Digitalisation and the 'Rights of Retail'
The digital revolution continues to influence how the world does business. While the ‘6 rights of retail‘ remain as relevant and robust as ever, businesses need to adapt their systems and processes to account for increased digitalisation.
The traditional ‘rights of retail’ include the people, products and place that define your business, as well as the price, promotion and quantity that help you reach out and engage with your customer base. In order to succeed in this brave new world, businesses need to respect the evolution of these ‘rights’ and embrace the challenges they present.
Traditionally, people refers to customers; the lifeblood and most important asset of every business. In the retail sector, customers are not the only important people, with staff and other stakeholders also fulfilling a crucial function. While online media is a great way to reach out to your customer base, it’s also important to engage with people directly in the real world. By implementing technology in new ways and taking advantage of actionable data both online and in-store, you can recognise the individual, tailor the customer experience, and re-imagine the traditional relationship between business and consumer.