CRM Assignment - 1

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School

University of Scranton *

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512

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Marketing

Date

Feb 20, 2024

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docx

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Uploaded by AdmiralQuetzal3056

HOME DEPOT INC.: A digital transformation for customer experience. Devakalyan Adigopula Gayathri Siriki Sai Krishna Vemula Sravani Pasupuleti Analyzation of case study: Home Depot inc. case study mainly focuses on the company strategic approach to the digital transformation in retail. This helps in improving the customer shopping experience through different platforms including physical shopping, online shopping, social media and mobile apps. Through this approach Home Depot is trying to meet its goal to maintain market leadership and meet the developing demands of customers. 1. How interconnected retail experience would need to change with customer changes? The retail experience needs to be evolved to put up with the customer changes or expectations: Omnichannel Integration: Customer expectations increases with an increase in technology. Speed, flexible, convenience in shopping is what now every customer is looking for either in online or offline shopping. The shopping journey needs to be smooth across all platforms- online, in-store, mobile app shopping for product information. Observing the trend, offering customers a same day delivery or pick up would be a great flexibility for customers. Personalization: Personalization is understanding individual preferences by their shopping history. Data analytics helps in collecting and understanding the data which offers for personalized experience of an individual, behaviour, and preferences. Collecting and analysing the data would help in giving more marketing strategies. Adopting technology and Innovation: Implementation of advanced technology for home design of preview page, smart inventory management, AI chat support can significantly enhance the shopping experience. By enhancing technology shopping would be easier for customer either digitally or physically.

Understanding future customers: Customers now giving prioritization for ethical, sustainable products and digital shopping experience. This may be helpful for do- it-for-me customer based third parties, who always looks for new product for installing to give their best. To engage more customers we can conduct workshops, events, programs. 2. Differentiating Home Depot from other online retailers who not competed in market? What did Home Depot offer which its competitors did not provide, and this will a competitive advantage to Home Depot? Differentiating Home Depot from other online retailers: Wide Range of products and services : Home Depot offers a large variety of items including building materials, home improvement products, lawn and garden products, and also appliances. This is also offering installation and repair services. Customer support : Expertise advice and support is provided to DIY (Do-It- Yourself) project with highly trained personnel. With this service, customer can receive guidance on home repair and installation projects. The service expanded with offering DIY clinics, workshops, and one-on-one sessions. Interconnected Retail Strategy : Home Depot focused on becoming a best-in-class interconnected retailer, which helps in connecting physical stores with online experience. It connects with its suppliers to increase supply-chain effectively. Digital Marketing: As customers are using digital devices, digital marketing tool became more effective in targeting right customers. Home Depot realized the value of digital marketing in 2016, so the company spent around 50% of its marketing budget on digital technology. By focusing on these areas, Home Depot can maintain its competitive advantage. 3. Companies’ current business model and product & service portfolio ? Business model: Comprehensive Business Model review: Examine the strengths, weakness, opportunity, and threats (SWOT Analysis). This focuses on combining physical retail with online presence, for its wide range of products or services. This includes analysis of products and services which differentiate from competitors. With this analysis it helps to take strategic decisions. Portfolio: Product and Service portfolio analysis: Home Depot has many various portfolios, mainly highlighting unique brands, DIY project guides, Professional contract service, innovative tools. This review helps in considering areas of expansion or improvement to meet demands.

Identifying competitors, strengths and strategies gives a detailed comparison of improvement. Analyse the customer preferences such importance of online shopping, personalized experiences. Identify strategic opportunities to enhance online shopping experience, or expanding new products. 4. Approaches which would be best used to provide a quality online experience while effectively using physical store? Effective steps which help to provide a quality online experience while using physical store: Buy Online, Pick Up In-Store (BOPIS): Customer orders the products online and pick them up at a nearby store. This approach helps in eliminating store traffic, and provides the product availability immediately by eliminating shipping cost for customers. Ship from Store: Customers orders the product online and ships them to their place. This helps in reducing the delivery time and improves turnover. Curb side service: This offers a customer the convenience of curb side pickup. This allows customers to stay in their vehicles while store employees bring the order product out to them. This service is safe and convenient option for customers. Same day delivery: Delivery service offer same day delivery for online orders by contracting local deliveries. This meets customer expectations of fast delivery for urgent home projects. Virtual Reality (VR): Investing in VR technologies help customers visualize products in their own house before buying the product. This is effective idea for decreasing return rates. 5. How do we maintain the use of stores to enhance our online experience while providing excellent customer services? To enhance the online experience providing excellent customer services: Integrated technology systems: Implement technology solutions for online and in-store operations, such as inventory management systems. This ensures real time inventory visibility for both staff and customers. Cross-Training staff: Training employees to be capable in both online and in- store aspects of the business. Training includes handling customer service online inquires and knowledge about in-store services to provide consistent support.

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In-Store Pickup experience: Optimizing the in-store pickup online orders by designating specific pickup areas, dedicating staff for quick services, and utilizing mobile alerts for tracking the order. Online Returns: This allows customer to return the product in-store even if purchase is in online. Omnichannel Customer Service: Develop a customer service that enables customers to receive support through online chat, phone, email. Utilizing data analytics: Using data from both online and in-store interactions to gain insights into customer behaviour, preferences, and trends. This can help to inform marketing strategies, inventory decisions. Measuring success: Customer Satisfaction scores: Regular customer survey on their experience across all channels. Omnichannel Conversion Rates: Tracking the rate of online and in-store purchases. Inventory Turnover Rates: Monitoring how inventory is managed.

CRM Assignment - 1

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