Retail Yoga: Restore Balance

Retail Yoga: Restore Balance
January 8, 2016 Revionics

2016 Outlook: Revionics Predicts what will Make, or Break Retailers for 2016 & Beyond

The democratization of data has caused a dramatic shift in power from the retailer to the consumer.  2016 must be the year that retailers restore balance. Those that do will win at the registers and in the hearts of consumers as well.  Those that do not, well…

Customers today spend a large majority of the purchase decision time on-line.  They are reading reviews of products, learning about features, and constantly comparing prices.   With so much information at their fingertips it would be irresponsible for them not to.Their activities are no secret and clearly are having a massive impact on retailers’ bottom lines.  So the question remains: why are so few retailers doing something about it?

The answer is simple.  Retailers have not yet recognized that the tactics they used in the time before computers (BC – that is what BC stands for, correct?) are still relevant today, except with a digital twist.

Years ago there was no way to know what your competitors had or what they were priced at—unless you visited their stores.   That has not changed.  Except that today you visit their website and can gather prices cheaper, faster, and more accurately, with tools that aggregate real-time online competitive intelligence.

By pulling in all relevant online product and price information these tools allow you to make more responsive and precise pricingpromotion, and assortment decisions.  As your customers engage with different websites, comparing prices and offerings, you do the same to ensure that you are positioning yourself in the best way possible.  You can minimize the risk of losing revenue or profit by being priced too high or too low.

Retail Outlook–Ensure Best Possible Customer Experience

In order to win in 2016 and beyond you must think and act like a customer.  That means you need to use all the tools at your disposal to ensure the best possible customer experience.   With so much information at your fingertips it would be irresponsible not to. Like a good yoga instructor, these tools can help you enhance your strength, flexibility and balance – and give you peace of mind among increasingly noisy markets.

To learn more about how Revionics can help your restore balance contact us at info@revionics.com.