Assessment 2 Business Analysis Assignment Sample

Solution Outline Innovativeness

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Walmart faced many issues influence with Amazon's on the grocery store sector. This involves the poor management of Walmart's online grocery customers to interact with personnel and request help, which results in dissatisfaction within the customers. While Amazon's expanding footprint poses a danger, Walmart's distribution network remains strong. Additionally, when compared to online businesses, multi-channel purchasing is more expensive, which affects cost effectiveness.

Issue: Poor online customer service

Solution: Improving Online Customer Service

Walmart has to improve their online customer service in order to address consumer concerns about subpar service. Utilizing the changing customer decision-making procedure is essential for giving businesses a competitive edge with Amazon.

Personalized Customer Profiles: Walmart has developed a strong system for capturing information about its customers, such as their buying tastes, dietary constraints, and past buying habits. This quantity of data is essential for providing individualized discounts and suggestions and developing a buying experience like to what Amazon offers.

AI-Powered Chatbots: Walmart may develop AI-driven chatbots to further boost efficiency and lighten the strain of support the agents (Palepu, et. al. 2020). These chatbots may respond to frequent consumer questions, assist with tracking orders, enable returns, and expedite refunds. Walmart ensures that client enquiries are quickly and consistently resolved by offering rapid help, which contributes to a smooth client experience.

Feedback Loops: Setting up a feedback system is crucial for gathering insightful data on the effectiveness of online customer care. Customers should be able to rate the level of service they get through this system, giving Walmart crucial information for ongoing development. Frequently analyzing feedback enables the identification of areas that need improvement, improving the overall experience.

Training and Up-skilling: Investment in online customer care staff training initiatives is essential to ensuring they have the expertise required to serve consumers efficiently. These training sessions must to go over dietary restrictions and proper customer service techniques in addition to product expertise.

Control Measure: Key performance indicators (KPIs) must be diligently tracked as the control measure for increasing online customer care. By adopting this procedure, Walmart is able to maintain a high standard of customer service and respond to any potential problems right away. Response time, client happiness, and resolution of problems rate are KPIs that should be regularly monitored. Response time gauges how quickly client questions are handled, guaranteeing prompt and effective service (Fan, et. al. 2020). Online shoppers' general enjoyment is measured by their level of satisfaction, which reflects their loyalty and experience. Last but not least, the issue resolution ratio gauges the way Walmart handles consumer complaints.

Issue: Distribution

Solution: Optimizing Distribution Channels

Although Walmart has already established a solid basis in distribution, it must aggressively modify its distribution strategy to remain competitive in the midst of Amazon's growth.

Micro-Fulfillment Centres: Walmart has to invest in these facilities, especially in highly populated areas. Last-mile shipments are facilitated more quickly and efficiently by these smaller distribution centers. Walmart can dramatically cut delivery times and related costs by locating these centers closer to clients, giving them an advantage when it comes of efficiency and speed.

Provide a range of delivery alternatives: To satisfy various consumer preferences, a range of options for delivery must be provided. This should incorporate kerbside pickup for convenience, immediate delivery for orders that must be filled quickly, and a subscription service delivery options for recurrent purchases.

A collaborative supply chain: Walmart should build cooperative partnerships with suppliers to streamline the supply chain and save expenses (Pantano and Pizzi, 2020). Working together with suppliers could reduce lead times, simplify the supply chain, and ultimately reduce prices. Partnerships with regional producers may be especially beneficial since they let Walmart acquire new products directly, which lowers costs and increases the range of homemade products.

Dynamic Pricing: For a business to remain competitive, dynamic pricing algorithms must be used. Based on variables like as demand, levels of inventory, and competition pricing, these algorithms are capable of making real-time price adjustments. Similar to Amazon's flexible pricing tactics, Walmart offers dynamic pricing to keep its prices competitive, increase borders, and draw in budget-conscious customers.

Control Measure: Implementing a supply chain monitoring system is a necessary component of a control measure for distribution channel optimization. This method is intended to evaluate how well Walmart's distribution networks deliver food. It monitors crucial parameters including delivery times, per-delivery costs, and client happiness (Fotheringham and Wiles, 2023). Walmart can continue to be nimble and flexible in the face of evolving market conditions by regularly analyzing these KPIs. Delivery timings offer information on the efficiency and dependability of the supply chain, allowing Walmart to ensure on-time delivery and satisfy customer demands. Cost per delivery aids in cost control, making sure the distribution procedure is always economical.

Stragetic Analysis And Implementation

Costs and timeline

These solutions aim to produce a smooth online buying experience while being competitive in distribution. They are based on the changing customer decision-making process. Existing responsibilities are given responsibility for executing and supervising these techniques even if no new jobs need to be formed. The deadlines take into consideration the complexity of each the solution and the budget estimations are supported by data and may change depending on the scope of execution (Alperen and Sertac, 2020). In order to maintain quality and efficiency, the "Control Measure (Tool)" for customer service as well as distribution networks emphasizes the significance of constant evaluation and modification.

