As of 2019, the retail experience has shifted quite vastly. The growth is not as significant 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 the three most important trends about which you should be concerned:
- Seamless Multi-Channel. A shopper or dinersí 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 ó 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 considerable amount and retailers are (or should be) taking advantage to try to 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 companies trying to bring consumers in, everyone is controlled by price in retail; however by upgrading your brand experience, most people arenít controlled by the price but by the experience. This works well for Apple in-store.
Forever21 Declares bankruptcy
Retailers and the hospitality industry are being challenged in this new environment. Consider Forever21. Just recently, they were a 815 store, $4 billion turnover company, but they didnít adapt to the new retail experience online quickly enough.
Thanks to a series of poor strategic decisions, Forever21 declared bankruptcy in September 2019, knocked out by companies like ASOS and Fashion Nova which embraced change.
How can retailers avoid a similar fate and adapt to consumer behaviour, strategic shifts and a changing technology landscape?
Itís 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!