Introduction
The project case scenario involves a small business, Trend Closet Fashions Shop, also known as TCF (its given name for reference purposes within this assignment). However, trend Closet Fashions Shop is a small legitimate brick-and-mortar business that specializes in designer shoes, handbags, and clothing. The firm sells both items for men and women, often offering discounts on clothing and add-ons. The fashion store has an essential website that lists the products available for sale, and clients can purchase the items only in-store. The store endeavors to establish its online presence while maintaining its customer-centricity approach. TCF has had problems creating its e-commerce plan due to employee shortage since it only has two full time and three part-time workers.
The current problem affecting the business that needs a solution is its inability to reach its customers, like its competitors: Zappos, Kohl's, Macy's, HauteLook, Nordstrom Rack, and Lyst are doing. TCF ultimately seeks to match and exceed its competitors in terms of its customer reach that resonates with the store's values’ store intends to enhance its online presence growth and improve its customer-centricity. TCF aims to streamline its business process of in-store with the e-business model.
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The two technologies that are under consideration in helping TCF achieve its objectives are business analytics and business intelligence (BI) solutions and wireless, mobile computing, and mobile commerce. BI and analytics involve collecting historical and present data and using it with the aid of statistics and software to analyze raw information. BI and analytics deliver insights for companies and enterprises to make better future decisions. Wireless, mobile computing, and mobile commerce, on the other hand, involves non-wire, mobile and computing gadgets or technology in providing easy access, advertising of goods and services, and relevant online purchases that meet client needs. Its goal is to decrease effort, save monies, and time while enhancing speed and efficiency for both business and clients.
Business Necessities
Reasons for Pursuing the Project in an Integration of New Technology Effort
To make client-reach easy and help the business reach large pools of customers easily.
To streamline TCF business processes by the integration of the in-store with the e-business model.
To get TCF's suppliers and suppliers matching the technological changes that address consumer privacy and security concerns.
Project Description
Business pre-requisites/need to meet the objectives
The project primarily aims to get TCF to reach clients easily and give them a platform to purchase goods with ease while keeping the business profitable and efficient. The store will need some vital processes, personnel, tools, and strategies. The store has to develop a sales formula that works. The formula should arouse customer interest in the TCF products, explain the needs met by the products, be credible, make offers, have a robust assurance, creation of urgency, and request for sales, whether in-store or online. TCF should have plain fonts on a white background, have opt-in offers for clients, and have two clicks setting to make it easy to buy. TCF will also have income using back-end sales and up-selling.
Desired End Results
The desired results for the store is an integrated online shopping platform, a seamless inventory and shipping management system for both in-store and online transactions. Moreover, TCF expects the results to include a synchronized system that provides order status and processes online payments. The ultimate result should be a technology that enables internal and external collaborations between staff and clients, a system that manages customer contacts, a system that provides uninterrupted, accurate reporting, and that manages all TCF processes of sales, inventory, and payments effectively.
The Necessity to Implement the New Technology
Implementing new technology is not just a desire for TCF but also an inevitable necessity for the store's survival, profitability, and longevity. The business's current problem reaching a small number of customers and the ongoing struggles in managing client information need new technology. Failure to adopt new technology will mean TCF continues to operate much lower than its main competitors and battles with managing its key processes. The technology will help resolve the reporting and management issues of the business. The new technologies are essential to the store, gaining an advantageous market position to its competition and still expand reasonably by growing its customer base, increasing profits, streamlining performance, and setting up the fashion store for overall comprehensive success.
Key Technological Requirements
The new technologies to be implemented will have to meet some critical requirements to efficiently solve the store's problem. The technology should be able to integrate the in-store activities with online shopping such that clients are not limited to only in-store purchases but instead can make online purchases. It should streamline the fashion store's physical business with its e-business model on the business website and other online platforms. The technology should have the capability to manage inventory and shipping seamlessly and in real-time. The technology should be able to provide the status of various customer orders and have provision for processing payments online. The technology should allow providing tools and means for easy collaboration with staff and clients both internally and externally. The technology should provide for easy management for customer contacts and timely reporting that is accurate. The technology should help TCF manage its daily sales processes, payments, and inventory and client contacts, among other processes effectively.
Competitors and Technological Advancements
Business Analytics and Business Intelligence Solutions
Zappos, one of TCF's adversaries, utilizes big data to get repeat clients. 75% of Zappos' sales are from its repeat clients who the firm gets through data collection and using the data to customize each customer's experience. As a result, Zappos gets these customers buying again. Zappos uses the client demographics coupled with third party data such as weather and local activities to enhance marketing personalization to its customers. Zappos utilizes big data in detecting any client service failures swiftly. The firm allows legitimate complaints and uses data from negative social media feedbacks and posts in fine-tuning its client service processes. It also keeps track of all social media feedback and posts of its firm, even when those mentions are not intended for the firm.
Wireless, Mobile Computing & Mobile Commerce
Kohl's leverages this technology in its general operations in several ways. Kohl's omnichannel experience for its clients uses mobile computing to increase customer engagement for its online and in-store transactions. The firm uses mobile commerce to make shopping for its client a smooth, convenient, personalized, and engaging experience regardless of its client's shopping preference. Kohl's continually tests digital ideas and capabilities to determine and adopt technologies that will offer world-class and seamless shopping experiences for its customers across all devices, both mobile and others. Kohl's leverages mobile computing to deliver easy offerings and inspiring shopping experiences. Kohl's clients can use its "store mode" mobile app extension, and improved mobile payment plans like Apple pay and online visa check out to make their shopping experiences great. Kohl also uses mobile pricing simplicity in its kohl cards and Yes2You rewards programs to enhance client experiences and increase customer loyalty.
Benefiting from Technology
Kohl's continues to benefit from this technology in its business operations. The technology has transformed Kohl’s customers' experiences, streamline its in-store and online transactions, and given the firm loyal customers. If TCF were to implement the use of wireless, mobile computing & mobile commerce in a similar way as Kohl's, the expected positive growth would be more than twice its current state. TCF will get new clients, increase its sales and profits, and have effective business processes comprehensively. By applying this technology, TCF will have a seamless customer information management system and have great reporting tools that provide real-time and accurate business and customer reports.
