Big Data and Customer Thinking as the Key to the Five Dilemmas of Global Retail

        　　"Retail Strength and Trend Prospects for 2019" was released recently and a large forum was held. Xie Mingzhong, head of the consumer industry, and Zhang Yishen, Executive Vice President of Risk Management Consulting Company, were invited to present the retail market with real data. Li Jingfang, Executive Director and entrepreneur of the Group's Comprehensive Efficiency and Retail Planning Headquarters, was invited in particular. Guo Shuqi Chairman of Brothers Co., Ltd. and Tong Zhixiang, CEO of Teli Group, shared their business philosophy of online, offline and new retail OO, attracting more than 300 retail representatives to attend.

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        Five Dilemmas Faced by Global Retail
         According to the 2009 Global Retail Force Survey, the top 250 retail businesses in the world had a total revenue of $4.53 trillion last year. Although the overall revenue growth rate reached 5.7%, a record high, net profit was only 2.3%, and the median ROA was gradually declining, even lower than the low before the 2008 financial tsunami, showing the overall zero. Sales seem to be growing, but the curve is slowing down. It not only warns against financial figures, but also points out five predicaments that the retail industry will face in 2019.
        
         　　1. Consumers who enjoy all the benefits:Consumers can send and receive information in multiple, multi-frequency and multi-fluorescent ways as they like. While enjoying the convenience of Internet information, they are increasingly demanding personalized services and personal privacy. In other words, it will be difficult for companies to get data and please consumers.
        
         　　2. In response to the rise of science and technology, other industries have stepped into retail platforms:Although the trend of "Big Ever Big" is still in existence, technological innovation has accelerated the rise of small businesses. Enterprises need to start at any time and pay close attention to the industry dynamics.
        
         　　3. The economic environment is facing the precursor of recession:The overall economic performance, such as monetary tightening, flat yield curve and rising asset prices, implies an unoptimistic outlook for the future.
        
         　　4. The pattern of retail industry is gradually changing:In order to cater to the changeable consumers, the shortening of product life cycle and the pursuit of short-chain revolution in the industrial chain are forcing the rapid transformation of enterprises.
        
         　　5. The boundary between industry and product is gradually blurred:Retail is becoming more and more closely related to science and technology. Even Big Data retailers have been involved in many industries. Traditional retail with single operation is declining, and they need to seek integrated resources to meet the challenge.

Chief Executive Li Jingfang also reminded retailers that in the past two years, many retail brands in the United States have declared bankruptcy, even SEARS, a hundred-year-old Department store, is under pressure to close down. Not only overseas enterprises, but also Taiwan's physical retail industry is facing a considerable impact. According to the data provided by the Oriental Line, Chief Executive Li explained that Taiwan's physical retail industry is facing a considerable impact. The frequency of visits to physical channels such as department stores and volume traffickers is decreasing year by year, which shows that Taiwan's retail industry is quietly turning on the yellow light and seeing the front car of overseas retail. How to formulate new coping strategies, find out the new retail temperature and avoid the impact of cold winter has become a top priority.

        Big Data as the Leading Light, Customer Value as the Core of Thinking
         * Data collection and integration to create new value
         Industry believers believe that Taiwan's future retail industry will also be based on Big Data, and make overall strategic thinking based on Customer-dominant logic, create amazing personalized consumption experience, and strengthen the relationship with its interaction and communication. Guo Shuqi Chairman, an entrepreneur brother, also pointed out that the advantage of online platform is that Big Data accumulated through online browsing and trading behavior can not only automatically judge users'gender, but also infer users' interests in a short time, and precisely push relevant product information and advertisements, and customize UX (User Ex) through actual data. Perience, the establishment of personalized digital experience, create new value.
        
         Li Jingfang, executive director, said that although the information collected by physical retailers is diverse, it is still fragmented data. With the rapid development of digital technology, the application of Big Data module will soon mature. In the future, physical retailers will be able to gain insight into consumers through data. To grasp customer's appearance and needs more carefully, innovate and optimize customer experience.

        * Creating the Best Customer Journey
         Xie Mingzhong, head of the consumer industry, said that new retailers emphasize optimizing customer experience to create business opportunities and benefits. Enterprises should take into account consumers'shopping needs and intentions, grasp consumers' interaction behavior and feelings at various points of contact, and develop supply chains with consumers as the center. Influenced by the rise of the Millennium generation and the change of consumption habits, instantaneity, convenience and integrated services are the main demands of consumers. It is suggested that retailers should consider how to use new technologies to enhance customer experience value.
        
         To this end, Chief Executive Li Jingfang proposed "5E" (Entice, Enter, Engage, Exit, Extend) as the criteria for reviewing customer travel. Retailers should ask themselves to think customer-centered in every link, establish a smooth and painless consumption journey, and record their consumption preferences online and offline. Behavior, community interaction and use experience, linking all sources in series, so that 5E has a positive cycle.
        
         * Operating membership services
         At the same time, we also suggest that retailers should match brand commitment to provide consumers with tailor-made loyalty programs, and put forward the following four points to make a full-channel sales layout, including: "membership loyalty management" to strengthen customer adherence, and "integration of multi-marketing channels" to design personalized precision marketing. Information, 360-degree view of membership, cross-system integration of information, and real-time sales analysis effectively examine membership contributions.
        
         Chief Executive Li Jingfang added that for real retailers, in addition to members, finding and locating differences in their brands is the core competitiveness. It is suggested that we should start with emphasizing texture experience, increasing temperature links, and communication style. A clear and clear brand image is more conducive to attracting the corresponding target consumption. To become a member. Li also admitted that in today's retail industry facing difficulties, more and more difficult consumers, more and more competitive market, as well as the recession of the environment and other multiple attacks, we need to use data-driven positive cycle, insight into customer preferences, positioning their own brand differences, to prepare a recipe for their own success.