Retail: This is more than a correction...

After writing the previous post Retail Has Changed Forever, I came across Jim Crawford's account of a presentation given by Jim Stengel, former CMO of Proctor & Gamble. Mr. Stengel started by saying

This is more than a correction... this is a fundamental shift.

AA047705.jpgHe went on to identify "five ripples of opportunity:"
1. Stand for something that matters
2. Play a role in consumers' lives
3. Focus on ownership not purchase
4. Cultivate smart and savvy shoppers
5. Create joint value for retailers & brands

Read more about the five at the GREC blog.

The one that stood out to me was "focus on ownership not purchase." The customer experience shouldn't cease after the purchase. The goal is to make consumers into zealots that will "spread the word." It seems to have worked for Coach, Apple, and Zappos quite well. Providing opportunities to personalize, customize, and discuss products helps to increase loyalty.

After making a purchase at Newegg, for example, I can discuss my purchase with other consumers and get easy access to advice, recommendations, and upgrade information. Another example is getting care instructions for purchased clothing, or ideas for matching accessories.

Retailers need to continue finding ways to touch their customers outside the purchase transaction.

Comments:

Dave, thanks for finding these "gems" on the shifts in the marketplpace.
David

Posted by David Boden on May 19, 2009 at 01:15 PM CDT #

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David Dorf, Sr Director Technology Strategy for Oracle Retail, shares news and ideas about the retail industry with a focus on innovation and emerging technologies.


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