The key factors in meeting the evolving customer values in Swedish retail, an omni-channel perspective
(2020) MMKM10 20201Innovation
- Abstract
- The retail industry is in an ongoing transformation with new customer behaviors. In an omni-channel environment, multiple channels are integrated and the customer has a more central role within retail. Customers in an omnichannel environment are in general well-informed, digitally mature and have high demands towards the retailers they interact with. Traditionally, retailers could differentiate themselves with product and price, but today these stand against several other customer values. Omni-channel strategy is limited adopted in Swedish retail although omni-channel has been a topic of discussion for a longer period of time. Moreover, Internet of Things is increasingly integrated in retail in accordance with digitalization and... (More)
- The retail industry is in an ongoing transformation with new customer behaviors. In an omni-channel environment, multiple channels are integrated and the customer has a more central role within retail. Customers in an omnichannel environment are in general well-informed, digitally mature and have high demands towards the retailers they interact with. Traditionally, retailers could differentiate themselves with product and price, but today these stand against several other customer values. Omni-channel strategy is limited adopted in Swedish retail although omni-channel has been a topic of discussion for a longer period of time. Moreover, Internet of Things is increasingly integrated in retail in accordance with digitalization and automatization. The purpose of this thesis is to identify the key factors for Swedish retailers in order to meet the evolving customer values in an omnichannel perspective. This was conducted by firstly identifying the evolving customer values, secondly evaluating how Internet of Things technologies can meet these and thirdly identifying what other factors that are important. This thesis consists of a theoretical review based on existing literature and an empirical study consisting of qualitative interviews with representatives from the retail industry. The empirical findings indicated that Swedish retailers have a history of ‘following their gut feeling’ and find it challenging to meet the new customer behavior and how to become customer-centric. Six evolving customer values and four Internet of Things application areas were identified and combined with other factors these resulted in a customer value-driven
framework. The results of this study indicated that customers have more power and influence in the retail industry today. In order to meet the evolving customer values retailers must, according to this study, adopt a value-driven strategy, which includes being data-driven in all channels and having a clear purpose. Retailers can no longer set the path, instead the customers are in charge and retailers must listen carefully to what their customers have to say in order to stay relevant. (Less) - Popular Abstract
- The retail industry is in an ongoing transformation towards omni-channel retailing with new customer behaviours and evolving customer values. Customers have more power and influence in the retail industry today, but still, Swedish retailers do in general find it challenging to become customer-centric and how to meet the evolving customer values with technologies. To meet the customers of today, retailers must know who their customers are and listen to what they have to say. In our study, we suggest six evolving customer values and four technology application areas that are connected to these. Our study further indicates that in order to meet the evolving customer values, retailers must work in a data-driven approach and have a clear... (More)
- The retail industry is in an ongoing transformation towards omni-channel retailing with new customer behaviours and evolving customer values. Customers have more power and influence in the retail industry today, but still, Swedish retailers do in general find it challenging to become customer-centric and how to meet the evolving customer values with technologies. To meet the customers of today, retailers must know who their customers are and listen to what they have to say. In our study, we suggest six evolving customer values and four technology application areas that are connected to these. Our study further indicates that in order to meet the evolving customer values, retailers must work in a data-driven approach and have a clear purpose. (Less)
Please use this url to cite or link to this publication:
http://lup.lub.lu.se/student-papers/record/9020440
- author
- Sieradzki, Rakel LU and Sollbe, Elsa LU
- supervisor
-
- Emil Åkesson LU
- Fanny Wahlström LU
- organization
- course
- MMKM10 20201
- year
- 2020
- type
- H2 - Master's Degree (Two Years)
- subject
- keywords
- Omni-channel, Swedish retail, Internet of Things, Customer value, Value-driven
- language
- English
- id
- 9020440
- date added to LUP
- 2020-06-22 08:13:11
- date last changed
- 2020-06-22 08:13:11
@misc{9020440,
abstract = {{The retail industry is in an ongoing transformation with new customer behaviors. In an omni-channel environment, multiple channels are integrated and the customer has a more central role within retail. Customers in an omnichannel environment are in general well-informed, digitally mature and have high demands towards the retailers they interact with. Traditionally, retailers could differentiate themselves with product and price, but today these stand against several other customer values. Omni-channel strategy is limited adopted in Swedish retail although omni-channel has been a topic of discussion for a longer period of time. Moreover, Internet of Things is increasingly integrated in retail in accordance with digitalization and automatization. The purpose of this thesis is to identify the key factors for Swedish retailers in order to meet the evolving customer values in an omnichannel perspective. This was conducted by firstly identifying the evolving customer values, secondly evaluating how Internet of Things technologies can meet these and thirdly identifying what other factors that are important. This thesis consists of a theoretical review based on existing literature and an empirical study consisting of qualitative interviews with representatives from the retail industry. The empirical findings indicated that Swedish retailers have a history of ‘following their gut feeling’ and find it challenging to meet the new customer behavior and how to become customer-centric. Six evolving customer values and four Internet of Things application areas were identified and combined with other factors these resulted in a customer value-driven
framework. The results of this study indicated that customers have more power and influence in the retail industry today. In order to meet the evolving customer values retailers must, according to this study, adopt a value-driven strategy, which includes being data-driven in all channels and having a clear purpose. Retailers can no longer set the path, instead the customers are in charge and retailers must listen carefully to what their customers have to say in order to stay relevant.}},
author = {{Sieradzki, Rakel and Sollbe, Elsa}},
language = {{eng}},
note = {{Student Paper}},
title = {{The key factors in meeting the evolving customer values in Swedish retail, an omni-channel perspective}},
year = {{2020}},
}