A time of
extreme change in retailing means that some trends will develop and some won’t.
The difficulty in this retail revolution is finding out what will stick for
future generations and what will not be part of that future. But one thing is definately going to be a key component and of course I am talking about
online engagement.
Now before
you say “Yeah, Yeah – I’ve heard all that before”, let me explain why I think
that things have recently changed. I know there are still retailers who
say the big boys are spending far too much money on this omnichannel marketing
(provide the customer with a seamless shopping experience whether the customer
is shopping online from a desktop or mobile device, by telephone or in a bricks
and mortar store.) And the doubters point out that online retail sales still
only represent 10% of total retail sales.
But we can’t
tell that to the Amazon’s, Walmarts, and Macy’s of this world. Amazon are
continuing their immense rollout of online retailing and of course are coming
to Australia. Walmart are investing heavily in direct to consumer sales,
particularly in food, and have just reported a 60% increase in online sales.
Macys have
just appointed a new President who was previously a Senior Vice-President with
Ebay. His appointment has been described as "arguably one of the most
interesting outside additions to the entire department store space, let alone
Macy's, over the past decade.''
How far are
these big players reacting to consumers and how far are they setting the ground
rules for future retail activity? Henry Ford and Steve Jobs famously ignored
what their customers asked for and gave them something better. The big boys of
retailing are quite possibly doing the same.
And for
those QVM Market Traders who have not yet stepped online, maybe the email sent to every
trader by the QVM Marketing Department this week about how to establish a
Google Business Listing, is a good first step. Check your inbox. It is worth a read and may be "arguably one of the most important steps for traders over the past decade."
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