Digital innovation in retail

The future is digital

It is clear that many businesses are looking for new ways to drive growth and improve profitability, finding ways to compete in a forever changing retail landscape.

The digital world is lending its hand to this change and many organisations need to face into the digital world and embrace change.

Retailers and brands are constantly looking at ways to market themselves to consumers and constantly trying to grab attention.  With digital opportunities at your finger tips and ways to engage directly with the end consumer – everyone should think digital first and focus on a ‘mobile first’ philosophy.

It is amazing how many opportunities are out there for brands, retailers and entrepreneurs.

Ways to compete in the changing retail landscape

Here are 4 opportunities to consider:

Consider offering direct to consumer solutions – targeted products, direct to the customer, cutting out unnecessary costs and deliver improved margin gains.

Subscription businesses and subscription boxes that disrupt the ‘traditional business model’ – https://uk.dollarshaveclub.com is a great example of taking an everyday item and flipping the model on its head.  This model provides many advantages: providing future forecasting of orders – resulting in balanced inventory management, ongoing & sustainable revenue, up-sell opportunities (brand extension) and from all of this you begin to build a picture and truly understand the customer lifetime value (CLV).  Providing the opportunity to engage with the customer on a frequent basis.

Instagram to become a bigger player in retail selling – this is definatly an area to watch.  They have the shop window – why not leverage this and provide the ability to inspire consumers and then provide the ability to purchase.  An interesting opportunity and development to monitor closely.

A savvy way to reduce inventory for many retailers and increase product listings with little risk – if managed effectively.

As the digital landscape is constantly changing – brands and retailers look for ways to stay ahead of the competition, it is vital to constantly innovate and challenge the status quo.  Digital solutions will provide a digital footprint and lots of data.  Giving you the ability to analyse the data and use this intelligence to improve your offer, service or proposition.

 

Whether you are looking to launch a new brand, a start-up looking for experience or an established business looking for fresh ideas and a different perspective – get in touch.

Strategic and always looking for ways to help deliver collaborative, honest and sustainable business solutions.

“Experience to help identify commercial, marketing and business strategies – identifying opportunities and providing strategic solutions. “

The digital future is exciting and consumers are already embracing it – focus on the customer and the rest will take care of itself.

#Digital First

Should any of the above interest you and you would like to discuss further – please get in touch.

nick@nicholas-john.com

http://nicholas-john.com

https://www.linkedin.com/company/nicholas-john-com/

https://twitter.com/njbusinessdeve1

 

Feature image courtesy of pexels.com

 

Back to blog