Shoptalk: One way to get ahead of the curve
It may only be January but in some ways it already seems like we’re deep into 2017. The year kicked off with many uncertainties in the world of retail – every day we hear news about store closings, major layoffs and management reshuffling. If there ever was a time for retailers to evaluate strategies and align game plans now is it. Some may decide to play it safe, while others will take a “Go Big or Go Home” approach – either way, before making a major decision that will set the direction of the entire company, it’s critical to understand what’s going on in the marketplace, how consumers are thinking (and spending) and how competitors are reacting.
The lines between discovery, research, shopping and entertainment continue to blur and competition for the consumer’s attention and wallet seems to intensify by the minute. The rapid evolution of how consumers discover, shop and buy makes it even more challenging. There is a silver lining though; along with the challenges that retailers face, new technologies and business models offer new opportunities for reaching, engaging and selling to consumers.