051: Why Are Retailers Facing Adversity?

It won’t surprise you that retail is tough. But why is this? Why have some companies done well and others struggled? And what makes the retail market particularly challenging compared to the older retail market? Listen now to remind yourself what retail used to be like and why companies have struggled to change.

Listen now to this episode, which includes:

• A reminder of how retail used to be… not all that long ago.
• Outlines of the key changes facing consumers.
• Why retailers have been held back.
• What you must do to avoid becoming consigned to the history books.

 

 

Why are retailers facing adversity?

Perhaps the million dollar question. Well, there is no simple answer. There is no silver bullet. There is not one supreme action that you’ve overlooked.

In fact, there are many things that you must do to be successful in retail. Part of the complexity of retail right now is that “the whole is greater than the sum of the parts.”

There is a combination effect at play which makes retail success a hard thing to predict and model.

However, one thing is crystal clear. Retail has changed. Significantly. And if you do not recognise this, then there is trouble ahead. And if you do not react to this, then we all know how that story ends.

What’s changed in the last 20 years?

Quite a lot in fact! In this episode, discover some of the key elements affecting the world and retail – and how they have changed. These include:

• Which channels consumers use for shopping?
• Why competition is heating up?
• What has the digital revolution opened up?

That final point is particularly interesting. Oliver Banks believes that our digitally enabled world has created greater visibility. This visibility is on multiple fronts and you’ll need to listen in to find out what this is!

The time for retail transformation is now

With so much going on, the only real constant will be change. This continual change represents a big challenge for some retailers. And a key tool or skillset to take into this is the ability to change yourself and your organisation.

Download my Transformation Trifecta now and discover the specific things to look out for to avoid future transformation failure. Plus, get the actions that you need to do to put you on the path to retail transformation success.

What do you think?

I’d love to know what you thought of this episode. What other elements have been instrumental in changing how retail has changed? And what other reasons do you think have held retailers back?

Connect with Oliver Banks on LinkedIn or send an email to: oliver.banks@obandco.uk.

Remember to subscribe to the Retail Transformation Show on your favourite podcast app.