CECOS College London - STRA60218: Knowledge Exchange Project Report

This report analyzes a knowledge exchange project focused on Walmart's challenges in the retail sector, particularly concerning customer satisfaction and declining sales. The project investigates the potential of Omni-channel strategies and digital wallets, consulting with the Boston Consulting Group (BCG) for digital strategy. The report includes a literature review exploring Omni-channel marketing, digital wallets, and their benefits, drawing on various academic sources. The project objectives are to understand these concepts and their impact on customer satisfaction, proposing strategies for implementation. The methodology employed is qualitative research, specifically inductive reasoning. The report details project planning, resource allocation, and cost-benefit analysis. It presents research hypotheses, project rationale, and discusses project methodologies including research type, approach and data collection methods. The findings explore the benefits of Omni-channel strategies, including improved customer retention and increased sales, as well as the advantages and disadvantages of digital wallets. The report concludes with a reflection on the project's outcomes and recommendations for improving Omni-channel strategies, with a focus on enhancing customer satisfaction and business outcomes. The project also includes a cost and benefits analysis.

KNOWLEDGE EXCHANGE
PROJECT
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TABLE OF CONTENTS
INTRODUCTION............................................................................................................................3
LITERRATURE REVIEW.............................................................................................................4
PROJECT OBJECTIVES................................................................................................................6
PROJECT METHODOLOGIES.....................................................................................................7
PROJECT PLANNING AND RESOURCING PHASE...............................................................10
Project result and finding...............................................................................................................14
Evidence of activity.......................................................................................................................14
Reflection...................................................................................................................................17
CONCLUSION..............................................................................................................................18
REFERENCES..............................................................................................................................19
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INTRODUCTION
There are numerous growth and development in technology that has forced companies to
adapt to them in order to delivered qualitative services to customers. Currently with pandemic
situation of covid-19, companies in retail sector are facing issue related to connecting with
people that has resulted in decrease in sales volume of organisation. The issue in reduction in
sales has forced company to make use of more innovative technology to make customers happy
and satisfied. Walmart is recently facing issue related to reduction in sales and customers
satisfaction level which has reduced its market positioning. Therefore, the project is related to
Boston consulting group that has been founded in 1963 providing digital strategy consultancy to
companies so that they can easily achieve the end goals in best possible manner. Wal-Mart has
plan to take consultancy from Boston consulting group regarding investment Omni-channel
strategies and embracing digital wallet for enhancing customer’s satisfaction level.
This report will highlight all crucial information related to the new project will be
manage, resources will be integrate and organised so that end objectives can be attained.
Moreover, it has explained about project methodology that will be used to complete the project
or make research related to recent trends in order to take correct decision. At last it has results
and finding which justify the impact of new idea or change on business and sustainability of
plan.
PROJECT COST AND BENEFITS ANALYSIS
COST AMOUNT BENEFITS AMOUNT
Stationary cost 1000 Revenue 35000
Market research cost 2500 Increase in Market
share
12% increase in
market share
Wages and salary
expense
2000 Increase in customers
loyalty
By 15%
Technology or
software cost
4000
Miscellaneous
expenses
500
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10000 35000
LITERRATURE REVIEW
From the points of view of Miquel-Romero, Frasquet and Molla-Descals (2020), Omni
channel is also known as multi channel strategy used by company to connect with its customers
so that they are easily motivated to make purchase from specific firm as compared to others. In
another words, it is approach of marketing and sales that contribute in providing customers with
fully integrated shopping experience so that they are ready to make purchase for many years with
same firm. Moreover, customers make use of different channel to gathered necessary information
about product and services in order to finally take purchase decision for satisfaction of their
respective requirements. So, as per the author Omni- channel helps in providing seamless
experience to people.
According to Blom, Lange and Hess (2017), With development of technology and
alternative method to delivered services to customers companies are forced to adapt them in
order to retained their market share in external environment. Digital mobile wallet is one such
innovative method or software based system that contributes company in securely storing user’s
payment as well as information, passwords for easy payments. This new technology provide
customers ease and comfort in making quick purchase of products and services by making
payment online so they need not have to wait in queue for the payment. They can make payment
easily from their smart phones without much worry of loss of data and any personal information.
In addition to this, the digital wallet will also give conveniences to people to store digital
coupons and loyalty card information.
