There is much talk on the disruption being affected on organized retail. Several Stores are shutting down, and giants booked for bankruptcy. But this tells only half the story. In fact, the overall retail sales in 2017 were 3.9% higher in the USA than in 2016. Yes, disruption is going on, but the closures in the industry are doom- mongering and far from the truth. The talent recruitment battle is also being fought heavily, both within the industry, as well as externally. Marketers at retail giants need to pose some crucial questions to themselves. They need to understand whether their top brass is in touch with the customers. The right technology and business analytics tools need to be made use of. Some provisions also need to be kept to take on the non- retailers. This is a breed of brands who are now directly selling to their customers, bypassing these retail outlets. Global risks would also at each local point. The store now needs to be reimagined, with Nike’s consultation services being a good example of this change. Proactive partnerships need to be put in place, such as what McDonald’s did with Uber Eats. A 360 degree of risk needs to be considered, while the company strategy needs to be agile.

Source:https://www.mckinsey.com/industries/retail/our-insights/winning-in-an-era-of-unprecedented-disruption-a-perspective-on-us-retail

Uploaded Date:25 January 2019