24 Sep Blurring the boundaries: 7 keys to the future of retail
Many business experts agree some keys to confront with success the future of the retail industry. Gold Foods USA have compiled the 7 keys that Igeneris exposes, as experts in designing new Business Models, to be competitive in the industry and adapt your company to the modern distribution.
7 keys to be competitive in the industry of the future
Value
Among the 7 keys, experts start by highlighting the value beyond the price. Inevitably, there is a price war between the same business models. However, the only way to deal with competitiveness is to provide real value to your company’s product or service, as well as differentiate your business from others and make your audience feel that you are unique in the market.
Innovation
As the second key to be competitive in the industry, we have the innovation. According to experts, business should not be innovating for no reason, innovation must always be based on a real need. To do so, the first step is to understand the problem. Starting from there, your company should just find the perfect tool and technology to solve it.
Digitalization
They continue with the third key, stressing the strategies of omnichannel and digitalization. What does it mean? The industry should not be limited to the physical store as the unique point of sale to the customer. These concepts should not be a problem, “channels must be integrated together to avoid internal competition”. Digital transformation is reshaping the sector. Thus, businesses should adapt themselves to the new customers realities.
Delivery
The fourth key refers to the time of delivery of the products, which may compromise the image of the company. At the same time, experts encourage the retail sector to bring the product to customers “whenever they need it”.
Customer
In the fifth key, experts talk about customers. According to them, companies must “obtain data so that they acquire skills to launch new channels or value propositions”. Think about the customer first, then, lunch to the market what they are looking for.
Resources
Then, they point out the commitment to less intensive business models in resources, emphasizing and making people see the strengths of the company.
Digital world
Finally, to finish with these 7 keys to be competitive in the industry, experts refer to a new landscape in which the boundaries between the traditional and digital world blur. The growth of the online consumption is marking the sector. So, companies that know how to adapt to what its customers want and seek the right technology for it, will mark the different. In other words, not only the most commonly used tools, but the tools they need to use.
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