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Changing consumer behaviour means the use of mobile and online channels has exploded, demanding that retailers consider the future role of their stores. Understanding how to deliver the right digital experience while driving sales, profitability and a positive in-store experience is a challenge we are helping retail clients to meet.
In the race to meet customer expectations, retailers with a traditional supply chain are at risk of over-promising and under-delivering. The mantra of right time, place, product, quantity, size and price is a promise that is harder than ever to fulfil, but more important than ever to achieve.
New trends are driving more retailers to start the insights journey. Disruptive players are becoming commonplace, changing the industry. Technology is evolving at a rapid pace, not just in the way that consumers interact, but also in the way data is collected and analysed. Consumers want experiences instead of products.
The definition of what it means to be ‘in retail’ is undergoing dramatic reinvention, lurching unevenly towards a digital future of converging sectors and services. This raises some big questions on how to engage customers and build sustainable long term loyalty. We are discovering the answers.
Success in a competitive market requires the ability to innovate around the customer proposition, make bold decisions, try something new…and have the courage not to be right first time. This requires an organisation very different from traditional structures and, even for those that have adapted, new technologies are challenging the model further still.
While the opportunities for driving a great customer experience using digital technologies are significant, so are the challenges.