Wednesday, June 6, 2012

Seven strategies to beat the retail apocalypse.

Many retailers have greeted the advent of the mobile shopper with this sort of “end-is-nigh” panic. Brick and mortar retailers, reeling under the digital blows that have already pushed many of them out of business, have assumed the role of challengers.

Yes, showrooming – the customer practice of checking prices in store then buying somewhere else online – is a problem for many retailers. But showrooming shouldn’t be a show stopper. These digital shoppers are ready to buy.  Excelling at multichannel sales is today’s must-have capability, and retailers need to get better at it if they want to survive.

In the battle for the customer, however, multichannel retailers are not without strengths of their own. They have physical locations where shoppers can touch and feel products. They have real, live people who can provide the kind of in-person advice and service that’s essential to certain product sales. And they have shoppers who increasingly go both online and in-store to buy. While   overall retail sales in the US grew at an annual average of just 3 percent between 2006 and 2011, digitally-influenced in store sales grew at an average of 13 percent.

With shopping behavior changing so quickly, folks at McKinsey have identified seven ideas and thought-starters multichannel retailers should consider to remain relevant and profitable in a digital world. Read the article here

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