Finding Retail Success
Fashion retailers continue to experience major disruptions in their business. Not only is the retail marketplace over-saturated and highly competitive, consumer preferences are changing, largely driven by online access and innovative technologies. Key considerations for operating a successful retail business, in today’s market, are:
Only 10-20% of sales are completed online, but close to 65% of in-person sales are influenced by digital channels. Retailers must have a comprehensive, coordinated omni-channel strategy that takes advantage of each channel’s strengths.
Consumers expect that brand’s offer a full lifestyle experience across all channels. This branded experience needs to be authentic to a brand’s core values, with the goal of encouraging an engaged community.
Retailers must be highly focused in their product and service offering. Customers highly value ease of shopping, which includes smaller store footprints, “hidden technologies” that facilitate the shopping experience and pay attention to an overall customer user experience—how they move through a store, online and onsite.
Retailers must recognize that consumers expect more one-on-one engagement that takes into consideration more diverse consumer needs and wants. Key opportunities include being more actively involved in engaging customers authentically around race, language, sizing, politics, and sustainable practices. And more and more, consumers are demanding spaces and experiences that aren’t based on a gender binary (ie. women’s and men’s departments).
It’s impossible for retail brands to be perfect, but customers expect retailers to try their best, apologize for missteps, and be transparent along the way.