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<p id="5530" class="pw-post-body-paragraph lf lg fw lh b li lj lk ll lm ln lo lp lq lr ls lt lu lv lw lx ly lz ma mb mc fp bj" data-selectable-paragraph="">The C-suite is evolving in the wake of the global pandemic, and the need for soft skills is more prominent than ever. Leaders are now operating in a “VUCA” world — Volatility, Uncertainty, Complexity, and Ambiguity. This new landscape demands a higher degree of nuance and soft skills from every member of leadership. Traits such as empathy, vulnerability, inspiration, creativity, and resilience are no longer optional; they are essential elements of an executive’s job description.</p><figure class="mg mh mi mj mk ml md me paragraph-image"><div class="mm mn ec mo bg mp" role="button" data-mce-tabindex="0"><div class="md me mf"><picture><source srcset="https://miro.medium.com/v2/resize:fit:640/format:webp/1*rrsTirl-pj1Kosb-rw5ILA.png 640w, https://miro.medium.com/v2/resize:fit:720/format:webp/1*rrsTirl-pj1Kosb-rw5ILA.png 720w, https://miro.medium.com/v2/resize:fit:750/format:webp/1*rrsTirl-pj1Kosb-rw5ILA.png 750w, https://miro.medium.com/v2/resize:fit:786/format:webp/1*rrsTirl-pj1Kosb-rw5ILA.png 786w, https://miro.medium.com/v2/resize:fit:828/format:webp/1*rrsTirl-pj1Kosb-rw5ILA.png 828w, https://miro.medium.com/v2/resize:fit:1100/format:webp/1*rrsTirl-pj1Kosb-rw5ILA.png 1100w, https://miro.medium.com/v2/resize:fit:1400/format:webp/1*rrsTirl-pj1Kosb-rw5ILA.png 1400w" type="image/webp" sizes="(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px"><source srcset="https://miro.medium.com/v2/resize:fit:640/1*rrsTirl-pj1Kosb-rw5ILA.png 640w, https://miro.medium.com/v2/resize:fit:720/1*rrsTirl-pj1Kosb-rw5ILA.png 720w, https://miro.medium.com/v2/resize:fit:750/1*rrsTirl-pj1Kosb-rw5ILA.png 750w, https://miro.medium.com/v2/resize:fit:786/1*rrsTirl-pj1Kosb-rw5ILA.png 786w, https://miro.medium.com/v2/resize:fit:828/1*rrsTirl-pj1Kosb-rw5ILA.png 828w, https://miro.medium.com/v2/resize:fit:1100/1*rrsTirl-pj1Kosb-rw5ILA.png 1100w, https://miro.medium.com/v2/resize:fit:1400/1*rrsTirl-pj1Kosb-rw5ILA.png 1400w" sizes="(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px" data-testid="og"><img class="bg mq mr c" role="presentation" src="https://miro.medium.com/v2/resize:fit:861/1*rrsTirl-pj1Kosb-rw5ILA.png" alt="" width="700" height="393" loading="eager" data-mce-src="https://miro.medium.com/v2/resize:fit:861/1*rrsTirl-pj1Kosb-rw5ILA.png"></picture></div></div></figure><h3 id="dc34" class="ms mt fw be mu mv mw mx my mz na nb nc nd ne nf ng nh ni nj nk nl nm nn no np bj">The Power of Soft Skills in Leadership 💪🧠</h3><p id="d539" class="pw-post-body-paragraph lf lg fw lh b li nq lk ll lm nr lo lp lq ns ls lt lu nt lw lx ly nu ma mb mc fp bj" data-selectable-paragraph="">According to the AESC (Association of Executive Search and Leadership Consultants), a CEO’s personality characteristics can account for as much as 35% of a company’s financial performance. This statistic underscores the importance of soft skills in leadership roles. The AESC identified six core competencies that are in high demand across all C-suite roles:</p><ol class=""><li id="4124" class="lf lg fw lh b li lj lk ll lm ln lo lp nv lr ls lt nw lv lw lx nx lz ma mb mc ny nz oa bj" data-selectable-paragraph="">Adaptability 🔄</li><li id="05d4" class="lf lg fw lh b li ob lk ll lm oc lo lp nv od ls lt nw oe lw lx nx of ma mb mc ny nz oa bj" data-selectable-paragraph="">Agility 🏃‍♀️</li><li id="f433" class="lf lg fw lh b li ob lk ll lm oc lo lp nv od ls lt nw oe lw lx nx of ma mb mc ny nz oa bj" data-selectable-paragraph="">Innovation 💡</li><li id="e7fd" class="lf lg fw lh b li ob lk ll lm oc lo lp nv od ls lt nw oe lw lx nx of ma mb mc ny nz oa bj" data-selectable-paragraph="">Communication 🗣️</li><li id="0add" class="lf lg fw lh b li ob lk ll lm oc lo lp nv od ls lt nw oe lw lx nx of ma mb mc ny nz oa bj" data-selectable-paragraph="">Collaboration 🤝</li><li id="80ea" class="lf lg fw lh b li ob lk ll lm oc lo lp nv od ls lt nw oe lw lx nx of ma mb mc ny nz oa bj" data-selectable-paragraph="">Customer Centricity 🎯</li></ol><p id="96bf" class="pw-post-body-paragraph lf lg fw lh b li lj lk ll lm ln lo lp lq lr ls lt lu lv lw lx ly lz ma mb mc fp bj" data-selectable-paragraph="">Let’s delve into these competencies and understand how they shape the modern C-suite.</p><h1 id="ae25" class="ms mt fw be mu mv mw mx my mz na nb nc nd ne nf ng nh ni nj nk nl nm nn no np bj" data-selectable-paragraph="">Adaptability: The Key to Navigating the Unexpected 🌪️</h1><p id="0f3a" class="pw-post-body-paragraph lf lg fw lh b li nq lk ll lm nr lo lp lq ns ls lt lu nt lw lx ly nu ma mb mc fp bj" data-selectable-paragraph="">In today’s business environment, change is the only constant. Leaders must navigate unforeseen and unpredictable circumstances daily, making adaptability a crucial trait. A good leader adjusts to ongoing change with poise and positivity, operating with a mindset where change is inevitable and a flexible response is the best way to make the most of each pivot and course correction.</p><h3 id="94f8" class="ms mt fw be mu mv mw mx my mz na nb nc nd ne nf ng nh ni nj nk nl nm nn no np bj">Agility: The Art of Quick and Creative Change 🎨</h3><p id="f346" class="pw-post-body-paragraph lf lg fw lh b li nq lk ll lm nr lo lp lq ns ls lt lu nt lw lx ly nu ma mb mc fp bj" data-selectable-paragraph="">Agility is about making quick and creative changes that optimize adjustments. Agile leaders don’t just manage or mitigate change; they get the most out of it. They introduce a degree of inspirational stability to an organization that enables their teams to jump at each disruption as a chance to advance their brand.</p><h3 id="1c64" class="ms mt fw be mu mv mw mx my mz na nb nc nd ne nf ng nh ni nj nk nl nm nn no np bj">Innovation: Turning Creativity into Reality 🚀</h3><p id="fb43" class="pw-post-body-paragraph lf lg fw lh b li nq lk ll lm nr lo lp lq ns ls lt lu nt lw lx ly nu ma mb mc fp bj" data-selectable-paragraph="">Innovation is about turning creative ideas into useful solutions. Good executives are always implementing innovation, whether it’s a CEO overseeing the launch of a new product or service or a CHRO tweaking an existing process to optimize the onboarding process.