The 7 Quotes from Highly Effective Retailers
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The 7 Quotes from Highly Effective Retailers

Over the years I have had the wonderful opportunity to interact with several top retailers across the globe. These interactions have helped me understand business challenges faced by the Retail Industry.

Often times I learned a lot more about the pain points through some simple anecdotes and quotes. Here are seven such quotes and my learning.

1. Mobile device puts a store in every ones pocket.

This is my favorite -- drives home the power and potential of mobile devices.

2. Amazon sells every product the same way.

True for many categories and one of the reasons why niche differentiated brands will always thrive online.

3. Sole purpose of my site is to get [customer] email address and collect money.

I vividly remember hearing this from a golf retailer. Sounds straightforward, but considering the average cart abandonment rate is over 70%, this quote highlights the importance of customer engagement and conversion.

4. Technology is an articulation of business processes so you need to get business process right in the first place.

I would add that technology doesn’t matter if it cannot solve the business problem.

5. Amazon may have gone too far, making shopping too easy and impersonal.

I heard this at 2014 NRF where WD Partners presented results from a study in a session titled Even Amazon Can't Do This..Yet. I’ve captured my thoughts from that session in this blog.

6. Cash registers won't go away. Putting items in a bag and thanking the customer is critical for us.

This quote from a UK retailer emphasizes the importance of in-store personal experiences and supports #5 above.

7. Digital Marketing is not important for us, but Marketing in the Digital world is.

A Marketing Executive at a CPG company highlighted the importance of fitting digital within the brand marketing programs instead of the other way round.

I am sure you have your own list of quotes. Please share them in the comments section and I will compile in a future post.

Srini Rangaswamy

Solutions Engineering | Retail, Financial Services | Data, Integration & API | MuleSoft

9y

Interestingly, Econsultancy recently published a blog entry titled "15 quotes that define the state of the ecommerce industry" at t.co/xtVR0KRK69

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