Adaptability, flexibility are key to surviving the turbulent retail times. Uncertainty is always scary when tied to the bottom line, and on a personal level - how we make a living. This is a time of reinvention. How to, Where to, and Who will reach the consumer is the billion dollar question of our day. In this case, even the planning is unchartered territory. We know shoppers should be placed at the center of decision-making, but what does a retailer do to realize that in their brick and mortar stores?
Retail Wire's James Tenser writes more about this in his new article: Apocalypse? No. Retail Faces A Reset (April 23, 2018 issue). He writes: "What steps should retailers take to ensure a relevant, prosperous future? Mr. Schwarztrauber offered advice across several areas of business practice. Now that the era of growth by expanding store counts is over, he urged retailers to cultivate shopper communities by creating experiential environments through storytelling and focusing less on what suppliers want them to sell and more on what, where and how shoppers want to buy. With mass selling losing much of its relevance, he stressed the importance of making shoppers fell like you know their needs. "
Click here to go to the entire article and some interesting comments from the industry.
With mass selling having lost its relevance, it could result in stores offering more unique items, additional sku's necessary to customize to your shoppers wants. To optimize productivity, these unique items may not necessarily be carried by all stores. You may find that your distribution centers may not be best suited for this more customized approach. Consider outsourcing distribution to direct-to-store delivery. Learn more.
Creating experiential environments requires more experimentation. Resets and new product cut-ins will be necessary to continue to discover what shoppers want to buy. Doing this with minimal disruption is also required. We can help here also. Learn more.
Some of your reinvention will likely result in rethinking your front-end. Rather than suppliers influencing design and space allocation of products, let your shopper data do the work. Working in partnership, we help you clarify the unknowns. Learn more.
As industry insiders with decades of retail experience, we are here to ease your movement towards reinvention.