Retailers need to focus more on their customers’ shopping experience, improve their organisation’s ability to act and change direction and develop a cadre of ‘digital leaders’ if they are to succeed in the future, according to a new report by Morgan Cross Consulting. The report, The New Rules Of Retailing, also highlights the forces that are shaping the industry, including the emergence of ‘omni-channel’ retailing, shoppers’ technological sophistication and the importance of ‘big data’ in understanding and responding to their shoppers’ needs.
Stuart Cross, President of Morgan Cross Consulting and the author of the report, said, “Although the basic principles of retail are still relevant, only those retailers that rise to the technological challenge of the twenty-first century, and embed a culture that embraces the creation of digital solutions, have a chance of succeeding. If they fail, they risk becoming increasingly irrelevant to shoppers.”
Cross points out the example of Sainsbury’s Brand Match as an insight into the future of shopping. “Sainsbury’s gives its shoppers a voucher at the checkout with a value that is equal to the difference in price the shopper has paid for his or her branded goods that day and the price at Asda or Tesco, if it is lower”, said Cross. “This solution requires sophisticated web and core technologies that are immediately available in-store to enhance the customer experience and shopper loyalty.”
“UK retailers have a habit of rising to the challenge, said Cross. “Retail represents one of this country’s greatest industries. But all retailers need to raise their game if they have a chance of succeeding in the future.”
About Morgan Cross Consulting
Morgan Cross Consulting helps leading companies to dramatically accelerate growth. Its clients include Boots, DFS, Dunelm, Morrisons and Nectar.
About Stuart Cross
Stuart Cross is the owner and President of Morgan Cross Consulting. His first book, The CEO’s Strategy Handbook, was published in 2011. Prior to launching his consulting business, Morgan Cross Consulting, Stuart led the strategy team at Boots the Chemists, the UK’s leading pharmacy chain.
To find out more contact Stuart by clicking here or call +44-(0)1636-526111.