Retail Predictions and Convictions for 2013
We all know the foundation, landscape, and future of brick and mortar retailing is changing forever. The mammoth social mediums, internet purchasing, information gathering, entertaining, mobile apps, consumer based social publishing, smart phones, tablets, and any other glowing boxes allowing for fast push and pull actions and reactions, are the driving forces of this change.
Specifically, social media, social networking and engineering, all coupled with instant worldwide sales opportunities and competition, has changed the necessity, style, listening skills and past engagement processes for all retailers. Traditionally store traffic, size of basket and consumer future store visits and buying habits within were the core focus and measurement of revenue and margin pools for success. 2013 declares there is much more to opportunity and or failure through our new hyper-changing retail business than measurements past.
As buying audiences have gone wild, deep, wide and e-mobile in their internet hunts even while standing in a retail location, as they have proven lackluster loyalty to retail brands over time, hunting rather for best price for the same sku's, it is surely time, as we enter the retail business pylon of 2013 for retail to change, to reset for competitive growth. To better study the engaging (or lack of) traffic dynamics based upon a dynamically changing, multi-modal world of colossal consumer choice in retail buying.
Peter Weedfald is the Senior Vice President of Sales and Marketing for Sharp Home Electronics Company of America (SHCA). He has also served as President of Gen One Ventures, SVP, Chief Marketing Officer of Circuit City, SVP of Sales and Marketing in North America for Samsung, and SVP of global marketing and EEVP, GM & Chief Marketing Officer for ViewSonic.