Retail is in a state of crisis. But there is hope. The key for survival lies in defining a clear purpose for the brand – what is the role the brand plays in the lives of consumers, both practically and emotionally? In a world in which people can get any item in any way in any geography, a retailer’s purpose can no longer merely be to get products to people. Instead, they must grapple with their own unique reason for being.
RETAIL WITH PURPOSE FOCUSES ON THREE CRITICAL AREAS:
HOW WILL YOU ENGAGE CONSUMERS?
Consumers now want experiences, community and meaning more than they want ‘stuff’. How will you reach your consumers to deliver your purpose to them, building relevant, rich relationships?
HOW WILL YOU ORGANIZE AND WORK?
The tools and ways of working that got you here are no longer enough – and the answer is not to go build custom solutions. Employees now want to work for companies that have a distinct purpose – and companies with a strong purpose perform better.
How will you change how you work – in partnership, in ecosystems – to deliver your purpose? How will you serve your team and bring purpose to their lives so that you can succeed together?
HOW WILL YOU USE DATA AND ANALYTICS?
The more challenging this market becomes, the more critical it is for retailers to operate with the agility and speed of an industry leader. Simplifying analytics and implementing real-time, actionable insights in line with your purpose is key to survival.
How can you harness business-critical information to make smart, strategic decisions? How can you tap into a wealth of knowledge, without a huge investment of time and money?