As per perspective of Ryu (2019), there are various benefits of making use of omni
channel by company as it is strategy to connect with customers through different channels. The
first and foremost benefits of adaptation to Omni channel strategy is better customers retention
rates as it helps in enhancing customer experience. Secondly, company through making use of
multi channel approach is able to delivered services to customers in real time that lead in
generating repeated sales of company. Thirdly, it can be state that organisation by making
investment in Omni channel can enhance its efficiency through comprehensive and centralised
database. Customers before making purchase of products gathered information about other
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alternation options available for satisfying their needs so that they can select the best for
fulfilment of their desired. Furthermore, another author Barwitz and Maas (2018), also illustrate
that it helps in improving collection of customer data so that company can make necessary
change in its operation and strategies to make them happy and satisfied. It also suggested that
multi channel lead in customer’s engagement with particular brand as it have flexible approach
to select particular product and services from different alternative. Finally the omni channel leads
in boosting the sales of company by attracting more and more individuals within organisation.
Therefore, all these are major benefits that are enjoyed by company through making use of Omni
channel.
According to Ameen and et.al., (2021), there are different method that could be used by
companies operating in retail sector to develop Omni channel to induce maximum number of
customers within organisation. The steps that could be used by firm to make invest in Omni
channel strategies are resolving customer’s identities, tracing customers journeys and creating a
superior Omni channel strategy and technology. Resolving customer’s identities is important
aspects in deciding specific channel that could be used to attract potential individuals in the firm.
So, on the basic of identification of customer’s preferences, requirements and needs company is
able to understand different channel to interact with target market for growth and success of firm.
The second steps is tracking customers journey such as company by tracking all touch points at
which customers connect with organisation is able to add more individuals. Different touch
points are email marketing, official website of company etc all helps in inducing people into
particular company.
Another Barwitz and Maas (2018), also support the third step that could be taken by
firm in context of Omni channel is creating superior Omni channel strategy by maintaining
balance between quality, transparency and interaction with customers through different channels.
Fourthly using different technology like computer and software will helps in delivering 24/7
hours services to customers in limited time frame.
Singh and Rajput (2019), illustrate that digital mobile wallet is shift in payment method
from traditional to modern method so that products and services can be access by individuals in
minimum time frame. In recent scenario, each and every organisation is trying to adapt to new
technology so that it can timely deliver services to range of people. Digital wallet application is
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simple way to store credit or debit card for payment through making use of Smartphone. They
have more advanced features that helps in providing seamless experienced to customers and
making they happy and satisfied.
According to Yadav and Arora, (2019), there are different advantages of digital money
wallets for an organisation such as it helps in providing better experience to customers. E-wallet
limit use of number of cards and cash carry to store in order to make purchase of specific
products and services as they can easily purchase through digital platform. This enhance
checkout journey of customers as they can easily move out of the store through making payment
without wasting much time and efforts. In addition to this digital mobile wallet have advance
security protocols that help in maintained security and privacy of information of customers so
that no harm can be caused to them in any circumstances. Therefore, it can be stated that the
digital money wallet lead customers cashless experienced of shopping.
Saxena and Chaudhary (2019), state that there are some of the disadvantages of digital
money wallet is that it is not acceptable by all of the organisation or compatible everywhere. At
the same time there are individuals that are not much aware of the way online payment can be
made which lead barrier in effective utilisation of resources. Moreover, Saviour (2019), there are
many people living in society that does not feel secure to have payment through digital
technology due to increase threat to misuse of their personal information. So, they resist to adapt
to external changes such as making use of digital wallet payment while making online shopping
staying at home.
PROJECT OBJECTIVES
RESEARCH HYPOTHESIS
This is specific, clear and testable proposition or predictive stamen of possible outcome
from scientific research based on particular population. Hypothesis helps in better study related
to particular topic. The hypothesis related to existing study is as follows:
1. What does meant by Omni channel and digital mobile wallet
2. Is Omni channel strategies and embrace in digital mobile wallet is fruitful in enhancing
customers satisfaction level?
3. What are the different strategies used by company to implement Omni channel strategy
and digital mobile wallet?
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4. What are recommendations related to improvement in Omni channel strategy for benefits
of organisation?
So, the Hypothesis is that Walmart by investing its capital in Omni channel and digital
wallet software is able to enhance customer’s satisfaction thereby retained its market share in
retail sector. As Multi channel contribute in approach diverse range of people through
different digital platform thereby increasing profitability and customer’s loyalty of the
company.
