Retail Strategy for 2012
By David Dorf on Dec 20, 2011
Earlier this month I reviewed my 2011 predictions and made new ones for 2012. Of course I wasn't the only one thinking about what's next for retail. RIS News published their 2012 outlook, Retail Touchpoints has their 2012 insights, and Stores has their 2012 predictions so there's no shortage of opinions. Reading these articles, its easy to pull out the major themes and they're exactly what you'd expect. I could write about each theme, but I thought it would be more fun to remove all but the buzzwords. See if you can still understand my summations...
- Mobile-- anywhere/anytime commerce, always on consumers, omni-channel, Amazon's showroom, ubiquitous access to product info, QRCodes, online inside, NFC, loyalty, empowered employees, endless aisles, tablets
- Social-- one-to-marketing, f-commerce, big data, customer analytics, psychographics, contextual offers
- Cloud-- deployment, management, access data from anywhere, lower TCO, elastic, utility pricing, security, SLAs, SaaS, outage
This shortened version of writing sure saves time! Here's the point. Now is a good time to reflect on this year and think about your strategy for next year, which had better address all three mentioned areas. I'm not saying you need to embrace all three, but you do need to have a point-of-view on how each can affect your business. As you're reviewing your strategy, here's a little advice for the new year:
Don't get caught up in the buzzwords. Look past the coolness factor and figure out how things directly impact the business. A Twitter account might increase sales, but old-fashion supply-chain management might move the needle even more. Put a little money toward innovation, and invest the rest toward improving the basics.
Skate to where the puck is going. Your strategy must not only address your customers but also your future customers. Run ideas past your teenage kids because they will soon be your customers. This is especially important for matters relating to privacy, which continues to vary greatly by generations.
Measure twice, cut once. Strategies must be based on data, not gut feelings. Execute only after you've done the necessary analysis and have metrics in place to assess results. Challenge the statistics and use multiple sources.
Food for thought. See you next year at NRF!