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5 Things That Have NOT Changed in Retail. By: Avi Mizrahi
Technology has changed retail.
However, the following five retail principles still hold true.
1 Customers Are Number One. Social media and mobile technology enable customers to access information freely and communicate directly with retailers and brands. Customers are in the driver's seat!
2 Merchandising Teams Power Retailers. Pre-canned reports rarely provide the insights that Category Managers need. Automate the insights discovery process for faster decision making.
3 Price Matters. Value Matters More. Pricing alone will not differentiate your business. Begin offering retail experiences that your customers value. Use data from across organizational silos to learn what customers want. Then, give it to them.
4 Supply Chain & Store Operations Are As Important As Ever. In an omni-channel world, ensuring that you have the right product available at the right place at the right time will require strong coordination and realtime information.
5 Location, Location, Location! 80-90% of retail commerce still happens in a physical store. Stores must be easy to access and navigate. Digital technology can enhance the in-store customer experience.
Despite ever-evolving technology, core retail fundamentals remain constant.
This SlideShare is based on a LinkedIn Post I wrote. To read it, click here. If you like the article, please give it a thumbs up and feel free to connect with me.