The company Radstock Co-operative
has partnered with Celtech to implement a new retail system to improve the
company’s efficiency. The new retail management system provides Radstock with
real time information about important things like the company’s sales, stock,
and cash throughout all of the Somerset stores. The data provided by the new system
will provide management the ability to instantly see and react to challenges
and opportunities and allow them to further understand customers’ preferences
and purchasing habits. With this information, new marketing opportunities are
presented because Radstock will be able to target and personalize promotions
for specific customers. This system will also provide click and collect options
for members and streamline loyalty programs and smart-couponing initiatives.
This new management system will
benefit Radstock in many ways. Because the system allows management to get a
better understanding of their customers, Radstock can analyze this information
and implement changes to their company by focusing their efforts towards their
customers’ preferences and purchasing habits. This will lead to an overall increase
customer satisfaction and customer loyalty. In addition, Radstock’s customer promotions
will be much more impactful. Because Radstock can now create specific and
personalized promotions for their customers, they will be more enticed to use
them. This is because if the promotion is based on that customers’ specific
shopping patterns, they will be extremely likely to use the coupon. And by
doing this, overall sales will increase because it will drive customers to come
to the store and shop. Lastly, this new technology will allow Radstock to
implement a click and collect option because they will always have up-to-date
information on their stock. This will allow their customers to select the items
they would like to purchase, and pick them up whatever time and date that the they
prefer. This will make the shopping process easier and more efficient which
will increase customer satisfaction and overall sales.
However, this article also
overlooked a couple of important items. One important thing that the article overlooked
is the cost of this technology. How much will it cost Radstock to implement
this technology across all of its Somerset stores and how long will it take for
Radstock to get a return on its investment? Another thing the article
overlooked was if Radstock plans to expand now that they have this new and
advanced technology. Because Radstock will now have real-time information about
all of their stores, they can better manage them and have the opportunity to
expand their company into more locations. The last thing I felt the article
overlooked was can Radstock use this technology in other ways to improve their
company? For example, perhaps Radstock could use the information about their
store’s current stock to send stock directly to customers from the store when
the online warehouse is out of an item.
Sources:
I found the article that Christina chose to be very interesting and pushed me to find further information on the The company Radstock itself. From my understanding the company owns small convenience stores across Somerset which is located in the United Kingdom. Christina discusses how Radstock has partnered with Celtech to implement a new retail system to improve the overall efficiency of the company, The new system provides real-time information about their sales, stock, and cash flow through out all Radstock stores. This system provides Radstock with the most recent updated information. This helps improve the management of the company where they can instantly what has change and allowing them to react quickly to it. Christina also discusses how the new system can be used for marketing purposes in ways that target and personalize promotions to a certain demographic. This aspect can help draw in future consumers as well as create a sense of loyalty amongst current. Regardless of how it helps the company, it also benefits their consumers. There is a feature that allows customers to check what is in stock and click products they would like to purchase. From there the chosen then prepares their items and makes sure it is ready for them to pick it up. I am interested to see how their sales have grown since the use of this new system. This could potentially help them to expand in to a larger demographic allowing to open new stores and grow their business.
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