I attende at the « Retail Growth Workshop » on Wednesday, 23rd June and wanted to write up my thoughts on what was learnt. If you would like to judge for yourself then the YouTube recording is available here.
The theme of the discussion was about the retail growth especially during the pandemic. Indeed when you want to grow your retail, you can face some barriers and issues. First of all, retail growth depends on the type of retail. If you are a new direct customer brand, the growth will be different than it will be for a traditional retail, or if it’s a legacy retail. Strategies will be different. This conference help us identify these barriers and issues, and gives us some keys about where focusing efforts to succeed.
There are some barriers on retail growth. The most common one is the lack of talent and finding good people to work with. Indeed, your challenge is that you will need to find the great talents for leadership and operations, and people who are dynamic and flexible enough to truly drive your ecommerce business forward. You will also need to surround yourself with people who have the ability to see the bigger picture, you will have to build a good team. You will need to have a clear view of the organisation and the authority to make things happen, and develop autonomy. Especially if it’s a large organisation. You will also have to take risks and experiment.
The pandemic shows us that communication with customers is critical and that people were much more impatient, and that we need to articulate what the customers journey is and execute it. Responding to the consumer demand is essential.
Brexit has also been a challenge but does it encourage people to take risks and experiment more. To do that, you need to know what you are good at, what are your ambitions and what are your abilities to change. You will also need determination and have the right partners in place to hold your back.
Influencer retail has developed quickly, for example with influencers who are connected to customers by transmitting their passion for brands with direct buying links a reinvention of the old affiliate scheme really..
Here are some key takeaaways for your retail growth:
First, you have to know who you are and what are your ambitions
You will need real clarity on what you want (organisation), steps that are the best for your brand, what is your experience with customers.
You will need to articulate your integration strategy with customer experience.
Then, you will need to be creative. The creativity is very important. you can be creative by highlighting your website, promoting each other with other brands, building things together.
Watch the YouTube recording here
Clara KREBS Intern, Ecommerce Club