Credit by World Retail Congress
Retail has been speeding up for a long time. But speed is not just an internal phenomenon. The customer is captive no more: expectations, information, choice and therefore competition have exploded.
For retailers, good is no longer enough: being great achieves enviable success, but being average is punished hard. Retailers recognize change is needed: 76% of retailers believe their business model needs to fundamentally change to keep up with the pace of evolution in the industry. While the speed of change may be overwhelming, there are key ways to win.
A considered strategic positioning remains vital. When we look at the retailers that are most highly rated by consumers globally (as measured in the OC&C proposition index) – the highest overall ratings are increasingly given to retailers that have distinctive strategic positions. This is not about pursuing a one size fits all solution but deciding how you are going to win, with whom and investing strategically.
Speed will not cover up flaws or inconsistency in the underlying proposition. This is not new news... but as the world speeds up and barriers to entry fall, the challenge for retailers is to translate this clarity of focus into prioritised investment decisions that develop the dimensions that matter to your target customer.