From supply chain issues to store capacity limits, lockdowns to increased protective measures, retailers have had to overcome a lot of obstacles in the past year.
Many have adapted well by using methods like curb-side pickup, BOPIS, and investing in digital channels like email and their website.
But many weren’t prepared beforehand and had to adapt on-the-fly.
Imagine the state of retail if retailers made a point to consistently disrupt themselves before they were disrupted by the world around them. They’d be far better equipped to tackle problems that come their way as a result.
Retailers like Nike who push the limits of in-store and online experience are the ones who were the most resilient over the crises of the past year. They came through the struggles better than those retailers who don’t make a point to disrupt themselves and push the envelope.
He also says that companies like Amazon who have very few outside pressures have to continually push themselves from within, or they’ll stagnate and the “next big thing” will come along and take them out.
Doug’s moniker as “The Retail Prophet” will come as no surprise to those who listen to this week’s episode. His 20+ years in retail give him a great deal of insight into what top brands should be doing to prepare for the future of retail.
Some of the topics discussed by James and Doug in this week’s episode of Coherent Thoughts include:
- Retail’s rapid transformation over the past year
- Why Amazon may be its own worst enemy
- How to properly build brand loyalty among your customer base
- Taking risks to personalize effectively
- Helping customers with product discovery
- Predictive vs. reinforcement-based analytics
Listen below or on your favorite podcast app. If you enjoy the episode, please leave a rating and subscribe for future podcasts.