Consumer-oriented companies need to change the way they do business and take bold steps in order to stay relevant for consumers, using intelligent data and technology, according to EY’s “FutureConsumer.Now” report, which identified five business imperatives consumer-oriented companies need to apply right away. “Few are able to predict how the future client will act, but one thing is certain for organizations that are confronted with the new type of consumers: not making any change is not an option; it is a direct route to disappearing from the market. Today’s leaders shape consumer behavior, trying to integrate them more and more into their own ecosystem, relying primarily on superior service quality and intelligent use of data,” says Cristian Carstoiu, partner, Business Assistance Department, EY Romania. For example, Walmart – the largest “brick & mortar” retailer – was the boldest in diversifying its business model and adapting to new trends. At the Walmart Associate and Shareholders Event in June 2018, CEO Doug McMillon referred to the organization he leads as a “technology company”, which was not surprising at all if we look at the success of its e-commerce and customer experience improvement initiatives. FutureConsumer.Now imperatives are the result of a qualitative research… Read full this story
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