Average order value has increased by 25% since biotech company Illumina introduced a revamped website in February 2017, says Riccardo Caruso, associate director of e-commerce. Illumina's design priorities included site responsiveness, search simplicity and easy credit card transactions, he says.
Business-to-business suppliers are most competitive when they incorporate subjective value elements such as anxiety reduction and cultural fit, write Eric Almquist, Jamie Cleghorn and Lori Sherer of Bain & Co. "As B2B offerings become ever more commoditized, the subjective, sometimes quite personal concerns that business customers bring to the purchase process are increasingly important," they write.
Inventory departments can manage their stocks of spare parts by using Key Performance Indicators that identify stock outs, inventory accuracy and back orders, writes Robert Brieck of DPSI. Combining KPIs with computerized maintenance management software can further simplify the process, he adds.
The best servitization models incorporate collaboration, consistency, control and connectivity, writes Dick Hyatt of Decisiv. "A company committed to servitization is one that is dedicated to giving its customers maximum utility, flexibility and lifetime returns on their investment," he writes.
Manufacturers should think strategically about their monitoring goals when investing in industrial internet of things solutions, writes Alex Bakker of ISG Insights. Investing conservatively may be short-sighted because it won't yield sufficient data to determine root causes of problems, he writes.
Midmarket manufacturers should create enterprise resource planning strategies to fully benefit from the internet of things, writes David Gustovich of Oracle NetSuite. Gustovich recommends a four-step strategy-development timeline beginning with learning from floor-level, experienced employees.
Retail's future lies in a link between both digital and physical marketplaces, with success coming to brands that learn how to interplay between both, says Robert Mason, Skilken|Gold's chief financial officer. Investors and developers will need to use resources on "go" projects, not "maybe" projects, while also avoiding emotional attachment to some decisions.
Virtual reality attractions continue to make their way into malls and family entertainment centers thanks to their level of immersion and interactivity. Operator The VOID recently opened "Star Wars"-themed free-roaming attractions in London, England, and at Walt Disney Co. areas in Florida and California, and it is slated to open new locations across the globe, while Dreamscape Immersive's pop-up attraction in Los Angeles was met with strong demand.
CSW Development is moving forward with plans for a 250,000-square-foot mixed-use structure called Wolf Crossing in Georgetown, Texas. The project will include a hotel, a grocery store and restaurants.
About 57% of Costco members are also Amazon Prime members, compared to 13% five years ago, according to a survey from MoffettNathanson. "Americans appear to be buying into the concept of owning two 'shopping' memberships as the value proposition is fundamentally different," the firm wrote in a research note.