If you watch CNBC and listen to the earnings reports, you know that many retailers seem to be struggling. With store closings and malls appearing to be wastelands, it looks like brick and mortar is holding on to a thread. However, in an interesting Harvard Business Review (HBR) article, the authors point out that this may not be the whole story. According to Census Data, brick and mortar sales accounted for 92.3 percent of retail sales in Q1 of 2016 – and that is two decades after online shopping became a thing.
So what is going on with retail? The HBR article goes on to explain that in order to compete online and offline, retailers have to reinvent themselves. It is becoming increasingly clear that this is about devising retail models that work for people who are making increasing use of a growing array of Internet-connected tools to change how they search, shop and buy. Creative retailers are using the new technologies to innovate just about everything stores do from managing inventory to marketing.
At JustEnough, we help retailers reinvent themselves and guide our clients on paths to a customer-centric model. By knowing how, where and what customers are buying through advanced analytics and customer-centric merchandise planning, retailers can better understand how to frame their business to meet customer demand – online and offline.
Contact us to learn more about how we can help you gain valuable, actionable insights into your customers. To read the full HBR article, click here.