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Management article
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Reference no. ROT160
Published by: Rotman Management Magazine
Originally published in: "Rotman Management Magazine", 2012
Length: 5 pages

Abstract

As the ways in which consumers make purchasing decisions continue to multiply, retailers are at a crossroads. One of the key reasons for operating a bricks-and-mortar store-building a strong, distinctive brand experience-no longer seems as relevant. Thanks to the rapid rise of social media and corporate transparency, consumers wield tremendous influence in shaping retail brands and are growing increasingly skeptical of overly-slick store designs, clerks and marketing messages. The once-dependable competitive edges enjoyed by bricks-and-mortar retailers are eroding, which means they can no longer afford to assume any inherent advantages over their online competitors. The authors describe three key paradigm shifts that smart retailers are embracing to solidify customer loyalty and provide shoppers with that increasingly-important window into an organization's soul.
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Abstract

As the ways in which consumers make purchasing decisions continue to multiply, retailers are at a crossroads. One of the key reasons for operating a bricks-and-mortar store-building a strong, distinctive brand experience-no longer seems as relevant. Thanks to the rapid rise of social media and corporate transparency, consumers wield tremendous influence in shaping retail brands and are growing increasingly skeptical of overly-slick store designs, clerks and marketing messages. The once-dependable competitive edges enjoyed by bricks-and-mortar retailers are eroding, which means they can no longer afford to assume any inherent advantages over their online competitors. The authors describe three key paradigm shifts that smart retailers are embracing to solidify customer loyalty and provide shoppers with that increasingly-important window into an organization's soul.

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