In the age of Amazon, there’s one question we hear all the time: is the omnichannel environment killing the physical store? It’s true that many traditional retailers are failing, with physical stores closing in significant numbers. But, it’s also true that some retailers are alive and flourishing. The winners in avoiding the potential retail apocalypse are following one simple rule: evolve or die!
We recently shared with Total Retail, 3 key strategies that retailers are currently using to survive and thrive: price, convenience and experience.
From the article:
“Each of these strategies offers new channels and ways to connect with customers. And with each comes an opportunity, but also a different mix of customer expectations that must be met. With new channels also come new internal teams and new partners that will be responsible for delivering your brand experience, which mean new quality control and customer service efforts need to be in place. The question is: How do you know which model is best?
The first step is to know who you are. Ask yourself, what does your brand represent and how can that representation manifest itself through all of the channels available to you? Keep in mind that this isn’t a one-size-fits-all approach. You must deliver on customer expectations through each channel in a way that’s appropriate for that channel. Many different paths will be available to you, but you should focus on the mix that aligns with your brand and keeps you coming back to who you are as a company.”
To read the full article in Total Retail, click here.
To see the results of our recent NY retail experience study, click here.