Steve Jobs once said, "Technology by itself doesn't make leaders. Technology only amplifies true leadership."The retail industry is evolving fast. This evolution can be mapped through changing consumer demands and, most importantly, consumer behaviour. A decade ago, we would see cities full of busy retail stores and consumers waiting for the stock, even if it took a long time.
Today, not only has consumer purchasing power become more volatile, but consumers have also become more brand conscious. It is hence important for retailers to tailor their retail management to the current consumer landscape and what motivates them and their purchasing decisions. They need to also understand how technology is making all the difference in converting tangible customer delight to revenues.
The Brick-and-mortar Retail Reset
The retail industry had its fair set of challenges during and post the pandemic. In the current economic scenario, we see retail businesses struggle with balancing product prices amid surging inflation or ensuring the right product stays at the right place when consumers most need it. Retail business owners have had to embrace digitalization and shape their business models to make them more stable and profitable.
Why it is necessary to rethink the way retailers operated in the past and how embracing technology and digital tools will add value to the business:
To reinforce consumer relationships: Understanding the categories consumers focus on and responding to their needs will help drive value for the price.
This story is from the April 2023 edition of Images Retail.
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This story is from the April 2023 edition of Images Retail.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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