Business Technology, Retail and Consumer Products
Traditional retail offered shoppers a sensory, tactile experience with elements the industry could control: product mix, price point, place, and promotion. At the center of the brick-and-mortar world was the brand.
Today, retailers are facing a challenge that’s mission- critical: losing control of their brand. The world has changed so fast, with smartphones galore and the intricacies of multiple operating systems. Devices, tablets, Internet TV: Every innovation brings change— risks and opportunities—that affect the way people do business.
For retailers, every screen reflects the challenge of getting to know the customer and providing delight. The modern customer is a moving target. With a smartphone in hand, consumers can compare the features and benefits of any product, anywhere, anytime. In this 24/7 era, they seek friends’ suggestions via social media. They get coupons, visit sites that project prices and scope out deals.
Amid all the competition for the consumer’s attention, how can retailers differentiate themselves? The consumer is looking for consistency, ease, and being treated as unique. There’s infinite potential for mobility to act as a magnet. But retailers need direction to apply technology consciously in ways that will attract customers. With a practical roadmap for action, retailers can develop a plan to build traffic.