Despite the best intentions and efforts of Mary Portas, retailing is rapidly changing with the rise of online shopping and the demise of the High Street. The buzzwords on everyone's lips are Omni Retailing, Mobile Retailing, "Click and Collect" and Big Data. All the while, the number of failed retailers failing is on the rise, including Comet and HMV as recent additions to the graveyard list.
The reason for this unprecedented change is simple and can be attributed, but not limited to, customers spending less in a recession, the use of multiple of new and different shopping channels and the rise of niche specialists that offer better shopping experiences - and deals!
Whilst the future may look bleak for retailers, this isn't the case!
Like never before in the history of retailing, retailers have a unique opportunity to grow their business and improve market share. The successful ones are embracing emerging technologies to create innovative business strategies that turn disadvantages (and market opportunities) into exciting competitive advantages.
Successful retailers have one thing in common - they have embraced The Three New Golden Rules of Retailing in a digital age of personalisation:
Don't be afraid to embrace new technologies
Don't hesitate to exploit Business Intelligence
Don't wait to develop an agile business
The new breed of retailer is rapidly putting distance between them and traditional retail organisations by embracing not one, not two, but all three of these new rules of engagement.
The good news is the whole industry is roughly in the same place - trying to navigate a smart way through these challenging times as quickly as possible. It's not easy, but embracing change is an imperative for survival.
To help you determine how well positioned your organisation is to survive in the digital age, why not take my Retail Health Check. It may help you answer questions about what you need to do next to gain that competitive advantage.