We are used to witnessing change as the years go by, but the current context has drastically accelerated many processes. Two major things can be deduced: retailers need to be aware of the disruption these changes have brought into the industry and they should also be on the alert to new trends so they can ride the wave ―before they drown.
Some of the major changes to be considered are the growth of platform ecosystems, the relevance of omnichannel strategies, and consumers’ expectations towards the brands, with purpose-driven organizations being much preferred than purely commercial alternatives.
But how can retailers plan a successful future?
➜ Choosing the most suitable business model for their brand, or it can also be a hybrid alternative between two different ones.
➜ Defining the key capabilities that are needed to succeed. It is essential to consider alliances and partnerships that can also help get these capabilities.
➜ Testing the strategy to discover unmet needs, further potential or possible changes to the plan. For instance, the value chain must be reviewed to make it bulletproof.
➜ Implementing a global strategy that takes into account different plans, areas and priorities. A well organized and communicated organization will definitely have a larger impact.
It has become clear that those businesses with a clear goal tend to reap the benefits rather fast. Make sure you take into account the consumer needs, the new shopping trends and the industry expectations. The market is definitely changing —and so should your business!
