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 Chuck Schaeffer The Future of Retail

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The Future of Retail is This ...

The common thread among all these retail strategies and enabling technologies is the customer relationship – or more specifically catering to each consumer’s preferences in order to engage, foster the relationship and achieve strategic goals such as sales, loyalty and customer lifetime value.

It's important to recognize that while each of these 7 retail strategies are often discussed individually, they are actually quite intertwined and symbiotic. For example, mobility is both a consumer strategy and a channel. Planning any individual retail strategy without consideration for the holistic customer relationship will most likely disappoint. That said, it may make business sense to get started with a single retail strategy that then leads to a stepping stone journey.

Retail Technologies

These retail strategies and supporting technologies are the business mandate for the retailer of the future; and the future is now.

Cyberspace and real space have morphed. Consumers have taken control of their purchase decisions. Retail has irreversibly changed. Retailers must adapt to these consumer driven changes or risk becoming irrelevant. Yesterday’s retail practices of products, pricing and promotion have been commoditized and irrevocably replaced by retail strategies designed to meet customers where they reside, communicate with customers where they converse and overall, satisfy their growing demands in a way that also grows revenues and profits for the retailer.

In the most recent PWC Annual Global CEO Survey, 86% of US CEOs said that advancing technologies are going to transform their businesses over the next five years. In the words of one CEO, Ken Hicks of Foot Locker, new technologies will be the "game changers in what we do and how we do it."

As stated by Forrester Research analyst Laura Ramos, "If you’re not focusing on the ultimate user, you're going to be disintermediated by someone else." She goes on to advise, "Knowing customers better, serving them better and engaging them better is going to be what creates competitive advantage in the next 20 years. The competitive advantage will come from customer relationships." End

The Future of RetailRetail LoyaltyRetail MobileRetail Social MediaOmni-Channel RetailRetail Customer ExperienceRetail MarketingRetail AnalyticsRetail Big DataRetail Store ImmersionRetail Future is This

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Comments (5) — Comments for this page are closed —

Guest steve shifley
  I agree with the need for omnichannel (we are seeing it from our consumer base) but how big are the challenges?
  Chuck Chuck Schaeffer
    It depends on the company, but the short answer is pretty big. Repeated challenges I've incurred when working with many clients include culture, organizational alignment, disparate applications, siloed data, unstructured data, data quality and budget. I've found many retailers recognize the technology barriers but seem to get blindsided by the culture and organizational alignment challenges.
    Chuck Laura Ceisly
      Omnichannel communications is the most difficult and important retail strategy. You must meet the consumer where the consumer wants to be met if you want to engage.

Guest Sig Wilson
  I believe strategy is about 10 percent of the journey to retail success. That said, it is a precursor to everything that comes after. An inaccurate or incomplete strategy will most certainly derail the subsequent execution. Once a sound strategy is in place that leaves 90% of the journey to be tackled with focused, relentless and agile execution.
    Chuck Tanner G.
      Reaching any destination requires a plan and map.

 

 

 

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Planning any individual retail strategy without consideration for the holistic customer relationship will most likely disappoint.

 

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