PROJECT RATIONALE
The study related to investment in Omni channel marketing strategies and digital mobile
wallet has impact on customer’s satisfaction and engagement is important because in recent
scenario companies are unable to understand customers. As well as customers have become more
demanding due to alternative options available in external environment. So, research on whether
company needs to make use of Omni channel strategy and offer digital wallet services is
significant as it helps manager in taking decision for growth and benefits of firm (Saviour, 2019).
Moreover, the study is currently required because due to covid-19 pandemic situation, sales
volume and customer’s loyalty have decreased so using multi channel and digital wallet services
will contribute in providing seamless experience to customers. Therefore, manager, senior
executive, companies operating in retail sectors, Consultancy Company and public will make use
of gathered information for different purpose.
PROJECT METHODOLOGIES
This section is about project methodologies that explained in detailed about different
method, technique that are used by scholar to complete the study related to the topic. In another
words, it specify the procedure, techniques that are used to collect, analysis and interpret
information. It has also explained about the type of data required for project, the way it will be
collected, philosophy will be used to complete the study etc (Beins, 2017). Therefore, different
method that has been used by scholar to pursue the study can be illustrated as follows:
Research type: The research is in-depth process of conducting study related to particular topic
or current issue with an motivate to get innovative idea. Research can be of two type qualitative
and quantitative which can be used by scholar to complete the project or research. Qualitative is
theoretical and make use of models, frameworks and other necessary information to explain
about the information in better ways. Qualitative study helps in in-depth insight about the
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information thereby gathering more accurate and correct detailed related to specific topic. On the
other hand quantitative is based on numerical and statistical facts and figure that involves
systematic method of collection of information (Pulido and et.al., 2018). So, the researcher has
make use of qualitative method to pursue the study as it helps in better understanding of the
attitude at the same time lead in-depth study.
Research approach: This state about two main approach of proceeding the research that is
inductive and deductive approach. Both have somewhat difference such as inductive reasoning
aims at development of theory as compared to deductive that focused on testing existing theory.
So, it can be stated that deductive is other way round but inductive move from specific to broad
generalisation. Moreover, deductive approach always starts with a existing theory thus it test the
theory and find outcome while in inductive approach no literature is available at existing topic or
no theory to test. Therefore, out of the both, researchers has make use of inductive approach to
complete the project as it is best suitable for qualitative study.
Research philosophy: This is research method that specify about research philosophy or
mindset, thinking that individuals have while collecting, analysing and interpreting necessary
information. Positivism, interpretivism and Pragamatism are three basic methods that are used by
researcher to continue the study or gathered, analysis information in better manner. Pragamatism
is Mixed of both qualitative and quantitative, while positivism is philosophy that is suitable for
quantitative, highly structured and large samples. On contrary note, Interpretavism are small
samples, helps in-depth study and suitable for qualitative method therefore scholar has make use
of it.
Data collection: This is part of research methodology that clearly explained the way data will be
gathered from different sources so that useful information can be graps. Primary and secondary
are two sources from which information can be collected and analysed further. Primary research
method is first hand information in which researchers itself gathered information, facts and
figure related to particular topic through preparing interview, questionnaires etc. On the other
hand, secondary method involves use of books and journals, article and internet to collect
information (Eckerdal and Hagström, 2017). Secondary method is much more cost and time
effective as less cost and time needs to be invest by individuals to gather, analysis and interpret
information. Therefore, secondary method has been used by scholar to study on impact of using
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omni channel and digital wallet on customer’s satisfaction. As due to covid-19, it is difficult to
conduct research through primary method.
Project stakeholder: Stakeholder are individuals that are interest in the project as they are thus
they are influenced by any decision related to the project. Such as Walmart is planning to make
use of Omni channel and provide digital wallet services to customers in order to provide them
seamless experienced. So, with this project there are various stakeholders attached such as
government, competitors, employees of Walmart, its customers and investors etc. All these
stakeholder have different roles and responsibilities in the project and are affected differently so
it manager needs to identified the way to communicate with stakeholder (Gerrike, Eckert and
Stacey, 2017). In addition to this, some stakeholder have high power and high interest while
other they not so on the basis of which manager will fulfil their respective desired.
Project timescale: This explains about actual timeframe will be needed to complete
particular task or activities so that end goals can be attained. It helps in scheduling
activities to be completed in specific time frame. Such as:
Week
1 2 3 4 5 6 7 8 9 10 11
Market
research
Setting of
Aim,
objective,
rationale
and
hypothesis
Ghantt
chart
Data
collection
Analysis
Finding
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Submit
Project limitation or risk: There are certain risks associated with the project, such as changes in
external environment may results in positive outcome. Limit amount of capital and others
resources available can also acts as limitation in completing the project as per desired. Moreover,
limited time to complete project may affect the quality of project to some extend (Beins, 2017).
