Brick 'n' Mortar Retail: Goin' the 'Way of the Buffalo'
Technology brings change, and change can be good, but who isn't a little sad about the retail, brick 'n' mortar stores falling like snowflakes? I'm going to make a claim about this that might be a tad controversial: Much of these closures can be prevented. Many organizations --- not simply retail --- get stuck in the rut of sticking to reports that answer the same business model questions, which forces them in reactive mode to the outside forces within the general economy, markets, and shifts in technology (e.g.: in this context, online shopping). However, even putting aside a hybrid, online/brick 'n' mortar business model, retailers could emphasize on what makes them (potentially) stand out. They should treat the online market as a competitor, even if with their own hybrid approach. Business Intelligence can provide indications as to a broader scope of trends in order to scope out that best approach, and apply it to their marketing, advertising, and everything and everyone else in and around their stores. Customer satisfaction is not merely based on a linear scale but must be weighed in tandem with expectations. Build greater expectations outside of the competition, set campaigns to how you present and do business, not just advertising and marketing, and your business becomes a singular experience that builds expectations and fulfills them in a way that singles your company apart from competitors and the online experience. Business Intelligence with predictive analytics that indicates when new questions could and should be asked helps to drive those decisions that help your organization stay both resilient and ahead of the market curve.
Thoughts?