BRIGHT numbers

Retailers today have 2 choices. They can either exit the sector or significantly change their business model to compete. Those who decide to continue will certainly find it challenging. However, it will be the most rewarding time for those who embrace the change and capitalise on new opportunities. The digital revolution has shifted the activity of shopping from a “go to” to a “do anytime” activity. Browsing is no longer confined to the shopping centres. Browsing is available 24/7 from any connected device. Search engines have caused the balance of power to shift from the retailer to the customer. The only thing we cannot “Google” is creativity and innovation. Traditional retailers who have acknowledged these 2 fundamental changes also understand that they can no longer apply a “business as usual” strategy. The digital world has certainly lifted the barriers to entry which has significantly increased the level of competition. However, retail fundamentals still apply. Retail is still about having the right product, at the right time and at the right price. The exciting news for all retailers is that the digital world makes it much easier to know what the customer wants, when they want it and how much they are prepared to pay for it. Retail has never been more calculated. This reduces risk and allows retailers to fail quickly and develop more targeted products and services. “Know thy customer” has always been part of the retail mantra. This is no longer an option. Retailers who do not align their business units with customer needs and wants will simply not survive. Acquiring the right resources will be critical to any retailer who is prepared for the challenges ahead. Data collection and analysis is no longer reserved for large corporations. Digital marketing is a game changer and social media is a very cost effective way to engage customers and drive retention. Developing a strong brand has never been easier.