Intelligently adapting and innovating in retail
The retailers that are smartest about shopping tech will finish on top after the coronavirus. “Fortune Magazine, April 20, 2020”
It’s time for retailers to think smart forward about how they do business
Retailers came into the pandemic already facing an increasing number of changes in customers’ shopping habits and preferences: less foot traffic in stores, more online shopping, shopping as an experience, new kinds of delivery (and return) options and timelines, loyalty and social responsibility are a few.
How retailers are dealing with the current situation
Retailers initially looked for ways to cut costs and streamline expenses, while still focusing on the health and well-being of all involved. That meant new, safer ways to shop and purchase items, implementing contactless experiences where possible. Those were necessary first steps, but before this is all over, the industry will be forced to think smart forward about almost every aspect of how it does business, to come up with new ways to survive, operate and move ahead.
React:
First and foremost, protect your customers and workforce, as most retailers are already doing. Then take immediate actions to mitigate impact and secure the business. Some examples might be to simplify product choices/limit SKUs; optimize data to better recognize out-of-stocks, replenishment needs and product placement; and beef up online and digital options to accommodate customers
Adjust:
Any adjustment will need to be aligned to new customer behavior and a more resilient core. Recognize and accept that the customer shopping experience has changed and be prepared for it to change again. All of this will require a lighter-weight, agile business approach as retailers cope with an economic slowdown.
Innovate:
Solidify the gains (operations, cost and culture) from crisis-inspired changes and position your organization to re-emerge quickly and gain market share. Speed and safety will be key to success. Invest in your workforce and think smart forward about your marketing efforts. Find the innovation that fits into your strategic capability planning.
Who still doubted until now: Get on the e-commerce train!
Brands want to be able to continuously offer their customers products and services. And contactless trading opportunities such as Buy Online or Pick up at Store have enabled companies to keep their employees and customers safe while fulfilling orders in a different way. With our in-depth knowledge of the end-to-end customer experience (CX), we help you to think smart forward about your e-commerce activities and be ready for what the future holds.
Find out how we can help you deliver an intelligent retail experience.
Contact us today to help your organization identify the strategic challenges that will make your business and your products more resilient. And help you optimize your services to make them more attractive to your customers.