This article presents tips from an interview with Sucharita Kodali, VP and principal analyst at Forrester
Among other measures, Kodali advises that retailers must focus on improving online shopping experiences in addition to building a “good” online presence. This is simply because internet shopping is the “best opportunity for gaining wallet share”.
The article notes that, while there is excitement around experiential retail, there are still concerns about its scalability owing to high costs. Moreover, retailers need to rethink how they handle “excess” stores which are low-traffic and unprofitable properties.
A better use of resources would be for retailers to diversify their investments in services or other related businesses. This can help companies discover alternate revenue generation methods. For example, Sear’s Discover card was used to sell Allstate Insurance as well.
[4 minute read]