</p><h3 id="6bcd" class="ms mt fw be mu mv mw mx my mz na nb nc nd ne nf ng nh ni nj nk nl nm nn no np bj">Communication: The Backbone of Effective Leadership 📣</h3><p id="9623" class="pw-post-body-paragraph lf lg fw lh b li nq lk ll lm nr lo lp lq ns ls lt lu nt lw lx ly nu ma mb mc fp bj" data-selectable-paragraph="">Communication is a complex, multi-faceted skill that requires the ability to communicate vertically both up and down the organizational chart and across the C-suite. Effective leaders understand that communication doesn’t stop at sending a message; it’s about ensuring the recipient has paid attention to the message, received it as intended, been persuaded by it, identified what parts pertain to them, and have actionable takeaways or relevant information.</p><h3 id="ff3f" class="ms mt fw be mu mv mw mx my mz na nb nc nd ne nf ng nh ni nj nk nl nm nn no np bj">Collaboration: Turning Goals into Reality 🎯</h3><p id="ff09" class="pw-post-body-paragraph lf lg fw lh b li nq lk ll lm nr lo lp lq ns ls lt lu nt lw lx ly nu ma mb mc fp bj" data-selectable-paragraph="">Collaboration uses healthy communication to achieve desired results. A good leader helps their team communicate and interact as they work toward a common goal. They encourage sharing diverse opinions, help make important decisions, and encourage employees to engage in their collective effort.</p><h3 id="ec0f" class="ms mt fw be mu mv mw mx my mz na nb nc nd ne nf ng nh ni nj nk nl nm nn no np bj">Customer Centricity: The Heart of Business Success ❤️</h3><p id="3f89" class="pw-post-body-paragraph lf lg fw lh b li nq lk ll lm nr lo lp lq ns ls lt lu nt lw lx ly nu ma mb mc fp bj" data-selectable-paragraph="">Competent leaders never forget the importance of the customer. They know that a customer-centric approach is essential in every stage of business. Leaders know how to prioritize the customer from the first point of contact from a member of your sales team or marketing content right on through to support after the point of purchase.</p><figure class="mg mh mi mj mk ml md me paragraph-image"><div class="mm mn ec mo bg mp" role="button" data-mce-tabindex="0"><div class="md me mf"><picture><source srcset="https://miro.medium.com/v2/resize:fit:640/format:webp/1*XT5JZulxyJtSpfP84EPbAg.png 640w, https://miro.medium.com/v2/resize:fit:720/format:webp/1*XT5JZulxyJtSpfP84EPbAg.png 720w, https://miro.medium.com/v2/resize:fit:750/format:webp/1*XT5JZulxyJtSpfP84EPbAg.png 750w, https://miro.medium.com/v2/resize:fit:786/format:webp/1*XT5JZulxyJtSpfP84EPbAg.png 786w, https://miro.medium.com/v2/resize:fit:828/format:webp/1*XT5JZulxyJtSpfP84EPbAg.png 828w, https://miro.medium.com/v2/resize:fit:1100/format:webp/1*XT5JZulxyJtSpfP84EPbAg.png 1100w, https://miro.medium.com/v2/resize:fit:1400/format:webp/1*XT5JZulxyJtSpfP84EPbAg.png 1400w" type="image/webp" sizes="(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px"><source srcset="https://miro.medium.com/v2/resize:fit:640/1*XT5JZulxyJtSpfP84EPbAg.png 640w, https://miro.medium.com/v2/resize:fit:720/1*XT5JZulxyJtSpfP84EPbAg.png 720w, https://miro.medium.com/v2/resize:fit:750/1*XT5JZulxyJtSpfP84EPbAg.png 750w, https://miro.medium.com/v2/resize:fit:786/1*XT5JZulxyJtSpfP84EPbAg.png 786w, https://miro.medium.com/v2/resize:fit:828/1*XT5JZulxyJtSpfP84EPbAg.png 828w, https://miro.medium.com/v2/resize:fit:1100/1*XT5JZulxyJtSpfP84EPbAg.png 1100w, https://miro.medium.com/v2/resize:fit:1400/1*XT5JZulxyJtSpfP84EPbAg.png 1400w" sizes="(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px" data-testid="og"><img class="bg mq mr c" role="presentation" src="https://miro.medium.com/v2/resize:fit:861/1*XT5JZulxyJtSpfP84EPbAg.png" alt="" width="700" height="393" loading="lazy" data-mce-src="https://miro.medium.com/v2/resize:fit:861/1*XT5JZulxyJtSpfP84EPbAg.png"></picture></div></div></figure><h3 id="0bb8" class="ms mt fw be mu mv mw mx my mz na nb nc nd ne nf ng nh ni nj nk nl nm nn no np bj">Conclusion: The Changing Face of Leadership 🌅</h3><p id="8323" class="pw-post-body-paragraph lf lg fw lh b li nq lk ll lm nr lo lp lq ns ls lt lu nt lw lx ly nu ma mb mc fp bj" data-selectable-paragraph="">The pandemic didn’t just rewrite the executive playbook; it irrevocably altered how we hire leaders in the first place. Leadership demands in the new normal are no longer compartmentalized to each role or position. Nor are they primarily dependent on hard skills. Soft skills like agility, communication, and innovation have become essential character traits that every leader must possess if they want to lead effectively.</p><p id="219a" class="pw-post-body-paragraph lf lg fw lh b li lj lk ll lm ln lo lp lq lr ls lt lu lv lw lx ly lz ma mb mc fp bj" data-selectable-paragraph="">What are your thoughts on the evolving role of leadership in the post-pandemic world? How are you or your organization adapting to these changes? Share your thoughts and experiences in the comments below. And if you found this article insightful, please share it with your network.</p><p id="ca9f" class="pw-post-body-paragraph lf lg fw lh b li lj lk ll lm ln lo lp lq lr ls lt lu lv lw lx ly lz ma mb mc fp bj" data-selectable-paragraph=""><em class="og">This article is based on insights from&nbsp;</em><a class="af oh" href="https://www.linkedin.com/pulse/6-core-competency-needs-post-pandemic-c-suite/" target="_blank" rel="noopener ugc nofollow" data-mce-href="https://www.linkedin.com/pulse/6-core-competency-needs-post-pandemic-c-suite/"><em class="og">this post</em></a><em class="og">&nbsp;by Stanton Chase: Executive Search &amp; Leadership Consultants.</em></p>

The New Age of Leadership: Embracing Soft Skills in the Post-Pandemic C-Suite

