An independent Raconteur publication, sponsored by JustEnough, on the Future of Retail describes how retailers need to reinvent themselves in order to survive. According to the lead article in the report, even though economies seem to be growing and moving past the downward turn of the last few years, this isn’t reflecting in the retail industry as consumers are choosing to spend more on leisure activities and experiences such as travel.
The article points out key directives that can help retailers innovate and bring customers back:
- Create more fun, experiential and social stores by incorporating cinemas, bars and other activities into the brick-and-mortar store
- Have a relentless focus on understanding and responding to the customer
- Make it a priority to seamlessly combine both the physical and digital shopping experiences
- Offer innovative products to make the most of higher margins before items are commoditized
- Expand internationally with companies like China’s Alibaba to reach new customers without opening risky new locations
Retailers are truly locked in a survival of the fittest where only those that innovate will flourish. What is your company doing in order to innovate and reinvent in order to not just survive but thrive? Tell us in the comments section. At JustEnough, one of our biggest priorities is to help guide retailers through the process of moving towards a customer-centric planning model. It’s not an easy road, but one that must be taken to move ahead in the future.
Contact us to learn more. To read the full Raconteur article for more information, click here.