Maybe the newest member of the C Suite needs to be a Theater Director
One only needs to peruse the retail headlines to see the wide ranging discussion on the importance of customer experience in retail. In IMS Retail University we make the case very bluntly: "Differentiate or Die". If it only comes down to selling at lowest price, game over. Online and the largest retailers win the price battle, and Amazon wows consumers with both service and price. So, how do you create and sustain experience consumers will value? Retailers would do well to borrow from the playbook of Disney who understands a high quality experience is all about "theater" … and requires a blend of Stage + Actors + Script.
Online knows everything about you … stores are not sure you were there
The old saying is "build it and they will come". One of the greatest challenges for retailers today is they are not exactly sure if you will come, or in fact track if you did. Traffic X Conversion = Sales. While much of the current focus on "consumer experience" has been to improve conversion performance, comparatively little has been done to track and improve store traffic. In contrast, online retailers know an amazing amount about you as a consumer, how you shop, where you went on their web site, shopping cart traffic, closed sales and how you left their online store. Most retail stores are barely able to count if someone came in.
Social media is changing the face of retail … and how retailers market
On a personal note, this is my 300th blog post for Results Count. People often ask me how I find topics to write about in retail. The simple answer is that retail is changing faster than ever before. One of the most significant changes in retail is the changing behavior of consumers, especially in how they shop and connect via social media. Two of the questions I get asked most often are: "should retailers worry about social media" and "which retailers are most engaged in social media"? Some of the retailers most engaged in social media, and most followed, may in fact surprise you as much as did me. Definitely worthy of the 300th blog post.
Tomorrow's consumers will expect a seamless omni-channel experience
In gearing up for retailing in 2013, it is interesting to read the headlines and predictions. While much has been written on the future of specific retailers or the success of ecommerce over stores, relatively little has been written about consumers. At the end of the day, the results that count are the ability to attract consumers and engage them in ways they find valuable. Indeed, fundamental changes in consumer expectations and behaviors will be the drivers that change the face of retailing. Those retailers that both adapt and innovate based on changing the consumer experience will be in the best position to thrive.
