The Retailer Spring Edition 2022
SPR I NG 202 2
retail EXECUTIVES ARE PRIORITISING SUPPLY CHAIN issues and the ability to stay relevantwith technology
Whilst coming to terms with the idea of losing power is difficult, retailers should realise that this is an opportunity to build an intimate and lasting relationship with their customer and grow in a sustainable manner.”
Q: In general, what is your top business concern?
S upply chain issues Ability to remain relevant with the pace of changing technology Ability to meet customer requirements Inability to meet customer requirements Not meeting growth targets/ business goals Environmental sustainability/ responding to the impacts of climate change Health, wellness and safety of employees Health, wellness, and safety of customers
Consider this yourwake-up call to the consumer revolution.Whilst coming to terms with the idea of losing power is difficult, retailers should realise that this is an opportunity to build an intimate and lasting relationship with their customer and grow in a sustainable manner. The question is, how do you begin to understand your customer? There are six Cs that are the essential elements defining companies’ relationships with their customers: cost, convenience, category expertise, customisation, curation, and community. The six Cs distill the nature of a company’s relationship with their customer. By reviewing current attributes, competitive differentiation, and what their customer values most, companies can develop their own recipe with the right blend of Cs that are most relevant to their customers. This may involve decon structing every aspect of operations, but there is a high value attached, as it will reveal the areas to focus investment, resources, and energies in order to maximise the customer relationships. To build a long and lasting relationship, retailers must act now and fully understand how their organisation is seen through the lens of the customer, and prioritise this over all else. Matt Clark is the head of EMEA retail, and Joel Bines is the global co-head of retail at consulting firm AlixPartners. Bines is also the author of The Metail Economy: 6 Strategies for Transforming Your Business to Thrive in the Me-Centric Consumer Revolution.
Souce: AlixPartners Disruption Index Survery of 300 retail executives
Joel Bines email@example.com
Matt Clark firstname.lastname@example.org
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