<section class="section section--body"><div class="section-divider"><hr class="section-divider"></div><div class="section-content"><div class="section-inner sectionLayout--insetColumn"><p class="graf graf--p">In the ever-evolving world of retail, one thing remains constant — the need to understand and adapt to consumer behavior. A recent report from McKinsey &amp; Company highlighted a significant trend: despite a modest increase in consumer optimism, US consumer spending is lower than it was a year ago. For the first time in over two years, spending declined across all demographic groups. This raises a crucial question: Can online retailers effectively use shopping events, or exclusive ‘deal days’, as a tool to attract shoppers with enticing discounts and offers? 🤔</p><h4 class="graf graf--h4">📉 The Downturn in Spending: A Closer Look&nbsp;🧐</h4><p class="graf graf--p">The report dives into the latest data from ConsumerWise, McKinsey’s proprietary solution that tracks and analyzes both consumer sentiment and consumer spending. The findings reveal a decline in spending across all demographics, a trend that hasn’t been observed in over two years. This downturn in consumer spending is a wake-up call for retailers — it’s time to rethink strategies and find innovative ways to engage consumers.</p><h4 class="graf graf--h4">🎁 The Power of ‘Deal Days’: A Real-Life Example&nbsp;🚀</h4><p class="graf graf--p">Let’s take a look at Amazon’s Prime Day, a prime example of a ‘deal day’. In 2020, despite the pandemic, Prime Day generated a staggering $10.4 billion in sales worldwide, a 45.2% increase from the previous year. This success story demonstrates the potential of ‘deal days’ to boost consumer spending and revitalize the retail industry.</p><figure class="graf graf--figure"><img class="graf-image" src="https://cdn-images-1.medium.com/max/896/1*X5QvTbyDylYKl2e0tTA2og.png" data-image-id="1*X5QvTbyDylYKl2e0tTA2og.png" data-width="1456" data-height="816" data-mce-src="https://cdn-images-1.medium.com/max/896/1*X5QvTbyDylYKl2e0tTA2og.png"></figure><h4 class="graf graf--h4">🔮 Looking Ahead: Meeting Consumers Where They Are&nbsp;🌐</h4><p class="graf graf--p">As we navigate through these challenging times, it’s essential for retailers to meet consumers where they are. This could mean leveraging ‘deal days’, enhancing online shopping experiences, or offering more value through discounts and offers. The evolving retail landscape calls for innovation, agility, and a deep understanding of consumer behavior.</p><h4 class="graf graf--h4">💡 Your Turn: Let’s Discuss&nbsp;💬</h4><p class="graf graf--p">What are your thoughts on the power of ‘deal days’? How can retailers adapt to the changing consumer spending trends? Share your insights, experiences, and ideas in the comments below.</p><p class="graf graf--p">For more details, check out the original report <a class="markup--anchor markup--p-anchor" href="https://www.mckinsey.com/featured-insights/themes/consumer-spending-is-down-will-deal-days-help" target="_blank" rel="noopener" data-href="https://www.mckinsey.com/featured-insights/themes/consumer-spending-is-down-will-deal-days-help" data-mce-href="https://www.mckinsey.com/featured-insights/themes/consumer-spending-is-down-will-deal-days-help">here</a>.</p></div></div></section><section class="section section--body"><div class="section-divider"><hr class="section-divider"></div><div class="section-content"><div class="section-inner sectionLayout--insetColumn"><p class="graf graf--p">Remember, the retail industry is a dynamic, ever-changing landscape. By staying informed and adapting to changes, we can navigate through challenges and seize new opportunities. Follow me for more insights and discussions on the latest retail trends. 💼🚀</p></div></div></section>

Redefining Retail: Can 'Deal Days' Revive Consumer Spending? 🛍️

<p id="dbd4" class="pw-post-body-paragraph le lf fw lg b lh li lj lk ll lm ln lo lp lq lr ls lt lu lv lw lx ly lz ma mb fp bj" data-selectable-paragraph="">In the ever-evolving world of retail, understanding your customer is the key to success. But how can we truly measure customer experience? Today, we will explore some of the most popular and innovative customer experience metrics used in the retail industry. We’ll discuss how each is calculated, their pros and cons, and their most appropriate use cases.</p><h3 id="c05d" class="mc md fw be me mf mg mh mi mj mk ml mm mn mo mp mq mr ms mt mu mv mw mx my mz bj">1️⃣ Net Promoter Score (NPS) 🎯</h3><p id="26c4" class="pw-post-body-paragraph le lf fw lg b lh na lj lk ll nb ln lo lp nc lr ls lt nd lv lw lx ne lz ma mb fp bj" data-selectable-paragraph="">The NPS is a simple yet powerful metric that measures customer loyalty. It’s calculated by asking customers a single question: “On a scale of 0–10, how likely are you to recommend our company to a friend or colleague?” The percentage of detractors (scores 0–6) is then subtracted from the percentage of promoters (scores 9–10) to get the NPS.</p><p id="3ec6" class="pw-post-body-paragraph le lf fw lg b lh li lj lk ll lm ln lo lp lq lr ls lt lu lv lw lx ly lz ma mb fp bj" data-selectable-paragraph=""><strong class="lg fx">Pros:</strong>&nbsp;Easy to understand and widely recognized.</p><p id="fa53" class="pw-post-body-paragraph le lf fw lg b lh li lj lk ll lm ln lo lp lq lr ls lt lu lv lw lx ly lz ma mb fp bj" data-selectable-paragraph=""><strong class="lg fx">Cons:</strong>&nbsp;Doesn’t provide detailed feedback.</p><p id="b539" class="pw-post-body-paragraph le lf fw lg b lh li lj lk ll lm ln lo lp lq lr ls lt lu lv lw lx ly lz ma mb fp bj" data-selectable-paragraph=""><strong class="lg fx">Use Case:</strong>&nbsp;Ideal for gauging overall customer sentiment towards your brand.</p><h3 id="e47a" class="mc md fw be me mf mg mh mi mj mk ml mm mn mo mp mq mr ms mt mu mv mw mx my mz bj">2️⃣ Customer Satisfaction Score (CSAT) 😊</h3><p id="a19a" class="pw-post-body-paragraph le lf fw lg b lh na lj lk ll nb ln lo lp nc lr ls lt nd lv lw lx ne lz ma mb fp bj" data-selectable-paragraph="">CSAT measures the satisfaction level of customers with a company’s products or services. It’s typically calculated using a survey that asks customers to rate their satisfaction on a scale.