The Challenge of Retail in a Tech-Driven World
With the rise of AI, rapidly changing customer expectations, and ongoing supply chain disruptions, the retail landscape is increasingly complex. Fortunately, technology offers solutions to help retailers navigate these challenges. According to the IBM Institute for Business Value (IBV), companies are expected to allocate an average of 3.32% of their revenue to AI by 2025.
Streamlining Operations with IBM Sterling Order Management
IBM Sterling Order Management is a game changer for retailers looking to fulfill online orders, manage stock efficiently, and enhance customer service via call centers. Organizations leveraging this technology are experiencing simplified operations and improved efficiency.
Meeting Customer Demand with Enhanced Inventory Visibility
Retailers must adapt to evolving customer priorities, making it tough to predict buying patterns. For instance, Advance Auto Parts (AAP), managing a catalog of 2 million unique parts, faced challenges due to limited SKUs per store. By partnering with OneRail and utilizing IBM’s solutions, AAP gained real-time inventory visibility, resulting in a 98% on-time delivery rate, a 12% reduction in transportation costs, and a 27% sales increase in their 30-minute delivery segment.
Optimizing Omnichannel Fulfillment
Tiendas Del Sol – Woolworth, a Mexican retailer, faced challenges coordinating across 70+ stores. By implementing IBM Sterling Order Management and Perfaware’s technology, they improved order processing and reduced order cancellations due to out-of-stock items from 10% to less than 1%.
Empowering Customer Service Representatives with AI
Call centers are vital for retailers, yet balancing speed and personalization can be tough for Customer Service Representatives (CSRs). IBM introduced an AI-infused solution that integrates with IBM watsonx.ai, enabling CSRs to automate tasks and resolve issues more efficiently.
The Future of Retail with IBM
As the retail industry evolves, so will customer needs. IBM is committed to providing innovative technology solutions to help retailers thrive in this dynamic environment.
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