It’s that time of year again. The time to reflect on the previous year and develop new goals as you enter a new year. As cliché as the process sounds, change is sometimes a good thing. Especially for retailers.

With that being said, retailers should go into the new year with an openness to change. In Glory’s latest podcast episode, we caught up with CEO and Founder of the Retail Doctor Group, Brian Walker (many refer to him as “The Retail Doctor”) who offered many insights as to what retailers can do to stand out in 2020.

Here you can find the TOP three recommendations:

1. SPEED
First, retailers should start by reviewing their current store operations. Reviewing everything from fulfillment times to store opening times, and product ranges. Retailers need to view their operations strategically with a focus on improving speed. Consumers are more time compressed than ever before and are continuously looking for convenient and quick ways to shop to keep up with their busy lifestyles.

46% of consumers view shopping as a chore. Personally, grocery shopping is my least favorite activity. In recent years, grocery retailers have heard the cries of the consumers and have implemented grocery delivery and pick-up services that eliminate all the nuisances of going to get groceries (and that’s just one example of how retailers are stepping it up).

2. CONSUMER INSIGHTS
Secondly, analyse your consumer insights, because it is essential to comprehending the needs of your customer. It is important to have a good understanding of the psychology of the customer and to do so you need to invest more on research and insights. According to observation, Mckinsey&Company found that retailers who implement data driven merchandising techniques can boost the store sales and profitability.

Traditional metrics for decision making such as sales history, and executives’ experience and intuition just won’t cut it for retailers in a now ultra-competitive space. Retailers need to rely on up to date data and metrics to support their business decisions.

A popular way for retailers to gain valuable insights is through loyalty programs. As a consumer, I love loyalty/rewards programs and always go out of my way to sign up and make an account. Not only do these programs encourage me to continue shopping by offering me amazing deals, they offer me the opportunity to provide feedback on my experience as well as allowing me to express any concerns whenever necessary. On the other hand, this makes me to feel part of their community.

3. SPECIALISATION
Finally, Brian Walker believes that retailers are moving towards an area of specialisation, such that, retailers must focus on going deeper, more specialised with their offerings. One way retailers can push towards a more specialised approach is through the adoption of technology to aide in the shopper’s journey. 72% of millennial consumers indicate that it is important that stores offer them options to help save time while shopping. Regardless if a customer is shopping instore or online, they want their experience to be more convenient and quicker.

This desire has shifted many consumers to conduct their shopping online, but many customers still choose to shop in-store. 62% of consumers choose to shop in-stores due to the ability to see, touch, feel and try out items. 49% of consumers prefer to take items home immediately rather than wait for shipping. The traditional path to purchase is changing and retailers need to work harder than ever to develop unique ways to keep shoppers in their stores. They can do this by, appealing to their senses and establishing strategic store layouts that instill inspiration, interest and excitement. So, it is critical to re-think the customer journey for your business not only in the physical store, but also in the digital space.

As a retailer, consider making your New Year’s resolution to embrace the change that is occurring in the industry today. To learn more about Brian Walker’s expertise on the future of retail, be sure to listen to Glory’s Ready for Change podcast, streaming on all major platforms.