Summarising 10 key takeaways driving the billion-dollar regional retail industry forward:
> Hybrid is the way ahead:
While data is invaluable, the relevance of brick-and-mortar hasn't diminished. If anything, consumers are looking for a hybrid shopping experience choosing channels based on their needs and convenience.
› Creative use of locations is key:
Repositioning and re-purposing assets is crucial while keeping in mind local requirements, tourist footfall while also preserving heritage.
> Transaction is a by-product:
Retail spaces are increasingly becoming community-centric where people walk in to build a connection, talk, socialise while also engaging in shopping activities.
> A clear shift towards experiential retail:
From product discovery to last mile, experience sits at the heart of decision-making, leading to new partnerships being formed between brands and solutions providers.
> Technology continues to be an enabler:
But the execution of a technology platform or a solution alone doesn't necessarily guarantee success. The chances of success are high for every such tech implementation backed by strong consumer insights.
> Retention is the new acquisition:
Gone are the days of focusing only on growth and acquisition. In a highly competitive landscape where the cost of customer acquisition is quite high, retention is as crucial as acquisition.
> Storytelling steals the show:
Building an authentic narrative about the brand and its DNA is crucial to not only build a strong consumer base but also resonate with the target audience in the long-term.
> The pursuit of innovation:
This story is from the November 2023 edition of Images Retail.
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This story is from the November 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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