We’re already a quarter of the way through 2018. It is becoming clear that major retailers face immense challenges to overcome in order to succeed. These include:
- Online retail success
- Delivering a fast distribution process
- Increasing customer traffic in physical stores
Over the coming years, certain factors such as the ability to innovate will have a major impact on the future success of retail operations.
A report shared by CGS (Computer Generated Solutions, Inc.) on enterprise resource planning applauded Nordstrom for producing a high-quality customer experience across all sales channels. Nordstrom has applied its “everyone is family” model to customer needs, and their investments back this up. Nordstrom made it possible to find items based on a Pinterest favorite, and buy goods on Instagram. CGS noted that the product feed of the retailer is displayed in a well-designed grid. Shoppers can scroll through these and add items either to wish lists or shopping carts.
Speed is a key factor in retail in the digital age. Because customers want their merchandise as soon as possible, Walmart’s 2-day delivery, Amazon Prime, and Barnes & Noble’s same-day delivery all exemplify how delivery is evolving.
Getting people through physical store doors
Store traffic will always be a key factor in profitability, and Macy’s loyalty program is designed to support this. Evolutions could include more rewards programs or concierge services. Nordstrom has found success with a concierge service so far. Kohls is accepting Amazon returns and testing some Amazon electronics in some of its locations. Macy’s has a similar service for Apple computers and accessories in the testing phase, another example of the shifting partnerships and future changes in retail.