Recession: Catalyst for retail enhancement

23 Feb '10

2 min read

Retailers cannot afford to wait for the recession to end in their quest to improve sales and profitability. Necessity to change is particularly critical for store-based retailers with the world of e-commerce irreversibly changing the dynamics of store shopping.

The ease of purchasing online is simpler than making a store visit to buy a product. Store-based experience is now critical in a way it has not been for many years.

Stores need to look at how to tie in the customer, enticing them to buy on the spot rather than just look and then buy online from the alternative cheapest source, or encouraging them to buy subsequently from their own online site.

Examples of retailers who offer distinctive customer experiences must be considered in setting the in store environment.

For example; bargain (TK Maxx), entertainment (Build-a-Bear workshop, Hamleys), expertise (Apple, ELC), lifestyle (Whole foods Markets), hedonism (Godiva Chocolatier, Agent Provocateur) and design (Prada).

This is about ensuring processes are efficient, costs are minimized and hard measures are in place to ensure that the business is on track.

Assessment of the market and customer experience will identify the critical processes and highlight priority areas for improvement within the internal operations of the business.

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Fibre2fashion News Desk - India

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