Strategic Advantages by Focusing on Customer-Centricity: Notes from Xcelerate Retail Forum 2017

In June 2017, EIQ Research Solutions conducted a state of category management survey among 100 retailers in the US and Europe. The results of the survey reveal that the top challenge that has hindered a customer-centric focus in the big-box retail, grocery, general merchandise is inconsistent and incomplete customer data. Symphony Retail Solutions (which is the combination of Symphony EYC and Symphony GOLD) organized their global leadership event, Xcelerate Retail Forum which was held on 12-14 September in Las Vegas and 9-11 October in Paris. This event brought together some of the world’s top retailers and manufacturers who got together to discuss the future of customer-centric retail in an era dominated by market disruptions- Amazon’s phenomenal growth, evolutionary changes in customer behavior and unprecedented retail business upheavals. This forum had a prime focus on the future of customer-centric retailing, and how to meet today’s shopper demands in the face of rapidly changing technology and ever-evolving retail trends. In addition to this theme, the user event also incorporated content regarding newer retail innovations unveiled by Symphony Retail including: customer-centric category management, virtual store and space planning, new retail-consumer goods data collaboration models, artificial intelligence, conversational insights, and other technologies that are fast becoming imperatives for successful customer-centric merchandising, marketing and supply chain planning and execution. Incidentally, Symphony Retail is one among the few retail enterprise technology providers who have introduced an AI (Artificial Intelligence) driven model for category insights and category management called CINDE (an acronym for Conversational Insights Decision Engine). The digital assistant uses Natural Language Processing (NLP) enabling category managers to ask CINDE questions and gain answers towards...