Retail is changing rapidly – both online and offline. Traditionally, retail establishments have always had low profit margins and high volume to produce the business results they needed to survive. We're seeing rapid turnover in retail nowadays where technology is accelerating growth and increasing efficiency. Retail establishments that aren't taking advantage are dying… but retailers that are leveraging technology are owning the market.
Demographic shifts, the tech revolution, and the consumer demand for more personalized service are altering the roadmap for the customer decision journey.
McKinsey on Marketing lays out what they believe are the new Four P's of Marketing:
- Pervasive – people shop wherever they are – whether it's in bed with a tablet or while they're in the middle of your showroom.
- Participatory – people are going to create and share ratings and reviews online of companies, products and services.
- Personalized – batch and blast traditional marketing is no longer working. Emotional connections through similar stories is driving conversions.
- Prescriptive – mobile applications, online research and social tools are helping consumers take control of their shopping through their own process.