Retail has to overcome many challenges
EVOLUTION FROM A PRODUCT
TO A SERVICE INDUSTRYThe focus of retail have shifted from solely selling physical products to offering a wider range of services to customers. This can include things like delivery services, installation, repair and maintenance, personal shopping and styling, online concierge services, and more. The goal is to provide a more comprehensive and personalized shopping experience for customers, while also differentiating the business from its competitors.
SOCIAL AND OMNICHANNEL
STRATEGYRetailers need an approach that integrates multiple sales channels and leverages social media to reach and engage customers. An omnichannel strategy aims to provide a seamless shopping experience for customers across all touchpoints, including brick-and-mortar stores, online shops, mobile apps, and social media platforms. A social strategy, on the other hand, leverages social media platforms to build brand awareness, connect with customers, and drive sales.
DIGITAL AND ENGAGING
WORKFORCERetail employees will have to be well-versed in the use of technology and able to effectively use digital tools to perform their job functions. By having a workforce that is both digital and engaging, retailers can improve their operational efficiency, enhance the customer experience, and increase employee satisfaction and retention.