What gets measured can be managed and improved. Many retailers are failing to measure the second sale, and track the related customer variables to build lasting relationships that create lifetime value.
The retail transformation to omnichannel challenges the basic concept of a store as a destination to purchase. The consumer quite literally has become the POS, which requires retailers to reexamine right sizing stores.
Retailers in decline tend to define themselves in terms of what they sell. Leading innovators define their business "they are in" as how to best serve customers. Trends indicate that the future of retail is in "the people business".
When you don't have the resources or infrastructure, the best way to compete with Amazon is do something different. Some of the smallest retailers are deploying strategies that other retailers can leverage for differentiation.
All too often senior management view staff as a "cost center" instead of an asset. Investing in store managers can pay many dividends in a store's financial success, as well as making stores stand out with customers.
A couple decades ago, retail was literally a standalone business. Few retailers today have the resources to compete head to head with Amazon. In order to remain relevant, retailers are collaborating with new partners.
NO one is safe or immune from retail transformation. Customer decide what, when and where, not the retailers. The retailers who will thrive are the ones who seek out trends and quickly adapt to stay relevant.