Changing Face of Retail. So we’re now reading good news about the economy, growth figures show that the services industry is propping up the economy, whereas manufacturing is still struggling.
I apply this the Retail Industry and see a differing of opinion across the sector. Mulberry’s woes are linked to a decline in the Asian market – yet I know from our current order book that they are investing heavily in a global roll-out, and would not pay much attention to the media hype.
As technology advances, we are seeing Retail evolving, and therefore must consider the impact this will have on our own business.
The importance of an “Omni-Channel” approach to engaging the consumer is something that can’t be ignored. This is about driving purchase through mediums such as smartphones, tablets, games stations etc.
Previously consumers would rely on the shopper experience to be start-finish in store. Now we are more educated and will approach the Buying process differently.
For example, I want to buy a new Television – I’ve seen advertisements for the new “Smart TV” and done some initial research online. My trip to a retailer is now just a supportive role – check out how good the HD is and also the alleged “interactivity” preached by the advertisers.
So, I’m approaching the store, prepared with enough knowledge about the product – just looking for reassurance that it’s the correct decision.
I go and see the product and after viewing it, decide that I would actually rather a different model. But rather than buying it there and then, decide to go home and research prices online prior to making my buying decision.
This example throws up a whole load of aspects to the process – and it’s not possible to evaluate them all here and now. What I’m demonstrating is that in order to complete the sale, the Brand owner and the Retailer needs to keep engagement/interest possibly outside the timescale of this store visit.
Methods such as social media and in-store interaction via Near Field Mobile technology provide modern techniques of enticement which are now imperative as standard forms of advertising are not reliable enough.
As these methods evolve – we must evolve in order to maximise POP in store. Digital started out as putting as many screens in store, and now it is a totally different deal.