Orchestrating consumer demand in a fast paced world
Guest Post by Keats Sukumar, Marketing, Retail, CPG and Logistics, Infosys
The path to purchase is more volatile than ever before. Today, companies need to be ahead of competition to understand, influence, engage and convert consumers. Consumers who absorb and transmit real- time information are easily influenced by brands and companies that convert their 'demand-moments' into 'purchase moments'. While on one hand companies must understand their consumers; on the other hand they must be prepared to respond swiftly to demand moments.
A fast paced sensing mechanism is the key to shaping demand. By tapping into large volumes of consumer data and mining extensive purchase intelligence, companies can derive key insights into shifts in consumer behavior. In other words, understanding the consumer is the key to shaping demand.
Embedding consumer insights into the process of consumer interaction is what the 'sense and respond' mechanism is all about. It's about orchestrating consumer demand and fulfilling it-in real time.
The real issue is that successful orchestration of these capabilities requires better visibility and analytics across the processes that truly enable consumers' path to purchase. Companies with this capability can exert a higher influence consumers' response. But can you wait for your IT department to deliver on an 18-month long transformation program for integrated visibility? That's the average time these projects are promised!
A large CPG major was facing declining share in a specific category of a large retailer. Using a Hadoop-based platform and advanced visualization, we quickly analyzed their situation and identified several root causes quickly, significantly reducing the time to insight to a few hours from over 8 weeks of playing with data. We represented the same insights to the large retailer, as well, with amazing results.
You can read an article by Kishor Gummaraju, Associate VP and Head of Business Insights, Retail & CPG, Infosys on how companies can orchestrate demand moments by steering business in real time. Read article: http://www.infosys.com/industries/consumer-packaged-goods/features-opinions/Pages/orchestrating-demand-moments.aspx