In order to survive today’s “retail apocalypse,” merchants must reevaluate how they’re running their businesses. In an article posted to MyTotalRetail.com, JWU Online professor Kristen Regine, DBA, wrote that “retail dies when based solely on the concept of visiting a store for a commodity item.” In short, she says traditional retail as we know it is in danger because shoppers are no longer interested in stopping into a store for a common product they could get elsewhere. (Hello, Amazon Prime!)
In order to save the world of retail, Regine says companies would be wise to consider the three major things that shoppers in their stores look for.
“Retailers must innovate and focus on what's important to customers: ease, experience and execution,” she explained in the article. “With more shoppers migrating to online purchases, and others wishing to shop quickly and efficiently in-store, these three E’s allow retailers to meet and exceed consumer expectations, thereby positioning themselves for long-term security.”
The Three E’s
Ease: Consumers want instant gratification. In order to achieve this, retailers must continue to attract customers to their stores.
Experience: Shopping is all about the experience. For some stores, the experience plays out in real time in person. For others, the experience comes from a mix of digital and personal touches, bringing the customer the best of both worlds.
Execution: Shoppers are always in search of stores that offer customer-friendly policies and thoughtful promotions.
Learn more about these three E’s in the infographic below. Click to expand.
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For more fashion and marketing news, follow Kristen on Twitter: @KristenRegine.