New challenges for the retail industry
The acquisition of Whole Foods by Amazon, the purchase of La Redoute by Les Galeries Lafayette and the alliance between Auchan and Alibaba are mere examples of the deep restructuring of the retail competitive landscape in 2017 and demonstrate the increasing porosity between physical and digital networks. The store concept is being reinvented as an extension of e-commerce platforms, and part of offering a 360° omnichannel experience. Shops are becoming showrooms to which customers come to test, try, or pick-up products purchased online, or live a brand experience.
Customer knowledge at the heart of the strategy
However, the challenge remains for companies in the retail sector of identifying customers throughout the process and the various channels, so as to be able to offer products that perfectly match their requirements. Gathering knowledge about customers has been made difficult by the new European regulation on data protection (GDPR) that presents a real challenge for companies to overcome. In an age of hyper-personalization, made possible by data collection and artificial intelligence, consumers have come to expect relevant offers to be delivered at the right time as part of a seamless experience.
The transformation of customer experience
The purchasing experience is crucial for consumers and can sometimes be more important than the product itself or its price. The new consumer wants massive choice and immediate availability, without having to wait at a check-out, or deal with inconvenient deliveries. E-commerce has created new expectations for purchasing, whether it is in-store, online or by voice command, it should be simple, immediate and accessible, and yet also personal, social, and rewarding. Brand is also a crucial component, adding a sense of purpose (through its commitments), connection, emotion and uniqueness.
An innovation challenge
The advent of new technologies has attracted newcomers to the market and altered the competitive landscape in the retail sector. Traditional brands have to commit to continuous innovation in order maintain their position. Augmented reality, voice interfaces, mobile contactless payment, premium delivery services, and automation are all important features for retailers to integrate into their business model if they are to be successful. These are transforming the customer experience and impacting many of the activities within retail, such as customer relations, sales and logistics.
We help companies in the sector to put the customer at the heart of their growth strategies, supporting them in understanding new consumer requirements and behaviour, and working with them to redesign their offer and the customer experience.
- Translating the brand promise into a seamless customer experience and operational results
- Making digital your primary growth lever
- Taking advantage of the new data collection constraints
- Using data to transform your business model
- Enhancing sales performance by integrating the right technology
- Redefining your offer in a broader competitive market
We combine our set of expertise
Only a personalized combination of our expertise across a range of fields can help you to meet these difficult challenges.