3 Retail Stories Worth Reading from the Last Week (or so)
Welcome to your weekly mélange of retail news! This is where we look at the previous week (ish) of retail news, events, and activities to hopefully enlighten your day with a story that may have fallen through the cracks.
Still Working Through It
via Financial Times —
It is important to note that retail as an industry is not going away, just being reshaped. Many traditional players are adapting to the new digital realities, and are beginning to reap the benefits from investments in their online operations.
This article provides a good sense of what is occurring in retail, comprised of many retail charts created by Credit Suisse (CS) and the Institute for International Finance. CS estimates that in 2017, approximately 8,640 retail stores w/147M Sq Ft of retailing space could close down. The US has an over capacity of retail stores and shopping malls and is being reshaped by digital consumer purchase habits. Although online is growing, brick-and-mortar is still the majority of the business.
Sorry Amazon, You Don't Get Me
via Retail Dive —
Amazon is not [so] good at understanding the customer, but [it] is great at understanding the category… Amazon is great to discover products, but today people are really looking for things that they can connect with.
The eTail East Conference took place in Boston last week. The big take-away is that there are, ‘no one-size-fits all solutions to a digital strategy’. Moreover, according to retailers, Personalization is the best way to compete with Amazon. In order to stay relevant, retailers need to produce personalized experiences for customers. They need to reach across internal silos and interact with customers the way they want to engage with a given retailer.
Walmart + Google Cuddlefest
via NY Times —
This piece makes the case that C-Suite execs need to be involved in choosing technology in order to create a seamless experience for customers – across all touch-points. The seamless customer experience is hindered by the fact that retailers are in silos, the most divisive being – brick-and-mortar and digital. Therefore, in buying solutions these two camps often address short-term pain-points. In order to win the game of retail survival, technology should be viewed as a strategic choice that is part of the larger roadmap.
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