As retail evolves from more than just selling a product to a customer, it’s worth thinking about what exactly customers are looking for from the sector.
Retail changed when customers could compare prices in an instant and buy what they wanted at the click of a button. No longer can retail businesses rely on selling a great product at the best price because this can be undercut in a flash, leading to a price-matching war where no one wins.
Modern retail is about trying something new, it’s about knowing what your customer wants before they know, and packaging the product with an experience that wows.
So what is the point of retail? Here are some ideas:
- To sell – having products that go above your customers’ expectations is a must.
- To entertain – transactions can be facilitated on Amazon, so what can you provide that can’t be replicated online? Customer service, personalisation, in-store experiences, weekend trips for loyal customers, product trials, and customer-led marketing are just a few examples that could set you apart from he competition
- To inspire – customers love recommendations and inspiration to inform their next purchase, so what can you do to provide this level of service? Clickable style guides and brand partnerships are excellent ways to drive engagement, online traffic and footfall.
- To teach – customer service is perhaps the most important part of any retail business, but if you want to up-level this area, consider hosting events and webinars to teach customers about your niche.
- Immersion and escapism – again, if a customer wants to buy something quickly, they can go online, but what builds brand loyalty is personal connection, so how can you best connect with your customers? What are they looking for beyond the products that you sell that you could provide so they stay a little longer?
- To create an impact – making a difference will leave a lasting impression. How can you do this via the products you sell and the experience you provide?
What can you do today to innovate?
Do you need help to innovate? Is your business facing challenges?
Whichever area you’re looking to shake up, I can help you build your ideas in to your business in a way that makes operational sense.
Here’s how:
- Sign up to my FREE weekly newsletter “In The Loop” and I’ll send you practical strategy advice (no fluff here), case studies, and all the resources you need to know about to keep your business ahead of the competition.
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- Sign up to my Strategy Intensive and I’ll help you create a business strategy that captures your goals and turns them in to an actionable strategy that will give you the confidence and clarity to move forward with ease.
- Contact me for other services including competitor analysis and market research.
Timing matters, so don’t take your eye off the ball.
“Let’s collaborate, I’d love to help you innovate.”