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Industry Background
An industry that use for this assignment is retail industry. Retail comes from the
French word retailler, which refers to "cutting off, clip and divide" in terms of tailoring. The
retail industry is a sector of the economy that is comprised of individuals and companies
engaged in the selling of finished products to end user consumers. Multi-store retail chains
in the U.S. are both publicly traded on the stock exchange and privately owned. The Retail
Industry was valued at USD 23,460 billion in 2017 and is expected to register a CAGR of
5.3% during the forecast period (2018 - 2023), to reach USD 31,880.8 billion by 2023. The
market provides products such as food, apparel, furniture, jewelry, and various others. Apart
from this, the stores can be classified into the convenience store, specialty retailer, internet
retailing, and various others. Internet retailing is the modern way of shopping. With growing
penetration of smartphones and mobile devices and the internet services, e-commerce has
Problem / Opportunity
The retail industry mostly facing a customer loyalty problem. Good customer
experience is a key factor in creating brand loyalty. One of the common mistakes made by
retailers is let their existing customers go and think they can easily replace them. If you keep
this mind-set, you will find it hard to sustain your business growth. While promotions and
special offers are still the mainstay of the retailers to retain their customers, the real key to
you need to use a personal approach, for example by sending them mails that have been
adjusted to their preferences and needs. Companies need to be more attentive to their
customers, monitor their actions closely, use campaigns wisely, use more emotional
intelligence and basically try harder to get their customers to come back and keep buying.
High-level Solution
A CRM system can help you maintain your customers’ details and send personalized mails
more easily. For small to mid-sized enterprises, a customer relationship management (CRM)
system or software platform is one technology that offers an abundance of benefits that can
not only make work-life simpler, but also transform the entire business. A CRM, however,
can help your business better understand the needs and concerns of its customers and be
more precise and deliberate in nurturing those relationships. Managing customer data,
tracking leads, and answering customer feedback requests are some basic functionalities of a
CRM. One of the toughest challenges for any product-oriented business is managing
inventory. SMEs that have inventory needs but lack internal resources can utilize a CRM to
manage purchase orders, customer product orders, and even monitor all inventory in
multiple warehouses.
Business Model
Gap Analysis
Competitor Analysis