Ten years ago, almost to the day, there was a major disruption in the wireless world; the iconic iPhone was introduced to the masses. Affected companies had to adapt, change, and move quickly to ride the waves from the impact of this new product/idea. We saw success and failure in response.
In a mobile-first world, retailers need to be up to date with not only the latest information but also behind-the-scenes hardware and data. This means investing in comprehensive retail management solutions that allow flexibility, adaptability, and useable data to drive business decisions and efficiency.
So, you’re a small/medium business (SMB); not selling lemonade on the corner, but not taking over multiple floors of a skyscraper. You’re somewhere between that massive gap.
When it comes to today’s shoppers, understanding consumer behavior is complex. Multiple factors affect their actions, from technology to generational/socio-economic differences, cultures, and accessibility.
Each generation’s expectations and shopping habits have been shaped and changed by technology. Smartphones, Amazon, and a changing retail industry have drastically influenced how people view the in-store experience.
Welcome to the family table where political fights are fierce and uncomfortable. Your brand and your politics, normally you could ‘just say no’ and move on. But in today’s increasingly divisive political world, it is more difficult to side-step.
Recent trends show some retailers thriving, and others filing … for bankruptcy. Though it’s easy to say ‘you need to listen to customers, diversify, follow trends, take risks, etc.” it is more difficult to begin this process with so many options.
Larger retailers are beginning to inject a lot of money and resources into complete store overhauls and community programs attributed to their brand.
There is a lot of emphasis on brick-and-mortar stores getting in tune with changes, and steps to help them better serve a changing retail environment. But what about the other way around?
The convenience of online shopping is increasingly appealing to today’s consumer. With Amazon recently announcing same-day delivery in two major cities in Canada – the pressure on brick-and-mortar retailers is stronger than ever.
Technology has changed retail and transformed customer experiences everywhere. This includes price matching, inventory and selection; plus, drone deliveries. These changes have empowered the consumer to gather information and be well equipped when walking into a store.
Today’s fast paced retail world means you need to differentiate quickly or be left behind to stronger competition. We see this with the emergence of retail giants Amazon, and closures of once powerful brands such as Danier Leather.