Rethinking Retail: The Customer is the Only Channel
A convergence of macro forces is reshaping retail. The traditional “Path-to-Purchase” is dead, and shoppers and retailers are in an engagement continuum. This engagement continuum is non-linear, discontinuous and multi-dimensional. Retailers need to rethink retail for excellence in this age of the engagement continuum. This industry brief presents a framework for retailers to accelerate their evolution from channel-centric to customer-centric strategy and operations.
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As consumers continue to reshape their expectations,
enterprises must contend with a uniquely challenging landscape.
The consumer technology landscape is forever changing.
From Pinterest to TikTok, WeChat to Instagram, new experiences can rapidly gain consumer adoption and relevance.
From augmented reality to voice, smartwatches to chatbots, consumers are constantly embracing new interaction paradigms.
Commoditized convenience is eroding loyalty and margin.
Consumers expect convenience. If you can't deliver it, they'll go elsewhere - e.g. next day shipping becoming the new standard.
Walmart will reportedly lose USD 1 billion on eCommerce revenue of USD 21 billion this year as it faces challenges in its bid to complete against Amazon – from trouble integrating its DNVB acquisitions to impact on margin from its next-day delivery operations.
Consumers value experiences that are curated to fit their lives better.
They want to engage, be served, and transact at their time, their pace, their place. They have little patience, infinite choice and the freedom to swipe left at the slightest hint of friction.