The investment areas listed in the report include mobile site. Shoppers favour mobile apps for augmented rewards and loyalty points from retailers, but view mobile sites as far more convenient. Since then, there is a good deal of evidence for the superiority of the mobile website, as well as severe app overload.
The report also suggests retailers to invest in talent. "The physical store is not in danger of disappearing any time soon. At the same time, the digital experience is all-important to consumers. Retailers need to consider both dynamics in their search for talent," it states.
One of the top issues for retailers is parlaying the enormous amount of customer data they generate into actionable insights and thus, they need to consider investing in big data insights. Investment in an Amazon.com strategy is also on the list of investment areas in the report.
Invest in the 'story', not traditional advertising, says the report. More and more of the global population is not attracted to traditional advertising— they want authentic information they can find at their fingertips: what are their friends doing, which brands are hot on social media, what is trending with their favorite influencers. The retailers are also advised to invest in more secure platforms.
Retailers also need to make investments in retaining their already loyal customers. Investing in showrooms and not the entire store network is another advice for the retailers. "While the store is not going away anytime soon, its purpose is evolving. There is compelling evidence that people want the physical experience of trying things, but aren’t that happy with aspects of the in-store customer experience," adds the report.
Authenticity of branded goods is a huge issue for retailers, particularly for products made and sold in developing markets or whose supply chains wind through developing markets. Thus, it is necessary for retailers to invest in the authenticity of branded goods. PwC report also suggests investing in healthcare offerings.
"The ten areas of investment described in this report cover a range of areas, including digital infrastructure, offline retail network, communication strategies, analytics capabilities, customer loyalty, and talent. The variety reflects the increased business complexity that retailers are facing. Since business models differ and budgets are not unlimited, the priority and urgency of the proposed investments will vary by company," concludes the report. (KD)
Fibre2Fashion News Desk – India
Textiles | On 21st Jan 2021
Vietnam's garment-textile sector has set a target of $39 billion in...
Fashion | On 21st Jan 2021
US-based Mila Fashion, part of the Design Studio Group, recently...
Retail | On 21st Jan 2021
Citi Trends, Inc, a US-based value-priced retailer of fashion...
Textile industry Head honchos
RCEP was always going to be a double-edged sword
Top executives Textile & apparel bodies
The mid-term review of FTP is progressive, growth oriented
Manfred Mentges Sedo Treepoint GmbH
We see a higher demand in colour management systems, as customers see big...
Paolo Toricella
Electronics for Imaging (EFI) is a global technology company, based in...
Iacopo Pardini
Founded in 1953, Italian engineering company Arioli Spa started...
Mark Tokuhara
Japan-based FitJoy, a shoe brand for women, has been in the footwear...
Iago Castro Asensio RCfil Distribuciones S.L.
Iago Castro Asensio, International Business Manager of RCfil...
Dave Rousse INDA
INDA, the Association of the Nonwoven Fabrics Industry, serves hundreds of ...
Silke Brand-Kirsch Schlegel und Partner
Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...
Varsha Wadhwa VW
Coming from a family that ran a business of jute and linen mills since...
Sweta Agarwal A Humming Way
A Humming Way (AHW) is inspired by the old-world regalia of Rajasthan...
Suman Nathwani Suman Nathwani
<span style="font-size: 12px;">Designer Suman Nathwani talks about her...
Press Release
Letter to Editor
RSS Feed
Search Companies
editorial@fibre2fashion.com
Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.
Subscribe today and get the latest information on Textiles, Fashion, Apparel.