</p><p id="53a9" class="pw-post-body-paragraph le lf fw lg b lh li lj lk ll lm ln lo lp lq lr ls lt lu lv lw lx ly lz ma mb fp bj" data-selectable-paragraph=""><strong class="lg fx">Pros</strong>: Direct measure of customer satisfaction.</p><p id="0dc0" class="pw-post-body-paragraph le lf fw lg b lh li lj lk ll lm ln lo lp lq lr ls lt lu lv lw lx ly lz ma mb fp bj" data-selectable-paragraph=""><strong class="lg fx">Cons</strong>: Can be influenced by recent experiences and doesn’t necessarily reflect overall satisfaction.</p><p id="8b99" class="pw-post-body-paragraph le lf fw lg b lh li lj lk ll lm ln lo lp lq lr ls lt lu lv lw lx ly lz ma mb fp bj" data-selectable-paragraph=""><strong class="lg fx">Use Case</strong>: Great for measuring satisfaction immediately after a purchase or interaction.</p><h3 id="b262" class="mc md fw be me mf mg mh mi mj mk ml mm mn mo mp mq mr ms mt mu mv mw mx my mz bj">3️⃣ Customer Effort Score (CES) 💪</h3><p id="27b7" class="pw-post-body-paragraph le lf fw lg b lh na lj lk ll nb ln lo lp nc lr ls lt nd lv lw lx ne lz ma mb fp bj" data-selectable-paragraph="">CES measures how easy it is for customers to do business with a company. It’s calculated by asking customers to rate the ease of their experience on a scale.</p><p id="ef94" class="pw-post-body-paragraph le lf fw lg b lh li lj lk ll lm ln lo lp lq lr ls lt lu lv lw lx ly lz ma mb fp bj" data-selectable-paragraph=""><strong class="lg fx">Pros</strong>: Helps identify pain points in the customer journey.</p><p id="d011" class="pw-post-body-paragraph le lf fw lg b lh li lj lk ll lm ln lo lp lq lr ls lt lu lv lw lx ly lz ma mb fp bj" data-selectable-paragraph=""><strong class="lg fx">Cons</strong>: Doesn’t measure the emotional aspects of the customer experience.</p><p id="6fa8" class="pw-post-body-paragraph le lf fw lg b lh li lj lk ll lm ln lo lp lq lr ls lt lu lv lw lx ly lz ma mb fp bj" data-selectable-paragraph=""><strong class="lg fx">Use Case</strong>: Useful for identifying areas of the customer journey that need improvement.</p><h3 id="8111" class="mc md fw be me mf mg mh mi mj mk ml mm mn mo mp mq mr ms mt mu mv mw mx my mz bj">4️⃣ Customer Churn Rate 🔄</h3><p id="5de3" class="pw-post-body-paragraph le lf fw lg b lh na lj lk ll nb ln lo lp nc lr ls lt nd lv lw lx ne lz ma mb fp bj" data-selectable-paragraph="">This metric measures the percentage of customers who stop doing business with a company over a given period. It’s calculated by dividing the number of customers lost during a period by the number at the start of the period.</p><p id="1c98" class="pw-post-body-paragraph le lf fw lg b lh li lj lk ll lm ln lo lp lq lr ls lt lu lv lw lx ly lz ma mb fp bj" data-selectable-paragraph=""><strong class="lg fx">Pros</strong>: Direct measure of customer retention.</p><p id="2127" class="pw-post-body-paragraph le lf fw lg b lh li lj lk ll lm ln lo lp lq lr ls lt lu lv lw lx ly lz ma mb fp bj" data-selectable-paragraph=""><strong class="lg fx">Cons</strong>: Doesn’t provide insight into why customers are leaving.</p><p id="b336" class="pw-post-body-paragraph le lf fw lg b lh li lj lk ll lm ln lo lp lq lr ls lt lu lv lw lx ly lz ma mb fp bj" data-selectable-paragraph=""><strong class="lg fx">Use Case</strong>: Crucial for subscription-based businesses where customer retention is key.</p><h3 id="60b1" class="mc md fw be me mf mg mh mi mj mk ml mm mn mo mp mq mr ms mt mu mv mw mx my mz bj">5️⃣ Customer Lifetime Value (CLV) 💰</h3><p id="f4ae" class="pw-post-body-paragraph le lf fw lg b lh na lj lk ll nb ln lo lp nc lr ls lt nd lv lw lx ne lz ma mb fp bj" data-selectable-paragraph="">CLV measures the total revenue a business can reasonably expect from a single customer account. It’s calculated by multiplying the average purchase value by the average purchase frequency and the average customer lifespan.</p><p id="4d82" class="pw-post-body-paragraph le lf fw lg b lh li lj lk ll lm ln lo lp lq lr ls lt lu lv lw lx ly lz ma mb fp bj" data-selectable-paragraph=""><strong class="lg fx">Pros</strong>: Helps businesses understand the value of retaining customers.</p><p id="d9b9" class="pw-post-body-paragraph le lf fw lg b lh li lj lk ll lm ln lo lp lq lr ls lt lu lv lw lx ly lz ma mb fp bj" data-selectable-paragraph=""><strong class="lg fx">Cons</strong>: Can be complex to calculate accurately.</p><p id="3021" class="pw-post-body-paragraph le lf fw lg b lh li lj lk ll lm ln lo lp lq lr ls lt lu lv lw lx ly lz ma mb fp bj" data-selectable-paragraph=""><strong class="lg fx">Use Case</strong>: Ideal for businesses looking to invest in long-term customer relationships.</p><h3 id="34d9" class="mc md fw be me mf mg mh mi mj mk ml mm mn mo mp mq mr ms mt mu mv mw mx my mz bj">6️⃣ First Contact Resolution (FCR) 🕐</h3><p id="17ea" class="pw-post-body-paragraph le lf fw lg b lh na lj lk ll nb ln lo lp nc lr ls lt nd lv lw lx ne lz ma mb fp bj" data-selectable-paragraph="">FCR measures the percentage of customer issues that are resolved in the first interaction. It’s calculated by dividing the number of issues resolved on the first contact by the total number of issues.</p><p id="9d97" class="pw-post-body-paragraph le lf fw lg b lh li lj lk ll lm ln lo lp lq lr ls lt lu lv lw lx ly lz ma mb fp bj" data-selectable-paragraph=""><strong class="lg fx">Pros</strong>: Direct measure of customer service efficiency.</p><p id="28d2" class="pw-post-body-paragraph le lf fw lg b lh li lj lk ll lm ln lo lp lq lr ls lt lu lv lw lx ly lz ma mb fp bj" data-selectable-paragraph=""><strong class="lg fx">Cons</strong>: Doesn’t account for the complexity of different issues.</p><p id="fbf5" class="pw-post-body-paragraph le lf fw lg b lh li lj lk ll lm ln lo lp lq lr ls lt lu lv lw lx ly lz ma mb fp bj" data-selectable-paragraph=""><strong class="lg fx">Use Case</strong>: Perfect for customer service departments looking to improve efficiency.