SOME OF THE CHALLENGES AS A RETAILER THAT YOU HAVE TO OVERCOME IN ORDER TO SUCCEED AND GROW
Over the year’s major department stores and large retailers enjoyed uninterrupted success and growth.
But with the emergence of new types of retailing entering the arena that is continuously evolving at a tremendous pace has challenged the traditional department stores and retailers in many ways who thought nothing will challenge their supremacy and were adamant that they don’t need to evolve.
Many who did not evolve and adapt with the changing industry trends have perished or are struggling to stay in competition.
WHAT TO DO
The sooner you accept this reality the better it will be for the short as well long run and others changes will be easier to adapt along the way.
Remember change is inevitable.
The nature of innovation is that it is disruptive, unpredictable and fast.
When innovation is combined with consumer taste, latest market trends, it gives a chance to new entrants in the market who not only deliver better offers than the existing ones but also in a stronger and well suited position in the new changing market.
The retail landscape is full of many small and big retailers, the ones that do not change soon enough with the changing market trends are at a loss.
WHAT TO DO
You need relevant new business strategies to tackle this trend and new entrants as your older strategies are obsolete now and if you keep relying on them to deliver fresh results than you are bound to fail. The best way to overcome this shift is to reposition and re-tool your retail strategy regularly with the changing trends in the market.
First you need to understand that distribution channels are not what they used to be as today the consumer is in control and influence the distribution channel in terms of:
All this has put extra pressure on retailers to relocate on massive proportions and make changes in distribution channels.
The consumer has the ability to choose the retailers and brands that they prefer with the option and wide array of information available to them through Internet.
If a consumer is unhappy or unsatisfied with a retailer or brand they can shift to another in an instant.
Therefore maintaining customer trust and loyalty has become harder than ever. But at the same time it has also become of vital importance for the success and growth of the brand and retailers.
WHAT TO DO
The brands and retailers that adapt to the evolving consumer taste by investing in understanding the consumer shopping trends and ability to influence consumer-shopping habits will be successful and survive this change.
Many industries and organisation around the globe adapt to innovation and technological advances over the years that makes them more relevant with the changing times and trends but also make them more efficient in many ways.
But where innovation and technological advances provide benefits it can be a downfall for the businesses that fear it or are less adaptive to it.
Businesses that do not adapt to these technological changes are either left out of the competition or will perish with time.
Today traditional retail business models are not enough for your survival and growth.
WHAT TO DO
If you want to be a successful retailer today to survive this technological revolution then you have to fully accept and adapt to The Internet Of Things (IOT) in retail industry including utilizing different mobile platforms, in store smart sensors, smart shopping agents, social networks and consumer shopping behaviors to your advantage for success and growth that will take your brand to a new level.