Change and challenges in Retail 2015 are upon us

The must-win battles in 2015 that retailers must engage in

The objective is still profitable growth and securing the best ROI from the changes that we engage our company in.

Change and challenges in Retail 2015 are upon us

One fundamental thing that has not changed is: “The customer is the boss of your company” and the only one, who evidently determines your revenue – that leaves for us to design a customer experience that will deliver the relevant products and services across multiple channels in order to drive brand awareness and traffic. The key is from that point not to lose the customer and to deliver on the customer promise to convert visiting customers into buying customers, no matter where they choose to start or end their purchase.

Must-win battles

So as I reflect on some of the key takeaways and themes, we are also scoping the must-win battles that retailers must engage in 2015 – these could be:

  1. Be relevant and seamless across all channels, platforms and touchpoints and understand the customer journey as a way to keep customers on the path to purchase.
  2. Make sure that there is still a place for the physical store. However, the role is changing and can now be one or more of these – showroom, point of sale, collection point, distribution centre etc.
  3. Succeed with small data before thinking about big data – make sure to have a segmentation model in place so you know your customers’ and non-customers’ needs, behaviours, characteristics, value and potential.
  4. Make it social – the social platforms, marketplaces and rating sites (i.e. Trustpilot) are increasingly becoming part of the customer journey, and we need to engage customers in all relevant touchpoints.
  5. Be relevant with your assortment and be available to customers in store through flexible pick-up and delivery options and provide a system for easy return – linking back to your procurement, logistics and storage setup that need to ensure visibility and no unintended out-of-stock situations.
  6. Increase customer satisfaction and create fans through employee engagement – crafting a work environment that builds passion with the employees and makes the customer the centre of attention.
  7. Technology overload meets user adaptation – make sure that new solutions, i.e. web, digital and in-store solutions will enhance the customers’ ease of doing business with you and/or ensure better usage and utilisation of your employees.

Staying relevant

Adding to the above is the requirement of staying relevant – this requires being creative and innovative and continuously push for change in the context of fulfilling changing customer needs and pains.

Become and stay relevant to customers or get into non-profit work

So to sum up, the agenda is still about being able to deliver products and services seamlessly across multiple channels that are relevant and customised to the individual customer on the whole customer journey – in other words, what we now call an omni-channel business.

If you did not read our retail must-win battles 2014, then you can find it here

Stay in touch as we continue the retail journey together and examine each of the must-win battles 2015 as we see them.

Martin Lyngaa Simonsen
Martin Lyngaa Simonsen
+45 2338 0036