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.
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Retailing: From A to Z 