Historically, retailers have focused on the industry as an exchange. Customers wanted to purchase products from them, so the best way to secure more customers was to offer the best products or offer products for the best possible price.
Today, the landscape has changed. It’s no longer enough to merely offer good products at good prices. If you want to succeed, and trounce the competition, you have to treat retail engagements as an experience.
Motivations for the Change
Why is this the case? The change can be linked to a handful of developments, but the biggest and most important is the rise of e-commerce. Online stores have more inventory and often the best pricing. Physical stores haven’t been able to keep up, which is part of the reason malls and department stores are closing at an alarming rate.