Digital Transformation Glossary: P
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Strategy by which a company leverages data analysis and digital technology to deliver individualized messages and product offerings to current or prospective customers.
Personalized shopping experience
Process of creating an individualized experience including personalized offers and customized tips and suggestions to an individual customer based on his or her specific requirements.
Automated process of arranging products based on a set structure, either by category, sub-category or brand.
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Point-of-sale (POS) system
Tool used for receiving payments from customers and recording financial transactions in an electric integrated computer system or cash register.
Points-based loyalty program
Reward program offered by a company to customers who frequently make purchases.
Statistical techniques from data mining, predictive modeling and machine learning that analyze current and historical facts to make predictions about future or otherwise unknown events.
Predictive equipment maintenance
IoT sensor-based solution that allows retailers to monitor small changes in the efficiency of appliances that require frequent repairs and maintenance, and then conduct instant maintenance to avoid malfunctioning.
Tool that provides recommendations on probable outcomes and next best courses of action.
Pricing mechanism used to offer optimal prices to customers on ordered items by utilizing information gathered through the interaction between the customer and virtual assistants.
Use of mathematical analysis to determine how customers will respond to different prices for products and services through different channels, and what prices will best meet objectives such as maximizing operating profit.
Product information management (PIM)
Managing information required to market and sell products through distribution channels.