The dynamics of market demand and technology
The dynamics of market demand and technology necessitates an online presence strategy that will offer benefits to the business and customers. Creating an effective online presence strategy that will compete with technological changes often deals a challenge to businesses due to the time and the required for setup. The goal of this project is to provide a streamlined business process for e-commerce and physical stores by offering a secure and systematic system that provides online shopping platforms, stores user data, track inventory, process payments.
Two Technologies
According to Nobles, et al. (2014), big data offers businesses a tool for knowledge management that allows capture, storage, and querying of information in convenient forms that can be accessed by various employees in the organization. The information can be used in the future for creating market segments and target customers based on demographics and shopping behavior.
Wireless and mobile technologies offer customers and businesses ubiquitous access to information and business services. These technologies offer mobile convenience in e-commerce that allows the customer to order and pay for products far away from a physical store.
Business Requirements
Objectives
Integrating wireless technology, mobile computing, and big data knowledge management offers security and privacy of user data as well as easy management and processing. Strategic information will be available on-demand for both the employees and decision-makers. Big data and knowledge management offer tools to perform data processing, including searching, sorting, and analysis, which can be employed in analyzing purchase behaviors. These reports can be utilized to provide a tailored experience and improve customer satisfaction.
Project Description
The solutions require a reliable and dedicated wireless network with access points and sales equipment such as portable scanners in the physical stores. A dedicated database system will be connected to the point of sale software that will capture and store data. The system will require a trained workforce who will utilize technology and build new infrastructure.
The e-commerce platform will run via a website that will track orders and process payments. The website will be secured by Secure Socket Layer security certificate that will encrypt server-client communications and ensure the security of user data, including credit card information. The project setup is expected to increase the general productivity of the business. Improvement in customer satisfaction, the addition of online-based traffic, and sales are expected to increase revenues.
Technology Requirements
Successful implementation of the proposed solution will offer an amalgamation of e-commerce shopping, order processing and tracking, payment processing, inventory management, and customer management.
Competitors and Technology
Technology One: Wireless, mobile computing, and mobile commerce
Macy, a physical store that runs departmental retail chains, offers its customers, including adults and children, designer clothing, domestic and home products at low prices. The store launched its e-commerce platform that featured a mobile application and an aesthetic website that allow ordering and payment of goods from any location. New customers can get a 25% coupon on installing the application and signing up. This discount encourages customers to adopt the technology as well as attract them to the physical stores from where they pick their orders. The store also offers a 20% discount for pick-ups from the departmental stores, which also attracts foot traffic. These platforms offer the business tool via which they can collect information, including contacts and purchase behavior, which can be used to send sales adverts and promotions.
Technology Two: Big data and knowledge management
Nordstrom Inc. offers branded items thought its retail subsidiary, Nordstrom Rack. The retailer makes use of big data to offer excellent customer experience through a reward system that tailors services to individual customers. Customers are registered and given reward cards through which they can be identified, tracked, and their services customized based on purchase behavior (Ireland, 2017). The platform identifies members through which target customers are sent coupons based on their past purchases (Ireland, 2017). The firm also allows customers to order products that are out of stock from the nearby stores. The system offers convenient services that increase customer satisfaction and sales.
Technology Benefit
Nordstrom offers customers customized and convenient services by leveraging big data and knowledge management technologies. The user data, including brand preferences and individual tastes, are collected, sorted, and processed to be used in the reward. The individualized services create a personalized channel for communication, which improves satisfaction and encourages employees to dedicate themselves to the customer.
Technology Solutions
The scope of the project will involve setting up an online strategy that will include a shopping platform, inventory management, order, and payment processing. The project will also provide integration to the physical stores through customer records management and generating reports.
Technology One
Wireless and mobile computing technologies offer part of the technological platforms through which the system will run. These technologies will allow users to conduct e-commerce transactions, including tracking of orders. Other than customer data management, businesses can leverage these technologies to access trends in mobile commerce purchases such as traffic and trends. Employees and senior managers can access this data quickly and implement appropriate inventory processes.
Technology Two
Big data and knowledge management offer solutions to the technological requirements of a business, with the exception of reporting. These technologies can be used to predict specific outcomes by exploiting internal and external data collected from the users. The data is securely and efficiently stored for further analysis and generating reports using knowledge management technologies. Collectively, these technologies provide platforms for customization of customer services while ensuring the security of user data.
Recommendations
Technology Solution
Big data, knowledge management, wireless, and mobile computing technologies offer an amalgamation of an online strategy that leverages mobile data, which can be improved continuously improved. The implementation of these technologies offers an efficient and cost-effective technological solution in the long-term.
Overall Benefit
The proposed solution offers a platform that will influence the growth of sales in online stores as well as streamlining processes in brick-and-mortar stores. An e-commerce strategy that includes a website and mobile applications will be used to create a customer-centered process that will tailor services to customers based on their purchasing behaviors. The solutions are expected to attract repeat-purchasers and positive revers that will attract new customers. User reviews and recommendations are also a crucial model for the promotion of the business and products as well as allowing customers to send feedback.
Basic Security Considerations
The use of big data in the management of customer information poses a security risk to the company and customers. According to Nobles, et al. (2014), the use of wireless technologies for communication exposes the information to man-in-the-middle attacks and default hardware passwords which put user data at risk. Management may not invest adequately in security, thus putting the business at high risk due to the sensitivity of big data information, which includes names, credit cards, and address information.
Security Features
According to Nobles et al. (2014), organizations can take contrate actions that will protect the business against security risks and ensure recovery through risk mitigation. Implementation of risk management plans involves software and hardware solutions that act as safeguards against individual risks though monitoring and corrective measures. The threat of external attack will be safeguarded using firewalls and encryption systems that will block unwanted traffic and protect communication over the network, respectively.
User authorization and access management can be used to safeguard against internal attacks and human exploits that many leverages on employee weakness through social engineering. Access control and authorization systems implemented through the use of passwords can be used to limit employee actions in the system.
The threat of third-party leakages can be prevented by validating the service being offers and experience. The products offered by vendors will be used to implement the system hence the need for precise scrutiny. The decision matrix will be used to consider the alternative venders with the prices as well as compatibility with the strategy of the business.
Internal Safeguards
Misuse of resources by company employees is also a concern that will be considered. The use of proper and updated employee databases will help in keeping unwanted users from accessing the server.
References
Ireland, K. (n.d.). How Nordstrom Uses Technology to Manage Customers. Retrieved September 24, 2017, from http://smallbusiness.chron.com/nordstrom-uses-technology-manage-customers-32287.html
Nobles, T. L., Mattison, B. L., Matsumura, E. M. (2014). Horngren’s financial and managerial accounting (4th ed.). Upper Saddle River, NJ: Pearson Education, Inc.