AusBN – Woolworths (ASX: WOW) has announced plans to execute a lean retail operating model over the next three years.
The model will focus on improving customer experience as well as lowering prices and improving convenience, service and access.
Woolworths hopes that the new strategy will help it to deliver more than A$500 million in cost reductions.
Company CEO Grant O’Brien said: "Woolworths is leveraging unique data assets to drive new insights and competitive advantage not available to other retailers.
“Ultimately, that will drive our focus on the customer by making all decisions across the business, starting from the customer perspective, using data on their actual needs and behaviour, rather than surveys and state behaviour.
"Woolworths is Australia's largest domestic online retailer, and our fleet of 3,699 stores will continue to be harnessed to add new convenience and flexibility for our online customers in how they interact with us."