Key insights and trends from Retail Week 2019
The retail industry is facing a revolution, traditional business models are stalling and retailers are facing their biggest disruption in years. But with this revolution comes
Retail Week 2019 was full of insights
Biggest challenges currently facing retailers:
Retailers are currently battling their way through an abundance of challenges as a result of an evolving marketplace. Consumer demands are changing, digital technology is becoming ever more prominent and the on-going battle within the market is forcing high-street retailers to re-evaluate their strategy, and quick!
Business leaders from retailers including; Ocado, Moss Bros and Morrissons believe the biggest challenge high-street retailers face is understanding the increasingly diverse wants and needs of the modern consumer, identifying the need to evaluate and adapt their strategy to remain competitive.
Retailers are facing the same problems they always have, but they now have to cope with an array of additional pressures in the market and ultimately, retailers fall into trouble when “they sleep walk into strategy” – Debbie Hewitt from Moss Bros.
Here’s how the market heavy weights recommend facing up to these challenges:
- Learn how to fully manage and utilise the resources you have and make sure they’re operating at their full potential
- Adapt your model and the way you do business. This includes analysing and elevating your customer journey and customer touchpoints
- Always listen to your customers and ensure you understand their complex wants and needs. Consumers’ buying habits are changing and the ability to continually meet their demands will dictate retail success
Back to basics:
Trust. Retailers have to gain the trust of their customers to succeed. Nurturing customer relationships and building trust within your brand
Dixons Carphone boss, Alex Baldock said; “gaining customers’ trust is essential for retailers. Investing in colleagues is not optional, it is at the heart of why someone would walk into a store”. Front-line staff will always dictate the level of service that is delivered and building trust starts with continually delivering great customer service.
Data is equally as important as meaningful
Surviving vs. thriving in retail
“Above all else – put the customer first, otherwise you’re dead” – Kim Winser, Be Inspired
Retailers have a responsibility to think about why the customer chooses their product and their brand. What makes the customer choose to visit a specific retailers website, or to walk into their store and purchase something? Retailers’ are continually working to understand their customer journeys and how they can make it as frictionless as possible, removing any hurdles which may affect conversion and revenue.