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The retail environment today is far more
complex and increasingly faces greater challenges.
They are faced with complex inter-related
issues such as ever-transient customer preferences,
diminishing low operational margins, competition
from existing & emerging store formats
and the continuous pressure to create increasing
value for share holders. This compels the
retailers to perpetually innovate in every
set of activity they manage including merchandise
assortment planning, forecasting, procurement,
logistics, merchandise returns, managing multiple
sales channels and vendor relationships.
The retail industry is also witnessing many
physical and technological changes leading
to consolidations, restructuring and business
model reorganizations. Retailers today face
greater challenges in acquiring new customers,
satisfying, retaining and acknowledging their
buying through loyalty programs, promotions
and managing the Customer Lifetime Value (LTV)
in a multi channel environment. Better pricing
models, assortment planning, improving customer's
in-store experience and better marketing campaign
are some of the challenges the retailers face.
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