Retailers and vendors need to develop a new game plan to grow and prosper in tomorrow's environment.
The first step is to engage in an intense self-analysis. This includes consumer research in order to determine the wants and needs of the target customer, increase the value proposition with new and differentiated merchandise, find a path to a more efficient sourcing and logistics structure, strengthen its brand (whether national or owned), and implement a multichannel distribution network. Success will be tied to customer satisfaction.
Listen to an excerpt
The author discusses why being multichannel is the key to survival for retailers.