As part of the presentation that I am doing at the Retail Expo and Conference (13-15 Sep) I have spent a ridiculous amount of time thinking and researching the difference between online and offline retail.
There is quite a bit of hysteria from every angle you care to look, but the reality is that this can and should be treated as a normal competitive threat:
I have come up with the following 6 reasons why people buy online:
- Convenience (time)
- Control (being in control – consumers think they are not being influenced)
- Community (share other consumers’ experiences)
- Cost – (and associated price transparency and flexibility)
- Choice – (is almost unlimited)
- Curiosity (the novelty value)
If you want to join them, then those are the things you must deliver.
Whether you want to compete with your offline offer, or simply ensure your offline store prospers anyway as you go multi-channel, then the normal rules of competition apply:
MATCH ALL OF THE ABOVE, plus raise the stakes…
- Convenience (location)
- Instant Gratification
- THE H FACTOR…
And I will give away the not-so-secret, secret: the H-Factor is the Human Factor.
The key challenge (and what you will gain from attending the conference) is to understand exactly what it is (clue: it is not customer service) and how to construct your strategy to execute the H-Factor.
Easier said than done – but that is the challenge offline retailers face.
After the conference I leave for NZ to experience the RWC. I will miss a week or two blogging here, but will be sure to come back and check the comments and respond to questions or suggestions.
PS: Not too late to attend I am sure. Get your VIP invitation here, and use the codeword to extract a good discount on an already affordable rate. You can’t afford NOT to go ;-) OR CLICK BELOW