Tuesday, March 29, 2016

Real-Time Management

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.


1 comment:

  1. 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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