Redefining Value in Retail

What exactly is value as provided by retailers? It can be the lowest prices, the best service for the money, unique product offerings, etc. What is clear is that retailers must provide some unique value to be competitive.
According to Wipro and PlanetRetail, two information services companies that have extensively researched Western European retailers:
Western Europe’s economic climate remains difficult, with austerity showing little signs of relenting. This poses continued challenges for retailers and shoppers, but also creates scope for retailers to explore new opportunities and innovative customer-centric solutions to boost increasingly squeezed margins.
The key to success hinges on retailers delivering value to European consumers. However, defining that value in a meaningful way has become increasingly complex as shopper needs and preferences become more sophisticated and demanding. Now, more than ever, consumers in Western Europe: 
* Shop when and how they want.
* Demand value, immediacy, and convenience.
* Demand that retailers – as well as suppliers – listen to them and take their feedback on board.
* Settle for nothing less than a stellar experience that’s personalized for their specific needs.
* If consumers don’t get what they want, they simply take their business elsewhere. Moreover, continued economic uncertainty means that if consumer budgets are being squeezed, then they want to be doubly sure they are getting their full money’s worth for everything that they buy.
Click the image to read the full report on value. 

 
Slide1
 

This entry was posted in Global Retailing, Part 1: Overview/Planning, Part 2: Ownership, Strategy Mix, Online, Nontraditional, Part 3: Targeting Customers and Gathering Information, Part 5: Managing a Retail Business, Part 6: Merchandise Management and Pricing, Part 7: Communicating with the Customer, Part 8: Putting It All Together, Technology in Retailing and tagged , , , , , , , , , . Bookmark the permalink.

3 Responses to Redefining Value in Retail

  1. Pingback: Redefining Value in Retail | Social Media and t...

  2. Pingback: Redefining Value in Retail | Retailing | Scoop...

  3. Pingback: Do YOU Know When It Is OK to Raise Prices? | Retailing: From A to Z by Joel Evans

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s