No industry has felt the brute force of digital more than retail. And, while change and disruption is certainly not new to the sector, on this occasion, retailers have been uncharacteristically slow to react. But for retailers able to make the necessary adjustments, digitization represents a pathway to new opportunities for growth and expansion.
At the heart of retail’s ongoing transformation is a shift in focus from the point of sale to the point of experience — in other words, thinking beyond the products they sell and focusing on experiences and solutions that support and enable fundamental consumer needs, and help solve for the underlying problems that consumers want to address through their purchases.
This requires a deep understanding and sensitivity to the context and circumstances surrounding consumer motivations, including the frustrations, desires, problems and preferences that led the shopper to engage the brand in the first place.