– Customer focus is the new mantra
– Change is here; dwelling on past practices will mean you miss the future
The world of retail is incredibly competitive, with customers becoming increasingly inundated by the various lines, styles and brands available and every retailer vying to get a substantial slice of the market pie.
Now, more than ever, retailing needs to be upfront, straightforward, relevant, functional and affordable. Customers will buy from someone they can trust, someone knowledgeable, someone who can actually deliver on what is promised.
While you may see some people rummaging through the myriad choices in the mall for individual items, most will not have the luxury of time to stay long, and they get confused. People instinctively turn to the familiar; brands and outlets that they know will give them what they want and need.
Many retailers tend to think that products and store ambiance alone set their advantage from competitors. With today’s technology, it is possible to match competitors’ products feature by feature, but what will set you apart is customer interaction. The experience economy is more about how you sell something than what you actually sell. Forget about product distinction. Today’s retail market is short on the ‘distinct experience’ – create one and you create an instant relationship with your customers.