Today’s retail market is rapidly evolving and giving way to the our entrepreneur generation. Businesses seem less focused on upsetting the supply chain and more focused on building technology. Rapidly evolving technology that efficiently handles the end-to-end shopping experience while reducing costs.
The news reports about brick and mortar retailers folding and our high street disappearing in front of our eyes. Are we transitioning into having a global high street instead? Traditional retailers like HMV, Jessops and Clintons are either gone or have one foot in the grave. While e-commerce driven retailers like Amazon, eBay and Etsy are having record sales. People are opting out of the mall experience and embracing the opportunity to buy a wider array of goods online at a lower price. From the comfort of the coach, digital marketing is becoming the norm. The only problem is navigating an exponentially expanding online catalog. “Small-box” online retailers, such as subscription box services, are able to streamline the online shopping experience for consumers in three ways: providing product specialisation, displaying a range or related products and saving the consumers’ time.
As online retailers threaten the traditional retail model, it’s clear retail stores are struggling to adapt fast enough. The market is quickly evolving and if Darwin taught us anything, adaptation is crucial for survival. If high street retailers want to stay relevant, they need to follow the model provided by online retailers.
- Invest in technology. In today’s connective and mobile world, consumers want access to your brand anywhere and at any time. It’s a must to have a mobile-friendly e-commerce website. A personal voice on social platforms like Facebook, Twitter and Pinterest shows customers that you are listening to them. One tip being make it easy for consumers to find you, be inspired, buy and interact with you.
- Develop and build relationships with customers by creating a brand philosophy they connect with. Social media is perfect for getting your brands personality across.
- Store customer data. Shopping online gives manufacturers and retailers an opportunity to strategically optimise the shopping experience. This allows retailers and manufacturers to efficiently develop better services and products.
- Add a subscription service as an extra revenue stream and to introduce loyal customers to new brands.
- Transform your physical presence into a non-pressure showroom. An experience that exhibits the story behind your brand. Ensure that customers are able to interact with your products and offer a seamless option for them to buy in store or online.
At the end of the day, profit should be the main focus and matters most for businesses; profit is the blood that pumps the life of any company. Using disruptive technology, high-demand product, and smart planning with a proven business model and you have all the key ingredients for success.