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Customer insight is at the 10 Disruptive Business Models


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Customer insight is at the heart of the disruptive retail model. Retail companies need to invest in the customer journey,
defining customer touch points across stores, online channels and mobile apps. Branding needs to become about more
than just generating in store traffic. Disruptive brands create a relentless competitive advantage, a seamless customer
experience and an omnichannel human touch in retail. Traditional retail conventions about scale and mass markets need
to be overthrown by hybrid retail propositions that are close aligned with individual patterns of media interaction. No
longer can supply and demand be predicated on the preconditions of retail space, sales per square foot and seasonality
alone. Online and mobile marketing needs to become personalized, rapidly changing and real-time location dependent.
Near field communication and mobile wallets have succeeded barcodes and cash registers. Loyalty programs are
improbably limited when compared to big data analysis of omnichannel routing and conversion.
Disruptive brands create a relentless competitive advantage, a seamless customer
experience and an omnichannel human touch in retail.
Customers already spend more than half of their shopping time and almost a third of their shopping budget in online and
mobile stores. Same day delivery is no longer a luxury, but a common market condition. A globally growing middle class is
disrupting traditional geographic market boundaries and the development time for new or temporary retail concepts is
accelerating. Private label products are the only category to take a chance on escaping fierce pricing wars. Producers have
already cut out most of the wholesale companies and for strong brands, retailers are next on the disruptive hit list.
However, shopping has always been, and will always be, a social activity. Discovery, sharing and experimenting has
moved to social media platforms almost completely. Customer service is no longer a receptive troubleshooter but asks for
proactive monitoring and early stage problem identification and resolution. The relationship between producers, retailers
and consumers has moved from transactional to relational. Product features allow for co-creation and personalization,
brand development is as much about advertising as it is about community building. In retail, companies can choose
between disrupt - gain trust, build insights and provide omnichannel solutions with a human touch - or be disrupted.

Published in: Business, Technology
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