourage customers to try the new program. This year, the company plans to optimize its kitchens and staffing and expand the program into new markets using data insights gleaned from its trial.
Better analytics to leverage inventory planning is at the top of retailers’ wish lists, according to RIS.
\r\n\r\nStripe International, Inc, a Japanese apparel and lifestyle brand company, is finding success doing exactly that. Utilizing a custom CDP (Customer Data Platform), the company creates personalized customer journeys in its retail and brand business and synched its supply-chain systems based on AI-generated customer behavior models.
\r\n\r\n“We used to outsource some aspects of our marketing and data analysis. Now that we can easily access and analyze customer data in-house, we are motivated to look at problems and say, ‘Let’s try this too.’ Also, our CDP helps us understand how our actions bring our customers closer. By increasing the accuracy of our work, I feel we have come closer to understanding our customers,” noted Shigeki Yamazaki, Advisor of the Digital Transformation Division of Stripe International Inc.
\r\n\r\nAfter testing its CDP with some initial pilot programs, Stripe built on its success to launch a company-wide digital overhaul. They used the CDP’s predictive modeling, for example, to tailor their supply chain so that the right products, were in the right stores, at the right time.
\r\n\r\nPrior to using a more sophisticated analytics system, Stripe allocated products among its stores according to each store’s budget and replenished them as needed from its distribution warehouses. Stores might also manually shift stock among themselves via inter-store transfer based on sales performance.
\r\n\r\nNow, the company receives continuously updated customer data in near-real-time from its CDP along with AI-driven predictive models, allowing Stripe to hyperlocalize its inventory and custom-stock stores with the right amount of inventory at the right time, based on that store’s customer buying patterns.
\r\n\r\n“Demand prediction and stock optimization prevented opportunity losses, maximized sales, and improved the bottom line. And another indirect benefit is that their work efficiency increased. The staff was able to spend more time attending to the customers, which contributed to a better customer experience. We received positive feedback from the store staff,” said Kazuki Enomoto, director of the digital transformation division.
\r\n\r\nEnomoto’s team has additionally used analytics insights to automate inter-store transfers, which initially translated to a labor cost savings of about $220,000 USD per year.
\r\n","imageSrcset":{"src":"https://assets1.risnews.com/styles/max_width_480/s3/2023-06/kum_n_go.jpg?itok=_Eg_hX8C 480w, https://assets1.risnews.com/styles/max_width_640/s3/2023-06/kum_n_go.jpg?itok=BSCWVA5x 640w, https://assets1.risnews.com/styles/max_width_800/s3/2023-06/kum_n_go.jpg?itok=jRDOCghn 800w","sizes":"(min-width: 1300px) 375px, (min-width: 920px) 28vw, (min-width: 720px) 50vw, 100vw"},"imageCaption":"Matt Weber, Director of Business Insights and Analytics for Kum & Go","imagePosition":"left","imageAdvertisement":false,"imageSize":"large","imageLink":"","imageExpandable":false,"fullSizeImage":{"id":48572,"alt":"Matt Weber","width":968,"url":"https://assets1.risnews.com/styles/max_width_800/s3/2023-06/kum_n_go.jpg?itok=jRDOCghn","height":645}},{"id":36914,"bundle":"image_text","text":"Customer data from multiple sources, data silos, and difficulty translating fragmented data into actionable insights, are challenges retailers face as they look to first-party data to identify customer behavior, create more targeted marketing and engagement strategies, or lower cost per lead.
\r\n\r\nDanone Indonesia is a food and beverage company committed to sustainable and equitable nutrition. Its Specialized Nutrition division oversees multiple brands including SGM Eksplor, SGM Bunda, Lactamil, Bebelac, and Nutrition Royal, which provide millions of customers with nutritional beverages around the world. Historically, though each brand captured its own customer data via in-store interaction, websites, SMS, and WhatsApp, the data were manually stored in spreadsheets and CSV files, resulting in disparate, isolated data sets.
\r\n\r\nDanone Indonesia chose a CDP to aggregate multiple data points and create a single customer view, which allows them to create more precise marketing strategies. Digital analytics manager Epsilon Analisa Akbar, says Danone Indonesia’s CDP, “makes it possible to collect several data sources into a single database and normalize that data across different variables, enriching customer profiles.”
\r\n\r\nThe company now has timely insights into consumer behavior and can cost-effectively target precise customer segments with personalized messages and offers. Additionally, Danone Indonesia’s CDP culls data from Careline, the company’s customer support line. “Because we can connect our databases to Carline, we can drive meaningful conversations based on previous customer interactions and increase engagement,” says Epsilon. When customers call the support line, the company now has a holistic view of that customer including past purchases, website engagement, and interests, which translates to a deeper, more engaged customer experience.
\r\n\r\nDarrin Samaha, VP of marketing at Yesway, illustrated the importance of recognizing when an enterprise’s data strategy needs to grow when he discussed how his company overhauled the “Yesway Rewards Program” with a new loyalty partner at Analytics Unite 2023.
\r\n\r\nYesway refocused its program to accommodate pandemic demands, acknowledging that many competitors accelerated their investment in tech, integrating touch points like online ordering, delivery, and better customer experiences. Samaha says Yesway has “flipped the script” and is focused on measuring loyalty program success through metrics like wallet share.
