The evolving Retail Experience

As of 2018 the retail experience has shifted quite vastly. The growth is not as great in the hospitality and retail industries due to the rapid change of the internet. However, retailers are making a comeback by reshaping the consumer shopping experience, to redefine and improve it, both in store and out. The new rules of retail Out with the old, and in with the new. Bordwalk helps retailers conduct millions of pounds of business. In our conversations with clients, they have been three most important trends about which you should be concerned:
  • Seamless Multi-Channel. A shopper or diners's experience is no longer linear (i.e. view an ad, visit the retail floor, compare options, make a purchase). The consumer can now choose from many digital avenues such as online retailers or delivery services such as Deliveroo. Retailers (brands in particular) must come up with a strategy - with a unified message, value proposition, and customer experience across this ecosystem.
  • The power of Mobile. New technology like smartphones and tablets are changing the way consumers surf the internet. 56% of all internet traffic (according to statista) is mobile. This is a huge amount and retailers are (or should be) taking advantage to try promote their services on the web either through adverts or rewards promotion through an app.
  • Be competitive. Most businesses know this, but the retail and hospitality industry is much more competitive now. With lots of businesses trying to bring consumers in, everyone is controlled by price in retail, however by upgrading your brand experience most people aren't controlled by price but by the experience. This works really well for Apple in store.

Retailers and the hospitality industry are being challenged in this new environment. Consider Blockbuster. In 2004, they were a £4 billion company, but they didn't adapt to the new retail experience online quickly enough. Thanks to a series of poor strategic decisions, Blockbuster went bankrupt, knocked out by companies like iTunes and Netflix.

How can retailers avoid a similar fate and adapt to consumer behaviour, strategic shifts and a changing technology landscape?

It's all about the Brand Development Strategy for the business. Businesses commonly stick with traditional brand strategies as they feel comfortable and secure in their ways. However, by doing this they underperform against their competitors leaving them to fall behind and sometimes it can be too late. By revolutionising your businesses brand experience, you can bring in new customers and with the right experience you can make them loyal customers forever!

Get in touch to find out how we can help your business stay ahead of the game in retail and the hospitality sector. We have 3 strategic experts with adjacent 40 years' experience in the hospitality and retail sectors who can help transform your brand experience for the better.

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