Retailers have chosen to pitch their tents on the beach of life where the changes of society wash onto the shore.
It is beautiful, it is exciting and it is dynamic - but these waves are relentless too. As the saying goes, the only constant is change…
There are some pressing changes that all retailers will have to consider – and the five decisions below seem to me to be the most pressing:
- Am I going to accept mobile phone payment methods? (Key word: NFC = Near Field Communications.)
- How am I going to generate an alternative revenue stream by somehow figuring out how to charge for the service/experience of a physical store visit?
- How do I make my shopping experience authentically social? (And how will I manage that with limited/existing resources, constraints and skills?)
- Which online channel(s) will I choose to supplement the bricks-and-mortar? (Not IF you are going to do it, but which one…)
- What will my pricing strategy be across multiple channels? (Consistent or differentiated – and how will my customers react to that.)
To survive, grow and prosper requires all players to deepen their knowledge about all things retail. To that end we produce an irregular newsletter that contains detailed information, multimedia, links, templates and other resources. (See this example.)
I would like to help, so what do you want to know more about? Give me one click HERE – and you will have it.
After you have done that, watch this 3-min video: The future of shopping.
PS: Back in 2000 we were discussing the likelihood of landlords charging consumers admission fees (to the centre) in lieu of charging rent to the retailers.
From memory, we thought $1 admission fee would raise the same dollars as the rent roll.
I wonder of that will happen one day? Just think how innovative you will be able to get with the retail mix – and how that would drive traffic? It may not be far-fetched after all…