</p><h3 id="9c84" class="mc md fw be me mf mg mh mi mj mk ml mm mn mo mp mq mr ms mt mu mv mw mx my mz bj">7️⃣ Average Resolution Time ⏱️</h3><p id="1818" class="pw-post-body-paragraph le lf fw lg b lh na lj lk ll nb ln lo lp nc lr ls lt nd lv lw lx ne lz ma mb fp bj" data-selectable-paragraph="">This metric measures the average time it takes to resolve a customer issue. It’s calculated by dividing the total time spent resolving issues by the number of issues.</p><p id="518f" class="pw-post-body-paragraph le lf fw lg b lh li lj lk ll lm ln lo lp lq lr ls lt lu lv lw lx ly lz ma mb fp bj" data-selectable-paragraph=""><strong class="lg fx">Pros</strong>: Helps identify inefficiencies in the customer service process.</p><p id="e26f" class="pw-post-body-paragraph le lf fw lg b lh li lj lk ll lm ln lo lp lq lr ls lt lu lv lw lx ly lz ma mb fp bj" data-selectable-paragraph=""><strong class="lg fx">Cons</strong>: Doesn’t account for the complexity of different issues.</p><p id="7dff" class="pw-post-body-paragraph le lf fw lg b lh li lj lk ll lm ln lo lp lq lr ls lt lu lv lw lx ly lz ma mb fp bj" data-selectable-paragraph=""><strong class="lg fx">Use Case</strong>: Ideal for customer service departments aiming to reduce resolution times.</p><h3 id="4328" class="mc md fw be me mf mg mh mi mj mk ml mm mn mo mp mq mr ms mt mu mv mw mx my mz bj">8️⃣ Social Media Engagement 📱</h3><p id="b4f5" class="pw-post-body-paragraph le lf fw lg b lh na lj lk ll nb ln lo lp nc lr ls lt nd lv lw lx ne lz ma mb fp bj" data-selectable-paragraph="">This newer metric measures how customers interact with a company’s social media posts. It’s calculated by tracking likes, shares, comments, and other interactions.</p><p id="6207" class="pw-post-body-paragraph le lf fw lg b lh li lj lk ll lm ln lo lp lq lr ls lt lu lv lw lx ly lz ma mb fp bj" data-selectable-paragraph=""><strong class="lg fx">Pros</strong>: Provides insight into customer engagement with your brand online.</p><p id="5d2e" class="pw-post-body-paragraph le lf fw lg b lh li lj lk ll lm ln lo lp lq lr ls lt lu lv lw lx ly lz ma mb fp bj" data-selectable-paragraph=""><strong class="lg fx">Cons</strong>: Can be influenced by factors outside of customer experience, like the quality of social media content.</p><p id="7d5f" class="pw-post-body-paragraph le lf fw lg b lh li lj lk ll lm ln lo lp lq lr ls lt lu lv lw lx ly lz ma mb fp bj" data-selectable-paragraph=""><strong class="lg fx">Use Case</strong>: Perfect for businesses looking to improve their social media strategy.</p><h3 id="7ed3" class="mc md fw be me mf mg mh mi mj mk ml mm mn mo mp mq mr ms mt mu mv mw mx my mz bj">9️⃣ Sentiment Analysis 🧠</h3><p id="3ba3" class="pw-post-body-paragraph le lf fw lg b lh na lj lk ll nb ln lo lp nc lr ls lt nd lv lw lx ne lz ma mb fp bj" data-selectable-paragraph="">This innovative metric uses AI to analyze customer feedback and determine the overall sentiment towards a brand. It’s calculated by using natural language processing to analyze customer feedback.</p><p id="2b81" class="pw-post-body-paragraph le lf fw lg b lh li lj lk ll lm ln lo lp lq lr ls lt lu lv lw lx ly lz ma mb fp bj" data-selectable-paragraph=""><strong class="lg fx">Pros</strong>: Provides a nuanced understanding of customer sentiment.</p><p id="297e" class="pw-post-body-paragraph le lf fw lg b lh li lj lk ll lm ln lo lp lq lr ls lt lu lv lw lx ly lz ma mb fp bj" data-selectable-paragraph=""><strong class="lg fx">Cons</strong>: Requires advanced technology and can be complex to implement.</p><p id="00b1" class="pw-post-body-paragraph le lf fw lg b lh li lj lk ll lm ln lo lp lq lr ls lt lu lv lw lx ly lz ma mb fp bj" data-selectable-paragraph=""><strong class="lg fx">Use Case</strong>: Ideal for businesses seeking deeper insights from customer feedback.</p><h3 id="1c6c" class="mc md fw be me mf mg mh mi mj mk ml mm mn mo mp mq mr ms mt mu mv mw mx my mz bj">🔟 Emotional Engagement Score (EES) 💖</h3><p id="6e8f" class="pw-post-body-paragraph le lf fw lg b lh na lj lk ll nb ln lo lp nc lr ls lt nd lv lw lx ne lz ma mb fp bj" data-selectable-paragraph="">EES is a groundbreaking metric that measures the emotional connection between a customer and a brand. It’s calculated by surveying customers about their emotional connection to a brand.</p><p id="5dd5" class="pw-post-body-paragraph le lf fw lg b lh li lj lk ll lm ln lo lp lq lr ls lt lu lv lw lx ly lz ma mb fp bj" data-selectable-paragraph=""><strong class="lg fx">Pros</strong>: Measures the often overlooked emotional aspect of customer experience.</p><p id="6d72" class="pw-post-body-paragraph le lf fw lg b lh li lj lk ll lm ln lo lp lq lr ls lt lu lv lw lx ly lz ma mb fp bj" data-selectable-paragraph=""><strong class="lg fx">Cons:</strong>&nbsp;Can be difficult to quantify emotions accurately.</p><p id="826c" class="pw-post-body-paragraph le lf fw lg b lh li lj lk ll lm ln lo lp lq lr ls lt lu lv lw lx ly lz ma mb fp bj" data-selectable-paragraph=""><strong class="lg fx">Use Case:</strong>&nbsp;Perfect for brands looking to build strong emotional connections with their customers.</p><p id="cd26" class="pw-post-body-paragraph le lf fw lg b lh li lj lk ll lm ln lo lp lq lr ls lt lu lv lw lx ly lz ma mb fp bj" data-selectable-paragraph="">Remember, the most effective use of these metrics is not in isolation but in combination. By understanding and tracking these metrics, retailers can gain a holistic view of their customer experience and make data-driven decisions to improve.</p><p id="f37a" class="pw-post-body-paragraph le lf fw lg b lh li lj lk ll lm ln lo lp lq lr ls lt lu lv lw lx ly lz ma mb fp bj" data-selectable-paragraph="">I hope you found this deep dive into customer experience metrics insightful. If you did, please share this article with your network and let’s continue the conversation in the comments below! 🚀</p>

Mastering the Metrics: A Deep Dive into Customer Experience Metrics in Retail