Lack of communication is one of the major risks in the project as there are chances of mis-
coordination which lead in delay of project. So, all necessary steps will be incorporated to reduce
the limit and associated risk to maximum extends for better outcome and achievements of end
goals.
PROJECT PLANNING AND RESOURCING PHASE
A well-define plan provide guidance for the procurement of the necessary resources
effectively. It provides direction to the management and employees of Walmart to understand the
entire process of project implementation and assessment of the risks that are needed to mitigate
during the phases of the project (Balfe and et.al, 2017). Planning starts after the approval for the
project is been made. Each and every component require for the smooth execution of the project
i.e. costs, resources, etc. are included at this phase.
Walmart has functional-hierarchical organizational structure it provide the ability to
managers of Walmart to influence the whole organisation. Effective monitoring and control
within the organisation is achieved as communication is passed in a structured channel from top
to bottom. On the contrary this organisational structure provide very less flexibility and delay in
the communication as lower level has to convey the information to the middle level and then
passes to the top management (Ogbeibu and et.al, 2018). Approval of major changes take very
long time which increase the cost of the entire project.
For the Effective implementation of the investment proposal of Walmart into Omni
channels and digital wallet payment system various participants within and outside of Walmart
have roles and responsibilities to follow. These participants perform major activities in the
effective implementation of the desired project which is represented by the RACI chart diagram.
RACI Chart
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Functional
and key
resources
Risk
Assessment
Defining
performance
Standards
Investment
Appraisal
Execution
of Design
Monitoring and
Implementation
Project
Manager A A A A A A
Consultant C R R I C I
Marketing
Manager C C C C C C
Department
Manager R C C I I R
Team
Members I I I I R C
Finance
executive C C C R I I
Investors I I I I I I
The above Chart represent the level of involvement of the distinct stakeholders of Walmart into
the corresponding roles and responsibilities that they perform in order to completion and
effective implementation of the investment project.
The Chart provide four categories of roles that have to be perform by the participants of the
project. These actions are as follows:
Responsible: Who are the participant that is responsible for performing the actual task for the
project of investment by Walmart.
Accountable: Who are participants to the project that have the accountability for the success and
proper completion of the tasks. They are also responsible for the decision making process.
Consulted: To whom the consultation for the details and ask for the necessary information
related to performing tasks.
Informed: Who are the participants in the project that are needed to be informed for the major
update and changes in the process of project implementation.
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From the application of this RACI chart diagram the stakeholders of the Wallmart are
able to clearly define their roles and responsibilities within the project (Yu, 2020). The
representation is useful for the analysis of distinct tasks that are to be performed and
management of the project. Identification of the duties and assignment is distributed effectively
within the participants.
Organisation structure
Wallmart Company contains a hierarchical functional organisation structure that will
keep on continuing over this project. Now the company is planning to use the new channel for
allowing customers to pay all the bills online. In context to the business entity new projects do
not change or influence the existing organization structure that company is following. All
projects undertaken by the Wallmart Company are following the same structure. Every business
entity has its own structure that is finalised based on the needs and requirements of business
along with the company itself (Ludike, 2019). The present organisation structure is hierarchical
functional that indicate that business entity contain a proper hierarchy which involve multiple
position roles and also the functional structure that indicate that organisation is having multiple
department for different functional responsibilities. In context to the hierarchical functional
structure company own both hierarchy and functional areas in process to channelize the business
operations. The existing proposal is to use the online payment mode so that customers get to pay
all the bills without contacting in cash format. This practice will favour the organisation to
achieve the high level of customer satisfaction. This is also a existing requirement of business
and the present structure of company will be sufficient to match up with all requirement
associated with this practice. Company only need to include one more section for the online
payment practice.
Roles and responsibilities
The new feature of online payment will include multiple professionals carrying out
different responsibilities associated with the different operation function. There are multiple
responsibilities attached with the organisation that needs to be fulfilled in order to successfully
launch this function or feature. There are multiple roles and responsibilities attached with this
such as IT professional role, coding to successfully launch the system, e- commerce professional,
marketing expert, sales expert, management expert and many such roles and responsibilities. In
case of online payment the risk related to the cyber security also arise which also needed to deal
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