Retailers - What Are the Implications of Brexit?
In recent years retailers have benefited from a credit fuelled boom which has done much to maintain growth. Consumers in the UK are now definitely feeling a squeeze, and retailers are yet to grasp what they need to do to make their way through this period safely.
The issue that will start to affect things is this – as a consumer, I am far more likely to compare price, value and service, via the internet, than ever before. That means that if the retailer’s omni-channel strategy isn’t sound – or doesn’t exist, then I am quickly going to drift towards the brands that can offer me that easy comparison.
The biggest change any retailer must make is their mind-set relating to retention. If you just want to sell as much as you can to new customers, with no thought for retention then you will quickly exhaust your market, especially if that market becomes challenged. Whereas if you begin each customer interaction with winning and keeping that customer for the long term as your objective then a) the conversation will be very different and b) the rewards are a steady stream of repeat business that will see you through uncertain times.