15 Sep, 2017
Top 10 Lessons for Retailers
1. Every decision should be customer centric. A successful business likely focuses on the consumer and puts them first
2. Include mobile commerce in your strategy in order to serve consumers where they are. Smartphones will become many customers' primary shopping tool. Retailers who don’t get this right will likely be left behind
3. Offer personalization. Not only is it valuable to the consumer, but today’s consumers typically expect it and can easily find a competitor that offers it if you don’t
4. Offer a differentiated service or product that will make consumers come back. Attracting repeat customers in a market with so many alternatives is crucial
5. Make sure your customer experience is meaningful. Use technology and data to create a differentiated experience that makes customers come back for more.
6. Look into how augmented and virtual realities can help you drive business. The first movers and fast followers may take significant share.
7. Understand how you can maximize your data. Data is only useful when turned into insight. Leading retailers can be expected to use predictive analytics to interact with and serve customers in ways we have not yet imagined.
8. Attracting new pools of talent with a variety of skills is vital for today’s fast moving market.
9. Retaining talent is as important as attracting talent. Up skilling existing employees and offering new opportunities could help to retain top talent.
10. «It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is most adaptable to change.» — Charles Darwin
Read also: Retail Future, 25 Fastest-growing Apparel Retailers in Europe, Retail and Consumer Products Trends, How do consumers shop (Part 1, Part 2), Retail and Consumer Products Trends, Five Global Retail Trends 2017, Urban World: The Global Consumers to Watch
Out project: European fashion apparel brand
Our suggestions: 20 Must-Read Books
Some strategies of raising capital: Bringing Your Company Public, Exploring Alternative Capital-Raising Strategies, Refinancing and Minority Equity as Partial Exit Strategies, 5 Alternatives To IPOs, How to Raise Capital For a Company in Financial Troubles, 7 Private Equity Strategies, Why Successful Business Owners Sell Out, The Six Types of Successful Acquisitions, Race to Become a Global Player, Refinancing and Minority Equity as Partial Exit Strategies, Guide To Equity Release Or «Cash-Out»