I had a very interesting conversation with a retailer yesterday where I learnt fist hand what’s really hindering their growth. I wanted to share my reflections.
We also discussed the future of retail and agreed on some key themes, these were:
- The future of retail must embrace experiential encounters
- The gap between the big and small is widening more than ever
- Personalisation & Tailored Shipping are the two key battlefields
- Selling on Marketplaces should be a top priority
All very exciting and important.
However the challenge I see starts much further up the line. To reach the future we first must deal with the present:
- Retailers more than ever need help to create a strategy then build a team internally or hire an agency that will help to execute that plan – not the other way round
- Retailers need to have the appetite and confidence to break the ‘herd mentality’ and make calculated risks – copying thy neighbour won’t work anymore
- Retailers must make more informed and balanced decisions with a long term view in the face of a global pandemic – where flexibility is key
My worry is that if the strategy is unclear, confidence is low and short term
s decisions are being made, the future of retail may look very different to what we would like it to be.