Fast adapting customers are leaving obstinate retailers in droves. Hence the headlines dominating retail news portals are about thousands of retail stores closing their doors. That’s happening because retail customers are adapting quickly and easily to the digital world of today.
Many retailers, on the other hand, aren’t keeping up with the changing buying habits of their customers. Indeed, they are ignorant at best and stubborn to keep on doing what they did for decades…
The sad result is that retail brands are disappearing. The Centre of Retail Research reports that during the first eight months of 2017, 35 companies failed in the UK, closing 1,194 stores and affecting 10,611 workers.
There may be many reasons for retailers closing down. However, it may be because the retailers fail to react to the opportunities and threats of the digitized world…
How fast adapting customers are on top of the world
Tech savvy retail customers have never had it better. It doesn’t matter whether they are shopping online or at their favourite Bricks and Mortar store. They can do either shopping effortlessly. In fact, retail customers can shop how and wherever they want in the omni-retail channel. The benefits for adapting retail customers in the omni-retail channel are:
- Omni-channel retail is customer focused. It is a powerful strategy adopted by retailers for improving customer experience, says Brad Arsenault (FithQuadrant).
- Retail customers expect the same basic brand experience across all channels. Omni-channel retail allows customers to buy from any channel.
- The fast adapting customers feel more valued. They have a seamless journey from online to offline and is more likely to return to the brand who they feel gives them a fully personalised experience.
Retail customers in the digital world expect every retailer to offer them the greatest shopping experience they’ve ever had. If retailers can’t achieve that, they’ll probably soon close their doors (if they haven’t already done so). As result thereof, retailers should change the way they’re doing business to keep up with their fast adapting customers, or perish…
How can retailers keep up with their fast adapting customers?
Start right now to change the direction of your business, a turnaround – 180 degrees. Yes, you should get out of that box (the one you’ve been hiding in for decades…), and think out of the box! More importantly, you should be the revolutionary leader (or at least appoint one). Disrupt and destroy the old culture of your business. Burn your vision and mission statements. Therefore, appoint leaders that are humble, adaptable, visionary and engaged. Let go of the rest…
Then, find out what shopping experience your customers most want. And give it to them!
Do what you have to do now! Oh, and good luck!
- Success in the Digital Age Requires Extraordinary Retail Leaders
- How successful are Retailers in the Omnichannel?