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Omnichannel retail consulting firm Brick Meets Click (BMC) has released its Guidance for 2014, which focuses on what retailers can do to capture growth as a result of shifts taking place in both shopper behavior and the retail landscape.
“We see these as subtle, yet important shifts that hold real opportunity,” Bill Bishop, chief architect of BMC told Progressive Grocer. “These are shifts you have to look carefully to see, but have big implications.”
BMC’s Guidance for 2014 was developed to clearly and concisely deliver five directives for driving growth and briefly describes the related implications/opportunities. “Most retailers are just too busy to wade through pages of text,” said Bishop. “We know that in order to survive and thrive they need to quickly identify where the potential is and what the opportunities are.”
- Prepare for shoppers to assign a monetary value to time.
- Look for the point of diminishing returns in personalization.
- Test new approaches to fee for services.
- Increase your vigilance regarding competitive prices.
- Watch for new vulnerabilities in very large competitors.
“There are three major forces putting significant pressure on today’s retail environment,” Bishop added. “Digitally connected shoppers, the imperative to grow, and the natural/inevitable lifecycle of retail formats. Think of department stores and traditional supermarkets, for example. Retailers need to take advantage of the changing landscape instead of resisting it.”
Brick Meets Click was created to help organizations that sell grocery goods work smarter in today’s omnichannel market.