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Two things sell in retail:
• Free: Your product should be worth more than the money spent.
• Newness: Always offer new, unique products. It's a sign that you're alive and leading change.
Customers love them both.
Perhaps, one of the best ways to relieve stress is to shop for fashion apparel. Fashion apparel such as clothing and accessories can be an inexpensive way to get emotional needs met when people are feeling low or simply want to change things up.
Assortments have become increasingly localized in response to the growth of customers as active participants in brand development. With increased consumer power, successful retailers focus more on localizing their assortments to meet the demands of local customers.
Traditional retail models are no longer sustainable for brands, as they must forecast production months in advance and cannot easily understand how their products are selling, resulting in huge overproduction. Market shifts favor brands that are more agile and responsive.
These behaviors lead to leadership excellence according to Gallup based on its study of 2000 organizations:
Building relationships
Developing people
Leading change
Inspiring others
Thinking critically
Communicating clearly
Creating accountability
J.C. Penney is the anchor retailer in hundreds of malls in USA. If it starts closing stores, citing footfall drops, many small retailers may start leaving malls triggering a staggering snowball effect for malls. Strange times ahead for old school retail.
https://t.co/voPRgjCFvo
Let's put it right: 1- There is no such thing as customer loyalty. "The backbone of the company" is a strong value proposition. 2- The company's "distinguished history" or past successes are no guarantee for the future. And JCPenney is no exception.
https://t.co/yKKfyw6Lwv
It is sad to see the fall of once mighty retailers one after another amid the unprecedented disruption caused by the COVID-19 pandemic. Yesterday J.Crew, today Neiman Marcus. It's anybody's guess if they are the first dominos.
https://t.co/F9vLXkf928
Adopting an innovation yields quick payoffs if it solves people's deep-rooted jobs-to-be-done. Livestream shopping has surged recently beyond China as it provides two things home stranded consumers badly need today: entertainment and human connection.
https://t.co/MPQYZZRthC
Whatever the circumstances, retailers need to put customers first and try to understand their jobs-to-be-done and produce solutions. Walmart's Neighbors Helping Neighbors program for vulnerable elderly community members promises to be a good example.
https://t.co/qfTMQBP2zp
Be prepared for reopenings and renewed shutdowns until a vaccine is produced for Covid-19. For retailers, this uncertainty creates many challenges adapting. No long term planning can help today. Embrace hyper localisation as the new norm.
https://t.co/unuOgkMjM2