Long ago were the days of your grandma’s retail space. In today’s fast paced, ever changing, competitive industry, retailers have one choice – differentiate or die!
Retailers are faced with a vast amount of competitors. The competition can be steep when it comes down to price, location or selection, as there are two clear choices in that regard. Walmart is near the top of the list for product and price while Amazon takes the cake for assortment, convenience and service.
These are just a few pieces of the puzzle for traditional brick and mortar retailers. They also have to keep in mind consumers’ behavior and their changing idea of value. It’s becoming increasingly common to see consumers in the market for a new experience rather than shopping to purchase new stuff.
A unique customer experience can help achieve sustainable growth in the retail industry. Store layout, virtual ticket-taker solutions, brand recognition, real-time pricing and inventory and personal touch are just a few examples of strategies that can enhance the experience you offer and keep your customers coming back time and time again.
“You must confront reality, disrupt, adapt or be left behind. You must differentiate or die and ask yourself if you can survive disruption.”
An article by QSRweb quoted the President of Global Marketing and Innovation from Dunkin’ Donuts, John Costello, from his recent presentation at ShopTalk in Vegas. “You must confront reality, disrupt, adapt or be left behind. You must differentiate or die and ask yourself if you can survive disruption.”
Dunkin’ Donuts recently announced their plan to launch a mobile app in which customers (limited to members of their loyalty program, of course) can place their order in advance and then confirm, via the app, when they are ready to pick up their order. This app takes automatic payment, allows customers to skip the line when they pick up their items in a designated area and save their recent orders in their favorites to streamline the process even more in the future.
Costello says “If you’re doing business today like you did last week, the competition is gaining on you and if you’re doing business like you did last year you may soon be out of business.”