<p id="d834" class="pw-post-body-paragraph kw kx fo ky b kz la lb lc ld le lf lg lh li lj lk ll lm ln lo lp lq lr ls lt fh bj" data-selectable-paragraph="">In the dynamic world of retail, staying ahead of the curve is not just a competitive advantage — it’s a necessity. One of the most transformative forces shaping the retail landscape today is Artificial Intelligence (AI). AI’s impact on retail is profound, but nowhere is it more evident than in supply chain planning.</p><figure class="lx ly lz ma mb mc lu lv paragraph-image"><div class="md me eb mf bg mg" role="button" data-mce-tabindex="0"><div class="lu lv lw"><picture><source srcset="https://miro.medium.com/v2/resize:fit:640/format:webp/1*gfjakrdFBEFb57avbZ8TJw.png 640w, https://miro.medium.com/v2/resize:fit:720/format:webp/1*gfjakrdFBEFb57avbZ8TJw.png 720w, https://miro.medium.com/v2/resize:fit:750/format:webp/1*gfjakrdFBEFb57avbZ8TJw.png 750w, https://miro.medium.com/v2/resize:fit:786/format:webp/1*gfjakrdFBEFb57avbZ8TJw.png 786w, https://miro.medium.com/v2/resize:fit:828/format:webp/1*gfjakrdFBEFb57avbZ8TJw.png 828w, https://miro.medium.com/v2/resize:fit:1100/format:webp/1*gfjakrdFBEFb57avbZ8TJw.png 1100w, https://miro.medium.com/v2/resize:fit:1400/format:webp/1*gfjakrdFBEFb57avbZ8TJw.png 1400w" type="image/webp" sizes="(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px"><source srcset="https://miro.medium.com/v2/resize:fit:640/1*gfjakrdFBEFb57avbZ8TJw.png 640w, https://miro.medium.com/v2/resize:fit:720/1*gfjakrdFBEFb57avbZ8TJw.png 720w, https://miro.medium.com/v2/resize:fit:750/1*gfjakrdFBEFb57avbZ8TJw.png 750w, https://miro.medium.com/v2/resize:fit:786/1*gfjakrdFBEFb57avbZ8TJw.png 786w, https://miro.medium.com/v2/resize:fit:828/1*gfjakrdFBEFb57avbZ8TJw.png 828w, https://miro.medium.com/v2/resize:fit:1100/1*gfjakrdFBEFb57avbZ8TJw.png 1100w, https://miro.medium.com/v2/resize:fit:1400/1*gfjakrdFBEFb57avbZ8TJw.png 1400w" sizes="(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px" data-testid="og"><img class="bg mh mi c" role="presentation" src="https://miro.medium.com/v2/resize:fit:784/1*gfjakrdFBEFb57avbZ8TJw.png" alt="" width="700" height="700" loading="eager" data-mce-src="https://miro.medium.com/v2/resize:fit:784/1*gfjakrdFBEFb57avbZ8TJw.png"></picture></div></div></figure><h3 id="6ea1" class="mj mk fo be ml mm mn mo mp mq mr ms mt lh mu mv mw ll mx my mz lp na nb nc nd bj">AI: The Game-Changer in Supply Chain Management</h3><p id="0128" class="pw-post-body-paragraph kw kx fo ky b kz ne lb lc ld nf lf lg lh ng lj lk ll nh ln lo lp ni lr ls lt fh bj" data-selectable-paragraph="">AI is not just a buzzword — it’s a powerful tool that’s reshaping how businesses operate. In supply chain management, AI is a game-changer. It enables companies to analyze vast amounts of data, predict future demand with high accuracy, and make real-time decisions. This leads to optimized inventory levels, reduced risk of stockouts or overstocking, and improved efficiency.</p><p id="3b5a" class="pw-post-body-paragraph kw kx fo ky b kz la lb lc ld le lf lg lh li lj lk ll lm ln lo lp lq lr ls lt fh bj" data-selectable-paragraph="">For instance, consider the case of a leading drugstore retailer, which faced the challenge of providing exceptional customer service and patient care across hundreds of stores and communities. They turned to AI for help, specifically to a company called Kinaxis. With Kinaxis’s AI-powered solutions, the retailer was able to optimize their retail promotion planning, resulting in improved customer service and increased sales. You can read more about this inspiring example&nbsp;<a class="af nj" href="https://www.kinaxis.com/en/industries/retail" target="_blank" rel="noopener ugc nofollow" data-mce-href="https://www.kinaxis.com/en/industries/retail">here</a>.</p><figure class="lx ly lz ma mb mc lu lv paragraph-image"><div class="md me eb mf bg mg" role="button" data-mce-tabindex="0"><div class="lu lv lw"><picture><source srcset="https://miro.medium.com/v2/resize:fit:640/format:webp/1*RKx2kE6dgoGFPgKjOAme1A.png 640w, https://miro.medium.com/v2/resize:fit:720/format:webp/1*RKx2kE6dgoGFPgKjOAme1A.png 720w, https://miro.medium.com/v2/resize:fit:750/format:webp/1*RKx2kE6dgoGFPgKjOAme1A.png 750w, https://miro.medium.com/v2/resize:fit:786/format:webp/1*RKx2kE6dgoGFPgKjOAme1A.png 786w, https://miro.medium.com/v2/resize:fit:828/format:webp/1*RKx2kE6dgoGFPgKjOAme1A.png 828w, https://miro.medium.com/v2/resize:fit:1100/format:webp/1*RKx2kE6dgoGFPgKjOAme1A.png 1100w, https://miro.medium.com/v2/resize:fit:1400/format:webp/1*RKx2kE6dgoGFPgKjOAme1A.png 1400w" type="image/webp" sizes="(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px"><source srcset="https://miro.medium.com/v2/resize:fit:640/1*RKx2kE6dgoGFPgKjOAme1A.png 640w, https://miro.medium.com/v2/resize:fit:720/1*RKx2kE6dgoGFPgKjOAme1A.png 720w, https://miro.medium.com/v2/resize:fit:750/1*RKx2kE6dgoGFPgKjOAme1A.png 750w, https://miro.medium.com/v2/resize:fit:786/1*RKx2kE6dgoGFPgKjOAme1A.png 786w, https://miro.medium.com/v2/resize:fit:828/1*RKx2kE6dgoGFPgKjOAme1A.png 828w, https://miro.medium.com/v2/resize:fit:1100/1*RKx2kE6dgoGFPgKjOAme1A.png 1100w, https://miro.medium.com/v2/resize:fit:1400/1*RKx2kE6dgoGFPgKjOAme1A.png 1400w" sizes="(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px" data-testid="og"><img class="bg mh mi c" role="presentation" src="https://miro.medium.com/v2/resize:fit:784/1*RKx2kE6dgoGFPgKjOAme1A.png" alt="" width="700" height="700" loading="lazy" data-mce-src="https://miro.medium.com/v2/resize:fit:784/1*RKx2kE6dgoGFPgKjOAme1A.png"></picture></div></div></figure><h3 id="3b95" class="mj mk fo be ml mm mn mo mp mq mr ms mt lh mu mv mw ll mx my mz lp na nb nc nd bj">AI’s Impact on the Retail Industry</h3><p id="ca7d" class="pw-post-body-paragraph kw kx fo ky b kz ne lb lc ld nf lf lg lh ng lj lk ll nh ln lo lp ni lr ls lt fh bj" data-selectable-paragraph="">AI’s impact on the retail industry extends beyond supply chain management. It’s also revolutionizing areas like customer experience and marketing. AI can analyze customer behavior to predict what products they might be interested in, helping retailers tailor their offerings to individual customers. This personalized approach improves the customer experience and can lead to increased sales.