The retail landscape is arguably more dynamic than ever before. The rapid development of digital technology, combined with fundamental changes in the way people shop, has forced the hand of the traditional brick-and-mortar retailer: Adapt or die.
Retailers no longer sell things — they sell experiences. So grocers need to leverage their food competencies and combine them with technology and showmanship to deliver an experience that shoppers can’t get anywhere else, digitally or otherwise.
Progressive Grocer tapped the insights of six industry analysts to break down the key elements of the evolving retail landscape: how to win in the face of new threats, personalized customer engagement, a world beyond channels, loyalty through differentiation, harnessing Big Data and localizing marketplace needs.
Retailers need to up their game by shaking off their reluctance to experiment with new initiatives and learning — just as innovators like Google have — that true failure is opportunity missed for fear of risk.