Retail Execs on Shifting Consumer Behaviors and Putting Customers at the Center
Retailers are feeling the squeeze amidst economic headwinds, shifting customer loyalty patterns, pressure to pay higher wages, and more. How are they staying afloat? At our sister brand Women in Retail Leadership Circle's On the Road Columbus event last month, four panelists discussed the business strategies they’ve implemented that have helped propel their companies forward in a less-than-ideal environment.
The session, moderated by Susie Kuhn, Foot Locker's former president who was responsible for overseeing Europe, Middle East and Africa, as well as general manager of Foot Locker Europe, is one of many panels Women in Retail will be hosting during its On the Road event series this fall.
Helly Ding, vice president of global travel retail for Victoria's Secret, said she's seeing a real shift in how brands are connecting with consumers.
"I think gone are the days where a lot of brands spend a ton of their money on in-store marketing — where you go to the mall and see something bright and shiny and you went into the store [because of it]. That was the way that brands and retailers spent their money. Now it's about connecting with the consumers on an emotional level."
That connection that used to happen at the store level now starts so much earlier in the customer journey, noted Ding.
"Connection and authenticity are really the two key things that drive her or his brand selection," she said. "In order for us to really appeal to the consumer these days, it's so much more than just what happens at the store level. The journey starts so much earlier in the research phase and in the content you put out there as a brand."
Erica Fortune, senior vice president of e-commerce and digital marketing at Advance Auto Parts, said when it comes to adopting your technology to changing consumer behaviors, keeping the customer at the center of decision making is key.
"That's my best advice, and to me that has been humbling and allowed me to prioritize for my team," Fortune said. "Understand the customer and let that be your North Star and guide you to your tech stack."
Lynn Blashford, chief marketing officer of White Castle, acknowledged that with the macro-economic headwinds that have left companies with resource constraints, there's competition within each enterprise for what to prioritize.
"As a leader, sometimes you have to compromise a little bit," Blashford said. "That can mean deciding to prioritize store remodels one year, then expanding manufacturing the next, depending on the availability of resources at the time."
Women in Retail Leadership Circle members can watch the full session — including more about what key retail trends these executive women are tracking — in the coming days here. Not a member? Apply today!
This article was originally published on Women in Retail Leadership Circle and has been republished with permission.