</p><p id="5533" class="pw-post-body-paragraph kw kx fo ky b kz la lb lc ld le lf lg lh li lj lk ll lm ln lo lp lq lr ls lt fh bj" data-selectable-paragraph="">However, it’s not all rosy. AI also brings challenges, such as job displacement due to automation, data privacy concerns, implementation challenges, and increased reliance on technology. But with careful planning and strategic implementation, these challenges can be managed.</p><h3 id="1559" class="mj mk fo be ml mm mn mo mp mq mr ms mt lh mu mv mw ll mx my mz lp na nb nc nd bj">AI and Its Impact on Procurement and Supply Chain</h3><p id="849d" class="pw-post-body-paragraph kw kx fo ky b kz ne lb lc ld nf lf lg lh ng lj lk ll nh ln lo lp ni lr ls lt fh bj" data-selectable-paragraph="">In procurement and supply chain, AI is making waves by enabling scenario-based planning. This lets companies account for any scenario, ensuring they maximize various business objectives across all functions. AI can also ingest data from all raw sources and quickly convert it into a clean, usable data model. This unified data is a powerful tool for making informed decisions.</p><figure class="lx ly lz ma mb mc lu lv paragraph-image"><div class="md me eb mf bg mg" role="button" data-mce-tabindex="0"><div class="lu lv lw"><picture><source srcset="https://miro.medium.com/v2/resize:fit:640/format:webp/1*mcJLmBcVXke4LXAhvnjwxA.png 640w, https://miro.medium.com/v2/resize:fit:720/format:webp/1*mcJLmBcVXke4LXAhvnjwxA.png 720w, https://miro.medium.com/v2/resize:fit:750/format:webp/1*mcJLmBcVXke4LXAhvnjwxA.png 750w, https://miro.medium.com/v2/resize:fit:786/format:webp/1*mcJLmBcVXke4LXAhvnjwxA.png 786w, https://miro.medium.com/v2/resize:fit:828/format:webp/1*mcJLmBcVXke4LXAhvnjwxA.png 828w, https://miro.medium.com/v2/resize:fit:1100/format:webp/1*mcJLmBcVXke4LXAhvnjwxA.png 1100w, https://miro.medium.com/v2/resize:fit:1400/format:webp/1*mcJLmBcVXke4LXAhvnjwxA.png 1400w" type="image/webp" sizes="(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px"><source srcset="https://miro.medium.com/v2/resize:fit:640/1*mcJLmBcVXke4LXAhvnjwxA.png 640w, https://miro.medium.com/v2/resize:fit:720/1*mcJLmBcVXke4LXAhvnjwxA.png 720w, https://miro.medium.com/v2/resize:fit:750/1*mcJLmBcVXke4LXAhvnjwxA.png 750w, https://miro.medium.com/v2/resize:fit:786/1*mcJLmBcVXke4LXAhvnjwxA.png 786w, https://miro.medium.com/v2/resize:fit:828/1*mcJLmBcVXke4LXAhvnjwxA.png 828w, https://miro.medium.com/v2/resize:fit:1100/1*mcJLmBcVXke4LXAhvnjwxA.png 1100w, https://miro.medium.com/v2/resize:fit:1400/1*mcJLmBcVXke4LXAhvnjwxA.png 1400w" sizes="(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px" data-testid="og"><img class="bg mh mi c" role="presentation" src="https://miro.medium.com/v2/resize:fit:784/1*mcJLmBcVXke4LXAhvnjwxA.png" alt="" width="700" height="700" loading="lazy" data-mce-src="https://miro.medium.com/v2/resize:fit:784/1*mcJLmBcVXke4LXAhvnjwxA.png"></picture></div></div></figure><h3 id="32ff" class="mj mk fo be ml mm mn mo mp mq mr ms mt lh mu mv mw ll mx my mz lp na nb nc nd bj">The Future of Retail Supply Chain Planning</h3><p id="44bd" class="pw-post-body-paragraph kw kx fo ky b kz ne lb lc ld nf lf lg lh ng lj lk ll nh ln lo lp ni lr ls lt fh bj" data-selectable-paragraph="">The future of retail supply chain planning is exciting, with AI leading the charge. As AI continues to evolve and improve, its impact on retail supply chain planning will only grow. Retailers that embrace AI will be well-positioned to stay ahead of the curve and thrive in the dynamic retail landscape.</p><p id="7036" class="pw-post-body-paragraph kw kx fo ky b kz la lb lc ld le lf lg lh li lj lk ll lm ln lo lp lq lr ls lt fh bj" data-selectable-paragraph="">As we move forward, let’s embrace the power of AI in revolutionizing retail supply chain planning. Let’s leverage AI to know sooner, act faster, and remove waste. The future of retail is here, and it’s powered by AI.</p><p id="b608" class="pw-post-body-paragraph kw kx fo ky b kz la lb lc ld le lf lg lh li lj lk ll lm ln lo lp lq lr ls lt fh bj" data-selectable-paragraph="">What are your thoughts on the impact of AI on retail supply chain planning? Share your insights in the comments below. And if you found this article valuable, please share it with your network. Stay tuned for more insights on the intersection of retail and technology.</p><p id="74cc" class="pw-post-body-paragraph kw kx fo ky b kz la lb lc ld le lf lg lh li lj lk ll lm ln lo lp lq lr ls lt fh bj" data-selectable-paragraph="">Reference:&nbsp;<a class="af nj" href="https://www.kinaxis.com/en/industries/retail" target="_blank" rel="noopener ugc nofollow" data-mce-href="https://www.kinaxis.com/en/industries/retail">Kinaxis</a></p>

Revolutionizing Retail: The Power of AI in Supply Chain Planning

<p>Retail thought leaders, have you ever asked how top CEOs keep their businesses at peak performance even in the most turbulent times? It's a question that keeps many of us up at night. Luckily, the strategic wizards at McKinsey have delved into this very topic and shared some invaluable insights. ✨</p><p>You can read the full report <a href="https://www.mckinsey.com/capabilities/strategy-and-corporate-finance/our-insights/staying-ahead-how-the-best-ceos-continually-improve-performance" target="_new" data-mce-href="https://www.mckinsey.com/capabilities/strategy-and-corporate-finance/our-insights/staying-ahead-how-the-best-ceos-continually-improve-performance">here</a>, but if you're pressed for time, stick around as I distill the essence into actionable takeaways for the retail industry. 📚</p><h3>𝗗𝗲𝗳𝘆𝗶𝗻𝗴 𝗚𝗿𝗮𝘃𝗶𝘁𝘆: 𝗧𝗵𝗲 𝗦𝘁𝗼𝗿𝘆 𝗼𝗳 𝗔𝗺𝗮𝘇𝗼𝗻 🚀</h3><p>Let's talk about Amazon. From its humble beginnings as an online bookstore, it's now a global juggernaut. But what makes this story truly captivating is Amazon's resilience in adversity and its commitment to constant improvement.</p><p>During the 2008 financial crisis, when most businesses were desperately clinging to survival, Amazon was looking to the future. They relentlessly pursued innovation and improvement, investing heavily in their nascent Amazon Web Services (AWS) and Kindle e-reader.