Retail is going through unprecedented change with rising ecommerce and increasingly digitally savvy consumers. Retailers are struggling to keep up with consumers and hold costs down. The successful retailers have created a customer focused business structure that operates at a lower cost with greater agility.
The changing business model for retail
Retail is evolving. It is moving away from the focus on bricks and mortar of the pre 1990’s, characterised by a product centric transactional experience. The dotcom boom revolutionised online shopping in the naughty’s. Now the successful retailer has adopted Total Retail which is customer centric and which interacts with consumers.