Coegil in RetailDeliver personalized experiences, boost supply chain agility, and reduce customer churn with Coegil.
Challenge in Modern Retail
During the pandemic’s early days, customers were patient as companies adjusted to supply chain challenges, trimmed back service offerings, and poor customer service. Yet as customers respond to the waves of disruption, they resumed their demand for selection, quality, and service.
The broader macro picture shows consumer expectations continue to return to pre-pandemic levels as inflation, renewed supply chain issues, ESG awareness, and a potential recession impact product availability, competition, and the increased demand for value.
There is good news. AI solutions allow retailers to manage multiple disruptions simultaneously and stay nimble for a phase of continued upheaval.
AI Revolutionalizes Retail
Even in the middle of a once-in-a-decade upheaval, retailers stay competitive by investing in data-driven approaches that employ AI to help with precision marketing, predictive trend spotting, model-driven pricing, and personalized product recommendations.
In the early days of the pandemic, retailers went into survival mode and gave up on product breadth and customer service. Yet consumer discontent has risen, and consumer appetite for seamless shopping experiences remains strong. Consumers use technology to search for product availability and compare pricing across multiple companies.
More than 80% of customers report using more than three channels to research and buy retail products and services. Social trust is crucial for market success in the omnichannel era. Retails must invest in data and analytics to better understand customer desires, challenges, and behaviors to create messages that resonate and build trust.
As purchasing demographics shift toward Gen-Z and Millennials, ESG factors will impact consumer trust, and those aspects will remain critical in buying decisions. Young folks consider a company’s environmental and social disposition essential and demand transparency in their business practices. More importantly, ESG concerns impact brand trust and the willingness for follow-on purchases and recommendations to others.
While the specter of a recession may tamper ESG as a factor in buying decisions in the near term, it is clear ESG will grow as a disruptive force and a driver of competitive distinction. Data and analytics will be the means to identify and stay ahead of this consumer shift, and tune their marketing messages to highlight a retailer’s commitment to ESG.
Supply ≠ Demand
Inflation and global recession will alleviate pressures on the worldwide supply chain by reducing consumer demand and allowing supply chains to reset. However, the more challenges consumers face finding products at an affordable price, the more likely they are to curtain their demand or find other retailers to satisfy their needs.
Digitizing operations is key to improving supply chain resilience, efficiency, and diversification to satisfy changing consumer demand. Understanding the supply chain ecosystem requires a multi-disciplinary team well-versed in tech and data analysis. On top of that, a typical struggle is building the best mix of skills and incentives to motivate their teams along the digitization journey.
No Data Found
AI Strategy for Retailers with Coegil
Many retailers are data-rich but struggle to harness it as a business driver. Coegil helps retailers adopt a compelling AI strategy that adapts to changing consumer trends and guides companies to create custom AI solutions that solve problems throughout the value chain.
Coegil delivers a first-class, end-to-end platform that retailers use to create adaptive systems customized to their unique business ecosystems and can adapt to shifting customer trends.
Marketing and Personalization
Use automated AI services to build real-time AI engines using the same technology used by Amazon, Meta, and Apple, requiring no ML expertise. Coegil can deliver a wide array of personalization experiences, including product recommendations, product rankings, and customized direct marketing campaigns. Coegil integrates with your existing CRM and ecommerce systems to harness your data and customer experiences.
Operations and Customer Service
Use our flexible, ready-made tools to build a single source of truth for customer data by ingesting data from your systems and hundreds of data providers to enrich your analysis. Coegil auto-machine learning solutions help retailers gain a line of sight into customer behaviors, identify poorly performing products and services, and increase customer satisfaction with optimal staffing plans to meet changing demand levels.
Cost Forecasting and Optimization
Use our time-series forecasting services to optimize inventory, eliminate out-of-stock issues, reduce waste, predict product returns, improve capital utilization, and confidently make long-term decisions. Coegil creates a custom, multifaceted System of Record to maximize conversion rates, understand customer lifetime value, anticipate customer defaults and fraud, and predict supplier performance.
Trusted AI Partner
Retailers are unlocking the benefits of a holistic AI strategy with Coegil to establish a solid framework to deliver clear, actionable, and trusted business outcomes.