Digital Business Theory

Improving Online Customer Service

Customer Relationship Management (CRM)

Walmart may use the "Customer Relationship Management (CRM)" theory to tackle the problem of subpar online customer support. CRM is a key idea in digital business which focuses on using technology and information to create and maintain solid relationships between customers. By collecting information on shopping habits, dietary restrictions, and past purchase histories, Walmart may apply CRM principles to develop customized customer profiles. With the use of this data, Walmart can provide customized product suggestions and savings, improving the consumer experience. CRM also emphasizes the value of in-person contacts with clients, which is consistent with the use of chatbots powered by AI and real-time chat assistance (Chai, 2023). These solutions respond quickly to client enquiries and offer quick responses while fostering confidence. Walmart can build its online connections, which are at the heart of CRM, by proactively interacting with consumers (Ngelyaratan and Soediantono, 2022). Furthermore, the CRM philosophy promotes the usage of feedback channels to compile consumer preferences and views. Walmart may collect consumer input through the use of loops of feedback, which enables ongoing development of customer service on the internet. Customer feedback is a priceless resource for improving the entire purchasing experience.

Optimizing Distribution Channels

Supply Chain Digitization

When it comes to maximizing distribution channels, the "Supply Chain Digitization" the theory is essential. In order to increase the effectiveness of supply chains, this theory places a strong emphasis on the incorporation of digital technology and solutions based on data. Walmart can significantly enhance its distribution processes by using supply chain digitization concepts. For instance, using digital technology to enable quicker and more affordable last-mile deliveries is essential when establishing micro-fulfillment centers (Atapattu, et. al. 2020). These facilities can speed up deliveries and cut costs by utilizing automation, data analysis, and robots. For the purpose of to maximize efficiency, the strategic location of these centers is in line with the principle of supply chain digitization.

Additionally, the use of digital systems that efficiently manage various ways of distribution facilitates diversification delivery possibilities. In order to offer a range of delivery alternatives, including immediate delivery and kerbside pickup, which respond to diverse consumer preferences, the use of digital technologies for route optimization and order monitoring is crucial (Sanders, et. al. 2019). Digital solutions that allow interaction and exchange of information among vendors, distributors, and retailers are beneficial to cooperative supply chain, yet another component of optimizing distribution networks. Walmart could streamline working with vendors and local businesses to acquire fresh items directly, cutting costs and improving the effectiveness of the supply network as an entire by leveraging digital platforms as well as information analytics. As a component of supply chain digitization, dynamic pricing uses algorithms to change prices based on present circumstances. For retailers to efficiently make price modifications, this approach depends on statistical analysis and digital pricing methods to assure competition within the digital market.

References

Books and Journals

• Alperen, Y. and Sertac, C., 2020. Multi objective optimization of a micro-channel heat sink through genetic algorithm. International Journal of Heat and Mass Transfer, 146, p.118847.
• Atapattu, S., Fan, R., Dharmawansa, P., Wang, G., Evans, J. and Tsiftsis, T.A., 2020. Reconfigurable intelligent surface assisted two–way communications: Performance analysis and optimization. IEEE Transactions on Communications, 68(10), pp.6552-6567.
• Fan, X., Chai, Z., Deng, N. and Dong, X., 2020. Adoption of augmented reality in online retailing and consumers’ product attitude: A cognitive perspective. Journal of Retailing and Consumer Services, 53, p.101986.
• Fotheringham, D. and Wiles, M.A., 2023. The effect of implementing chatbot customer service on stock returns: an event study analysis. Journal of the Academy of Marketing Science, 51(4), pp.802-822.
• Lee, S.M. and Lee, D., 2020. “Untact”: a new customer service strategy in the digital age. Service Business, 14(1), pp.1-22.
• Ngelyaratan, D. and Soediantono, D., 2022. Customer relationship management (CRM) and recommendation for implementation in the defense industry: a literature review. Journal of Industrial Engineering & Management Research, 3(3), pp.17-34.
• Palepu, K.G., Healy, P.M., Wright, S., Bradbury, M. and Coulton, J., 2020. Business analysis and valuation: Using financial statements. Cengage AU.
• Pantano, E. and Pizzi, G., 2020. Forecasting artificial intelligence on online customer assistance: Evidence from chatbot patents analysis. Journal of Retailing and Consumer Services, 55, p.102096.
• Pei, X.L., Guo, J.N., Wu, T.J., Zhou, W.X. and Yeh, S.P., 2020. Does the effect of customer experience on customer satisfaction create a sustainable competitive advantage? A comparative study of different shopping situations. Sustainability, 12(18), p.7436.
• Sanders, N.R., Boone, T., Ganeshan, R. and Wood, J.D., 2019. Sustainable supply chains in the age of AI and digitization: research challenges and opportunities. Journal of Business logistics, 40(3), pp.229-240.

Online

• Chai, W., 2023. Customer relationship management. Online. Available through. :<https://www.techtarget.com/searchcustomerexperience/definition/CRM-customer-relationship-management>