Lemonade tastes better than lemons.
The gargantuan, all touching, ever consuming, jungle beast known as Amazon and its “Amazon Effect” has for many moons been disrupting and undermining retailers’ way of life — and specifically, we’re talking about the good-old traditional, brick and mortar retailers. The online beast has been changing shopping patterns, customer expectations and the competitive landscape with no indication of slowing. Retailers caught in the crosshairs have been slow to adopt digital channels due to significant price tags necessary to build infrastructure and facilitate fulfillment. In recent years, brick and mortar based store closings have begun to surpass numbers seen in the wake of the Great Recession of 2008 by 53%. Ouch.
Now, if there’s a bright side, one could say, hey, when life gives you lemons, why not try and make some lemonade? While COVID-19 has forced consumers to duck and cover at home, it’s also forced many retailers to up their digital game, sparking some competition for Amazon. In addition, Amazon has faced its own struggles, with one-day shipping needing to be reimagined, the scale, variety and availability of its products being scaled back, not to mention Prime Day still being TBD. Meanwhile, many mom-and-pop stores have rolled-up their digital channel sleeves for the first time and have been rewarded with thankful and loyal customers.
Taking a look at the fact that our pace of life has slowed down drastically is also important to note. Many things that may have been deemed essential at one point in time, are now potentially viewed quite differently. Consumers’ perspectives and expectations are changing to put it mildly. Folks are rethinking the true importance of things like same-day delivery in light of the benefits of more sustainable shipping options, like receiving their orders from a local store versus a distribution center across the country.
Retailers are loaded for bear and embracing a Carpe Diem battle-cry. Big opportunities await those who can place emphasis on transparent brand stories and concern for sustainability. Such efforts are forging loyalty and advocacy from core customers, as brands create digital experiences that may not match Amazon, but still fulfill customer expectations, though more ethical and societal connections. The net opportunity poises retailers in a position for success and longevity as we all emerge from the grips of the pandemic.
When it comes to understanding the nuances of retail, Unbound’s strategic leadership cut their teeth on retail. Our nimble team possesses years of invaluable retail experience and expertise. Not only can our swat team of strategic thinkers evaluate your digital strategy providing the optimizations and enhancements to drive your business forward, but we can ensure your brand positioning wins the heads and hearts of your key customers, building loyal, brand advocates that will drive your brand forward.
