On Monday, July 10th, two industry thought leaders sat down and discussed the deal that has been eclipsing the retail sector for the past several weeks: e-commerce giant Amazon and their presumptive acquisition of grocer Whole Foods. Alexei Agratchev, CEO and Co-Founder of RetailNext, and Oliver Chen, Managing Director & Sr. Research Analyst at Cowen & Company, LLC, optimistically focused conversation on how to remain defensible against the power and prevalence of Amazon – being “unAmazonable.”
With it next to impossible to compete with Amazon on price and product, the requirements for success go far beyond a physical retail space. Alexei’s focal point was the importance of investing in well-trained sales associates and emphasizing the individuality of each store location. This means creating a community around your brand and excelling in your individual sector.
The optimal approach to creating consumer loyalty is to offer shoppers a memorable and frictionless experience in the store and online. The question retailers must ask themselves is how to best serve the customer across the board.
From a Cowen & Company, LLC monthly shopper survey, Oliver reported, “76% of surveyed individuals prefer to shop in stores, whereas 18% prefer to shop on Amazon, and 7% on a brand website.” This means there is a huge chunk of shoppers eligible for courtship by retailers. Through the adoption of technology, retailers can seamlessly create a relationship with their shopper, which will ultimately lead to maintained profitability for a brand.
To view and listen to the entire discussion between Oliver and Alexei, access the recorded webinar today.
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