Retail: The reports of my death have been greatly exaggerated

Retail: The reports of my death have been greatly exaggerated

By | September 14th, 2016

A recent headline: “Out of whack weather, gluttonous inventories and changing consumer spending patterns have shouldered much of the blame for sluggish retail sales.”  Sluggish?   Well, we tend to agree with Mark Twain on this.  The reports of retail’s death are indeed greatly exaggerated.  In fact, most retailers — including some large ones — are finding plenty of growth.

According to a USA TODAY analysis for data from S&P Global Market Intelligence, “there are 13 retailers in including Dollar Tree, Ascena Retail and online players such as Amazon and Netflix, that have posted 15% or greater revenue growth over the past 12 months.” This group is also expected to post revenue growth in the current calendar year.  Experience tells us that the nation’s largest retailers have collectively held their top spots thanks to one common denominator: rethinking merchandise offerings while enhancing their omni-channel efforts.  

The largest retail chains in the U.S. are taking notice—throwing time and money into omnichannel capabilities and strategies that more closely link their stores with the web.  For example, veteran retailer, J.C. Penney just unveiled a plan to drive profit and accelerate growth focusing on omni-channel initiatives. In a presentation at its 2016 analyst meeting, J.C. Penney said it is “seeking to boost its e-commerce and omnichannel experience, starting with a newly redesigned app that enables customers to locate items, apply coupons and access their JCPenney Rewards more easily.”

J.C. Penney recognizes that the consumer is king and today’s consumers move from channel to channel using multiple devices. Consumers have different relationships with different brands at different times and find and buy from brands they know and trust. Earning consumer trust  has become more difficult than ever and ultimately, it’s the forward-thinking retailers who embrace this ongoing shift.

Retailers’ overall omni-channel customer experience is improved by providing customers, no matter how they shop, with accurate and complete product data such as rich marketing info or videos that motivate the customer to hit “buy.”  Even more evidence  is coined around the term by Google’s ‘micro-moment’ occasions. Micro-moments are when consumers reflexively turn to their device (likely their smartphone) to act on a need to learn something, do something, discover something, watch something or more importantly –  buy something. And those are intent and content-rich moments when decisions are made and consumers click BUY NOW.

Learn more about how 1WorldSync is helping retailers (and brands) worldwide keep retail thriving by enabling and powering a consistent Omni-channel experience.