Retail has always been a fast-moving sector but with the way that digital has transformed the sector over the past 20 years, winning in it has become a different game. The challengers have completely changed and so have the consumers. In this ever-changing world how does a retail company avoid being paralysed by fear and make the right decisions to succeed?
Here are 5 things Talmix consultants have said about winning in retail now.
You need to take more risks
With so much change and some companies seemingly so ahead of the curve that they appear impossible to catch, it can be tempting to put away any new ideas and keep to what you know. But Talmix retail consultant Vic disagrees; “right now I see people a bit paralysed to move - they are looking at Amazon and at low spending on the consumer side but high expectations, so my message to most people is let’s quit making excuses, and start making some changes. Get moving and not be so deer in the headlights.” Conquering the fear of taking that risky strategy further might just set you on track for a successful future.
Must get omnichannel right
One thing we here from a lot of consultants is that in retail you have to optimise all channels. The days of just having one, maintained channel to market have gone and the winners are the companies that can manage their omnichannel fluidly and seamlessly. “About every retailer, food and non-food have to get excellent at their omnichannel. The customer wants to purchase from a lot of different places, it could be their home, in their car, in a store. We need to let them purchase from wherever they want to purchase. And we need to let them get their merch however they want to get it - come in and pick it up at the door of a store or get it delivered. Getting excellent at omnichannel is imperative for all retailers right now. And most are far away from getting there.” Talmix consultant, Vic.
Fight Amazon, don’t fear it
The thing keeping most retailers awake at night is Amazon and how to combat the effect it is having on their sales. That fear is well-founded but instead of giving in to it our consultants advise that you stand up and fight it. And the best way to do that is to ensure you have a great private label. “What I see most retailers working on now, either overtly or covertly, is making sure they have a good private label, and they have got service differentiators, especially if they are a brick and mortar store. They are looking at private label as a way to combat Amazon and retailers like that. And the service differentiator is something you can’t get online. So to make sure people walking into your store get that extra special treatment that they can’t get sat behind a computer.”
Look for innovations
Where many sectors have started to come up with structured ways to create new innovations aside from their current operations, retail has lagged behind. But Talmix consultant Jonathan believes that nailing the innovation process is key to turning the dial in retail. “In many sectors there is a paucity of ideas and willingness to innovate. Those companies that do are the ones that are clearly the winners. There is too much temptation to believe that the future is unpredictable and, therefore, decisions and strategies cannot be risked. Nothing could be further from the truth - there has always been uncertainty and brave firms with relevant, insightful and creative strategies have always succeeded.”
Be open to converging
As technology and retail continue to transform the rules are broken and remade. As with other sectors retail is converging with others and reshaping into something new. One of the possibilities within this is how retailers can experiment with experience - using their physical spaces along with digital channels to produce events that have a more emotional impact upon the consumer. The way brands like Kodak have reimagined what the goals of physical retail space are provide examples of this. The boundaries of what is considered retail will continue to change and the openness to trying different concepts and partnerships is one way of staying current and winning in the long and short term.
To work with a Talmix retail consultant, speak to us today.
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