040: 5 Big Challenges Facing Retailers

We’re continually seeing tough news stories for retailers. However, sometimes the reasons are out of the retailer’s control. But, there are many big, hairy challenges which are directly in your circle of influence. In this episode, I, Oliver Banks, uncovers 5 big challenges facing retailers right now – and how you can overcome them.

 

 

Don’t worry about what you can’t control

The whole retail market is, in my opinion, needing to focus back in on what it can control. Well, actually, it’s more than just the retail market – but that’s probably another conversation!

Perhaps it is the weather. Maybe the wider economic picture. It could even be Brexit or other political elements. Or – the 500lb gorilla in the room – Amazon.

Yes, these are all challenges facing retailers. But, all of these items are out of your control. They’re out of your circle of influence. Sure, there are things you can do to counter them and the impact that they have. But that is different than worrying about those exact things. I see and hear too many in and around retail complaining and falling victim to these big challenges which can’t be ignored.

5 big challenges facing retailers today

However, there are some big challenges which still exist and which retailers can do something about. You’ll need to tune in and listen to the podcast to find out which are the 5 challenges facing retailers.

However, I did reference a number of other podcasts which you might enjoy:

The first episode to check out is episode 25 – Become A Relevant Retailer. This will guide you to find your purpose. Meanwhile, episode 26: Defining Your Retail Operating Model will help you to take that purpose and make it a reality in your retail operation.

Then, the conversation with Tim Mason, episode 30: Winning At Omnichannel Retail (part 1) and episode 31 (part 2) had a load of golden nuggets. Pulling from Tim’s rich experience as CMO and Deputy CEO at Tesco, we cover off how you can learn more about your customers to build loyalty and continually improve how you deliver for them.

When I spoke to Jennifer Fruehauf in episode 19: Jumping Online To Offline (part 1) and in episode 20 (part 2), she shared lots of good examples of online retailers jumping into physical, offline retail.

And there was even a passing glance to the episodes which I did with Andrew Busby, episode 35: Reinvigorating Our High Streets (part 1) and episode 36 (part 2).

So…. there is your playlist for the rest of the week or perhaps your summer holiday! 😉

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One last thing – a quick reminder about the SCALE challenge

The SCALE Challenge is a global innovation challenge where you can win a brilliant invention and set up a disruptive start up to serve the retail industry and wider world. It’s free to enter and you can already have your idea or you can look to win an existing invention that’s already had loads of R&D cash invested already. Find out more and apply today over at SCALEchallenge.org.

And remember, as announced towards the end of episode 34, I’m giving you a free coaching session to help prepare you to win that challenge. All you need to do is apply, select “Oliver Banks” in the drop down (how did you hear about this) and let me know.