Shopping has radically altered the high street in just the past few years. So drastic the change – driven by consumers using the internet to shop for the best deal – that big traditional retailers are struggling under the financial weight of having too many stores, not enough sales.
Compounding the challenge, many retailers have not evolved their operating models to reflect the shifts in online consumption and purchasing habits. In other words, while retailers have spent on transactional point-of-sale technologies for years, they have been slower to move their businesses into the digital age centred on the needs and wants of customers. For example, according to research published in Retail Digital, 49 of the top 50 UK retailers do not have responsive website that is mobile friendly.
“The Retailer’s Survival Guide in a Digital Age of Personalisation’ is loaded with innovative ideas retail executives should consider when developing a new business model of the future centred on serving the needs and wants of customers.” Cathy Barnes, Professor of Retail Innovation, and Director of the Faraday Centre for Retail Excellence at Leeds Metropolitan University
With the retail landscape changing fast, it’s important that retailers have a clear, agile business strategy that can adapt to, and exploit, market opportunities. To ensure a sustainable competitive advantage, they must analyse customer data and utilise technology to define a customer-centric business strategy.
“The Retailer’s Survival Guide” sets out the rationale, strategy and practical steps required for retailers to prosper in a new digital age of personalisation. Readers will:
Find out which UK retailers are currently at risk of failing
Learn about the latest technologies being deployed by retailers to get closer to customers
Get useful tips and tools including a check-list assess the healthiness of your organisation
“British retailers need to do more to spark innovation within their organisation if they are to win the hearts and minds of customers. Retail chiefs need to accelerate the adoption of new technologies in order to drive through transformational strategic and operational improvements. These will deliver long-term business value including improving customer loyalty across new and existing channels – online, mobile and in-store.” Barry Moles, Consultant, Bluefin Solutions