Retailers: Welcome to a Brave New World – Now What?
Mobility combined with the rise of social media has ushered in a brave new world driven by the new digitally connected and empowered consumer. In today’s connected society, this new breed of consumer wants to engage with retailers at all points of service throughout their buying experience with real-time, personalized information. This accelerates pressure on retailers to deliver the right choice of products to consumers at the right place and time.
According to Aberdeen’s report titled:The Hyper-Connected Online Retail Personalization: Driving Results with a Customized Experience, a top pressure facing 42 percent of retailers who participated in Aberdeen’s survey is customer expectations regardless of channel. “Consumers are flocking to the online channel as an extension of the physical store and of the retail brand as a whole,” the report notes. “As a result, retailers must make the online experience as dynamic as possible, and personalize the experience accordingly.”
This means every dimension of the retail business must be re-designed to run with greater speed and efficiency to respond to and meet the demands of today’s consumers’ rapidly changing buying behavior. It’s imperative that retailers and manufacturers collaborate differently than they have in the past to ensure they serve their customers in the best way at the lowest cost.
The retail landscape has changed. The question is: Has your retail enterprise adapted to this new environment? To understand the gaps that exist and uncover threats to traditional retail, we teamed up with Kevin O’Marah, Senior Fellow at the Stanford Global Supply Chain Forum, to conduct industry research.
The findings were unveiled in a joint webinar, Organizing for Success with Digital Retail, which was hosted by Retail TouchPoints. To help retailers successfully drive change across their enterprise, Kevin outlined key organizational considerations:
- Understanding the big changes to retail value chain stores, supply network, merchandising and brand
- Implementing a single organizational structure for all channels
- Converging or integrating processes
- Hiring new talent to meet leadership demands
- Preparing to adopt new metrics of success
Follow the link below to download the presentation and learn more about how to navigate the changing retail landscape. To view the on demand webinar, click here.