</p><p>Today, AWS is a dominant force in cloud computing, and Kindle has transformed the publishing landscape. The courage to take risks and the dedication to continuous improvement helped Amazon not just to weather the storm, but to emerge stronger. 💡</p><p>Now, let's unpack the key points from the McKinsey report, using Amazon's journey as our guiding star.</p><h3>1️⃣ 𝗘𝘃𝗼𝗹𝘃𝗶𝗻𝗴 𝗩𝗶𝘀𝗶𝗼𝗻 🌟</h3><p>Successful CEOs constantly reassess their vision and strategy, adapting to changing circumstances while keeping their core purpose intact. Just like Amazon, which has always aimed to be the 'earth's most customer-centric company,' even as it branched out into new areas.</p><h3>2️⃣ 𝗕𝗲𝗶𝗻𝗴 𝗕𝗼𝗹𝗱, 𝗕𝘂𝘁 𝗘𝗺𝗽𝗮𝘁𝗵𝗲𝘁𝗶𝗰 💖</h3><p>The most successful leaders are bold decision-makers who also demonstrate a deep understanding of their employees' and customers' needs. During the COVID-19 pandemic, Amazon prioritized the health and safety of its workers, while ensuring customers continued to receive their orders.</p><h3>3️⃣ 𝗘𝗺𝗯𝗿𝗮𝗰𝗶𝗻𝗴 𝗧𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝘆 💻</h3><p>Technological innovation is a crucial part of staying ahead in today's fast-paced world. Amazon's leadership in cloud technology and AI has propelled them to new heights, creating new streams of revenue and enhancing operational efficiency.</p><p>There's a whole universe of insights to glean from the McKinsey report and Amazon's success story. I hope this article serves as a launchpad for your journey towards continual improvement in the retail industry. 🌌</p><p>What other companies inspire you with their dedication to constant improvement? Share your thoughts below, and let's keep this conversation going! 👇</p><p>Don't forget to share this article with your network, and follow me for more insights into retail, strategy, and leadership. Together, we can shape the future of retail! 💼🚀</p><p><em>Reference: <a href="https://www.mckinsey.com/capabilities/strategy-and-corporate-finance/our-insights/staying-ahead-how-the-best-ceos-continually-improve-performance" target="_new" data-mce-href="https://www.mckinsey.com/capabilities/strategy-and-corporate-finance/our-insights/staying-ahead-how-the-best-ceos-continually-improve-performance">McKinsey</a></em></p>

Learning from the Leaders: Essential Strategies for Retail Success

<p>In the ever-evolving world of retail, staying ahead of the curve is no longer just an advantage—it's a necessity. McKinsey's "The State of Organizations 2023" report has identified 10 key shifts that are transforming organizations across all sectors, including retail. Let's delve into these shifts and explore how they can be leveraged to drive retail innovation. 🌐</p><h2>1. Increasing Speed, Strengthening Resilience 🏃‍♂️</h2><p>In an era of constant change, the ability to react quickly to future shocks is crucial. Retailers need to develop strategies that allow them to anticipate and react to external shocks, reducing complexity and inefficiency.</p><h2>2. The New Balance of In-Person and Remote Work 🏢🏠</h2><p>The COVID-19 pandemic has accelerated the shift towards hybrid work models. Retailers need to provide structure and support around activities best done in person or remotely, embracing these new work models.</p><h2>3. Making Way for Applied AI 🤖</h2><p>AI is not just a buzzword—it's a tool that can drastically improve ways of working. Retailers can leverage AI to create sustainable talent pipelines and make faster, data-driven structural changes.</p><h2>4. New Rules of Attraction, Retention, and Attrition 💼</h2><p>The attitudes towards work are changing. Retailers need to tailor employee value propositions to individualized preferences, closing the gap between what today’s workers want and what companies need.</p><h2>5. Closing the Capability Chasm 🌉</h2><p>Retailers need to build institutional capabilities—an integrated set of people, processes, and technology—to achieve a competitive advantage.</p><h2>6. Walking the Talent Tightrope 🎪</h2><p>In today's uncertain economic climate, retailers need to focus more on matching top talent to the highest-value roles.</p><h2>7. Leadership that is Self-Aware and Inspiring 🎯</h2><p>Leaders need to build a keen awareness of both themselves and the operating environments around them, leading at scale, coordinating and inspiring networks of teams.</p><h2>8. Making Meaningful Progress on DEI 🌈</h2><p>Leaders should identify opportunities to make progress in their DEI initiatives, both within their organizations and in their communities and broader society.</p><h2>9. Mental Health: Investing in a Portfolio of Interventions 🧠</h2><p>Retailers should systematically address the causes of mental-health and well-being challenges, investing in comprehensive well-being programs.</p><h2>10. Efficiency Reloaded ⚡</h2><p>Retailers should focus on more effectively deploying resources to where they matter the most, boosting efficiency beyond managing immediate crises or getting the same work done with fewer resources.</p><p>Now, let's take a look at a real-life example of retail innovation that encapsulates these shifts. <a href="https://qualitance.com/blog/12-examples-inspiring-retail-innovation/" target="_new" data-mce-href="https://qualitance.com/blog/12-examples-inspiring-retail-innovation/">Nike's House of Innovation</a> is a prime example of a retailer that has embraced these shifts to create a unique and engaging customer experience. From using AI to personalize shopping experiences to investing in employee well-being, Nike is a beacon of inspiration for retailers worldwide.</p><p>As we navigate the future of retail, these 10 shifts provide a roadmap for success. By embracing these shifts, retailers can not only survive but thrive in the ever-evolving retail landscape.</p><p>What are your thoughts on these shifts? How is your organization adapting to these changes? Share your thoughts in the comments below! And if you found this article insightful, feel free to share it with your network. Stay tuned for more insights on the future of retail! 🚀</p><p>#retail #innovation #futureofretail</p>

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