\r\n\r\nThough the landscape may be challenging as retailers look to expand their data strategies, flexibility and adaptability will be key for organizations to maximize the full potential of their analytic efforts.
\r\n\r\nFor companies looking to mature in their data strategy, retail leaders suggest a small-scale focus, solving a specific problem, then building on that success.
\r\n\r\nAs Mars Wrigley’s Deepak Jose notes, “Find one area you are inspired with and do it really well and you can transform your organization.”
\r\n","imageSrcset":{"src":"https://assets1.risnews.com/styles/max_width_480/s3/2023-06/darrin_samaha_yesway.jpg?itok=h9sw_i_5 480w, https://assets1.risnews.com/styles/max_width_640/s3/2023-06/darrin_samaha_yesway.jpg?itok=RBT17grM 640w, https://assets1.risnews.com/styles/max_width_800/s3/2023-06/darrin_samaha_yesway.jpg?itok=F1VlvSVD 800w","sizes":"(min-width: 1300px) 375px, (min-width: 920px) 28vw, (min-width: 720px) 50vw, 100vw"},"imageCaption":"Darrin Samaha, VP of Marketing at Yesway","imagePosition":"right","imageAdvertisement":false,"imageSize":"large","imageLink":"","imageExpandable":false,"fullSizeImage":{"id":48573,"alt":"darrin samaha yesway","width":968,"url":"https://assets1.risnews.com/styles/max_width_800/s3/2023-06/darrin_samaha_yesway.jpg?itok=F1VlvSVD","height":681}},{"id":36915,"bundle":"topic_content","heading":"More Like This","terms":[{"id":444,"name":"Analytics"}],"items":[{"id":24185,"bundle":"article","title":"How AI Is Transforming Retail This Holiday Season and Beyond","url":"/how-ai-transforming-retail-holiday-season-and-beyond","summary":"Here are a few key AI use cases and trends we’ll see in 2023 and beyond that will impact how retailers staff their stores, plan for inventory, and even how consumers engage during the buying process.\r\n","teaserImage":{"url":"https://assets1.risnews.com/styles/secondary_articles_short/s3/2023-11/artificial_intelligence_chatgpt.jpg?h=322f33a8&itok=Zb-R2IfO","width":960,"height":578,"alt":"Artificial Intelligence ChatGPT"}},{"id":24175,"bundle":"article","title":"Starbucks’ Reinvention Gets ‘Caffeine’ Boost, Looks to Reset IT Architecture","url":"/starbucks-reinvention-gets-caffeine-boost-looks-reset-it-architecture","summary":"The refreshed strategy, named “Triple Shot Reinvention With Two Pumps,” lays out a more clear, comprehensive roadmap, focusing on scaling digital capabilities, elevating experiences via store initiatives and product innovation, growing the brand globally, and incentivizing workforce loyalty. \r\n","teaserImage":{"url":"https://assets1.risnews.com/styles/secondary_articles_short/s3/2023-11/starbucks.jpg?h=6de1a23c&itok=mguQ8i5S","width":960,"height":636,"alt":"Starbucks"}},{"id":24168,"bundle":"blog","title":"AI Is Transforming Loss Prevention—But It’s Not the Only Tool You Need","url":"/ai-is-transforming-loss-prevention","summary":"AI is helping retailers put together the pieces of secure retail.","teaserImage":{"url":"https://assets1.risnews.com/styles/secondary_articles_short/s3/2023-10/ris_sensormatic_655x368.jpeg?h=7e824dc5&itok=2GADLSul","width":655,"height":368,"alt":"Sensormatic-teaser"}}]}]}}; const country = "HK"; const language = "en, *"; const SITE_LANGUAGE = "en"; const siteName = "RIS News"; const userRoles = ["anonymous"]; const userUid = 0; const indexName = "risnews"; window.dataLayer = window.dataLayer || []; const data = {}; data.entityTaxonomy = {}; const contentTypes = [ "article", "blog", "bulletin", "embed_page", "landing_page", "event", "image", "page", "product", "whitepaper", "video", "tags", ]; if ( routeInfo && "bundle" in routeInfo && contentTypes.includes(routeInfo["bundle"]) ) { data.entityBundle = routeInfo.bundle; data.entityTitle = `${routeInfo.title} | ${siteName}`; data.entityId = routeInfo.id; data.entityName = routeInfo.author?.uname; data.entityCreated = routeInfo.created; data.sponsored = routeInfo.sponsored; data.sponsor = routeInfo.sponsoringCompany; data.entityType = "node"; data.entityLangcode = SITE_LANGUAGE; data.siteName = siteName; data.drupalLanguage = language; data.drupalCountry = country; data.userRoles = userRoles; data.userUid = userUid; data.entityTaxonomyKeys = {}; data.entityTaxonomyHierarchies = {}; data.parentNaicsCode = {}; data.isPro = false; data.algoliaIndexName = indexName; // Add toxonomy data const taxonomies = { businessTopic: "business_topic", contentType: "content_type", company: "company", marketSegment: "market_segment", }; const getHierarchy = (term, terms = []) => { terms.push({ id: term.id, name: term.name }); if (term.parentTerm != null) { getHierarchy(term.parentTerm, terms); } return terms; }; const getTerms = (term, useApiId = false) => { return { id: useApiId ? 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