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Know What Your Customers Want Before They Do

554 words - 3 pages

Know what your customers want before they do
Due to continuous growth in globalization which has made an advancement in technology, information, infrastructure and communication, customer has got more awareness about the desired product by spending the best price without compromising in quality and quantity. On the other hand, continuous increase in world population has led to the expansion of retail market as well. Because of these two factors, there is now a tight competition in retail industry. Thomas, Leandro and John throw light on how the retail companies like Tesco, Microsoft, Wallmart, H&M, Zappos, Foursquare increased their sales by providing best offers to customers by applying different strategies. Defining objectives, gathering data, analyzing and executing, learning and evolving are the four activities to ...view middle of the document...

Another online company Snapdeal also made a huge sale with highest of INR 10 million in one minute. Amazon, Staples, Apple, Wallmart, Dell are the companies giving NBO online and are getting high profit through online selling their products. It saves the time and money to travel for shopping. Customer just places their orders online and it gets delivered to their place. Also, the strategies discussed in the article were more about big retail companies who can spend a lot of money on technology and communication to know their customers but author did not discuss deeply about kiosks retailers like small confectionary, gadget accessories, garments shops who cannot put a lot of money to get customer’s data to increase their sales.
This article is applied to almost big retailing companies who can put their leg everywhere to give the NBO’s to their customers. Time, method, place of offer is very important for every retailing company. Sending promotional text messages on busy working days may annoy the customer. Opening a kids garment store near nursing hospital, having snacks store near wine shop, book store near school are also a part of NBO to increase the sales. There are areas in some countries where people are not aware about Internet. In that situation, the company should focus more on giving NBO face to face and through pamphlets and broachers. I believe that I gain a lot of knowledge about NBO strategies of retailing companies to build new customers and attract the regular ones, some more knowledge about small enterprises should have also discussed.

http://netonomy.net/2013/01/30/top-5-largest-online-retailers-who-companies-how-did-they-make-it/
http://www.ibtimes.com/flipkart-indias-largest-online-retailer-claims-100m-sales-10-hours-big-billion-day-sale-1700250
http://profit.ndtv.com/news/corporates/article-flipkart-snapdeal-sell-products-worth-rs-600-crore-each-in-a-day-675781

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