Big Retail Execs Offer Post-Recession Tactics & Tips From NRF
The mobile space will become more important, especially with younger customers. “We also see the use of 2-D barcodes and the ability to interact online. The ability to send high-definition messaging with handheld devices will become more common — not just a phone, but a handheld computer.”
“One thing driving multichannel growth,” he continued, “is more customers telling us their time is their most precious commodity. They’re shopping or researching online and telling us that they’re finding traditional media more expensive and less effective.”
Best Buy has made a significant investment in multichannel cohesion. “Consumers can come in at any [touch]point; we’ll know where they are and they’ll know where we are, and they can transparently shop where they want to shop.”
Customer centricity starts with a “know thy customer” mantra. Consumers are smarter, accessing retailers across multiple channels, and more aware of what’s available to them. "They want solutions," she said, "not just products.”
Growth in consumer spending won’t return to its former level. “Surviving retailers will need to seek new areas for expanding their business,” she said, referring to international expansion as a prime possibility.
International expansion “is about skill, not scale. It’s not just the knowledge of how a store operates, but knowing a culture’s strength.”