To maximize the ROI of transformations, we have helped enterprises to innovate their business models, products, and services to generate breakthrough results, including revenue, profit, market share, customer acquisition & retention, and employee engagement.
To enhance the success rate of transformations, we have developed the best practices of Design Thinking and innovation management for six industries: aviation, banking, hotel, insurance, retail, and OEM.
Summary of our successful case of a retail chains:
- Industry & Background of Enterprise
- Business Challenges and Challenge Statement of Project
- Project Scope
- Transformation Strategies and Business Results
Industry:
Retail
Background of client:
One of the largest retail store chains in Hong Kong
Business Challenges:
In today’s eCommerce driven market, customers preferred purchase online instead of physical stores, especially for fast-moving consumer goods (FMCG). It caused severe customer loss, especially millenniums, and profits diminished. Over 10,000 retail stores closed-down around the world in recent years.
Challenge Statement of the Transformation Project:
How to build a highly engaged and irreplaceable community for targeted customers
Types of Transformations:
Business Model transformation and Digital transformation
Duration of Project:
12 months
Strategies for Transforming Business & Resolving Challenges
We upgraded the retail-based business to Online-to-Offline (O2O) based platform with three circles, namely: living circle, social circle, and shopping circle.
These circles enhanced the sense of belonging of the consumers and created human-centered exchanges & emotional bonding on this O2O ecosystem.
Key Performance Indicator(s) of the Project:
- Customer satisfaction rate
- Revenue
Breakthrough Business Results
The customer satisfaction rate increased to 30% and the revenue growth of the retail business was 8.5%
