Retailers Need To Improve Their Game Faster

Retailers Need To Improve Their Game Faster

Magic Strategy Over the last few years there are hundreds of ideas being generated and pursued by retailers.
You only hear about a few traditional retailers that are making headway with their initiatives.
Why?
It’s not a secret formula, but it is back to basics that are winning! But you must act faster!

Stop Chasing Trends

If you are chasing trends, you are not creating any of your own.
The problem with chasing trends is that you are likely already behind the herd.
Focus on finding those niches that will at the very least give you identity.
Too many retailers are trying to match competitors, it’s the biggest mistake.
Before you start testing anything, ask where the idea originated from.
If it’s not home grown, you run the risk of making yourself a clone.
Originality and vision will always win.

Forget Customer Experience

I didn’t say stop serving and satisfying customers.
What does customer experience actually mean?
Not much, it is too general and just an overused consulting term.
Start thinking “Personalized Service Experience”
That means that you should get closer to your customer.
Department Stores and other full service retailers need to adopt this.
What does it look like?
This is all about branding!
Brand a personal service experience, develop what is meaningful to your brand.
Cell phone charging stations are nice but that it not a personal service experience.
Getting to know your customers, needs and wants on a personal level is more valuable.
You want loyalty not check marks on a score card that just says you did the following steps.

Tech Experience

Let’s start here.
If you decide to invest in an in store tech experience, make sure you own it.
Why? If it’s not proprietary, where is your competitive advantage?
There is a strong likelihood your competitor will have similar tools.
By the way tech should be viewed as a tool to enhance your service experience.
Technology in traditional retailing should not be your service experience.
It will fail for two main reasons. Technology can become redundant very quickly.
Secondly, upgrading the technology for the in store experience will cost money.
Very few will have the resources for a second go around.
Be cautious!

Bringing E commerce To Life

Have a website that makes your customer want to visit your store.
Keep upgrading and improve your online presence.
Keep my Four A’s of Retailing in mind, they are the new order of retailing.
A1 – Access: To your site and store
A2 – Affordability: Doesn’t mean a low price, it must be relative to your brand position.
A3 – Attentive: Personal Service Experience
A4 – Awareness: Build that online presence, but build a compelling story about your brand and stores.
Bringing E commerce to life, simply means that the human contact experience in the stores can takes the E commerce experience higher.

 

With excerpts from the book “The Great Transition – Emergence of Disruptive Leadership

George Minakakis is the CEO of Inception Retail Group, offering advisory services.
An experience global retail CEO with experience in Canada, USA, China, Hong Kong and Australia
Author of Last Retailer Standing -Relevant Leadership Relevant Brand
Keynote Speaker on Retail and Commercial Healthcare