To thrive retailers need to focus on the "awe" of empowered consumers
The most disruptive force in retail today is … YOU the consumer. Armed with nothing more than a smartphone, you can compare the best hotel prices for an upcoming trip, AND see what others have to say about staying there. We can check the price of real estate in our market and what our neighbor paid in real estate taxes. One entrepreneur has been very successful in providing "power to the people". He created a string of successful companies like Expedia and Zillow based on the simple premise that today's consumers crave access to information. He has a very salient quote that: "We live in fear and awe of consumers" … it is in fact the mantra for the future of retail and survival.
Why this in important: Many retailers are still attempting to go "back to the fundamentals" of how to sell products. To thrive, retailers need to engage consumers through the power of information to help them buy personal solutions that fit them.