27 Jan RETAIL STRATEGY CONSULTING TAKES ON A MORE PROMINENT ROLE AMID ONLINE, SOCIAL & DIGITAL TRANSFORMATION
Listening to retail strategy consulting leaders talk, the online sales, shopping and commercial landscape is more dynamic, fast-paced and competitive than ever before. Consumer behaviors and expectations are evolving at unprecedented rates. The best retail strategy consulting firms say that for retailers to not just survive but thrive in today’s environment, having a sound marketing, advertising and sales strategy is more important than ever. It’s why tapping into the expertise of top omnichannel consultants has become a critical investment for many businesses.
Experienced advisors bring an objective, outside-in perspective along with specialized insights across the retail spectrum. Top retail strategy consulting firms can provide invaluable guidance, support key functions and unveil growth opportunities. Reasons why consultant services are vital would be:
Consumer Centricity – Consultants conduct in-depth research through focus groups, interviews and surveys to unpack exactly who customers are, what drives their purchasing and what enhances their experience. These consumer insights inform critical decisions.
Data Analytics – Leading retail strategy consulting firms and consultants have analytics expertise to gather retail performance metrics, identify issues in conversion rates, find sales trends and pinpoint optimization areas to increase basket size and profitability.
Benchmarking – Experts use industry knowledge to compare operational costs, inventory turns, sales per square foot and metrics to best practices that enable efficiency.
Omnichannel Expertise – Advisors guide forward-thinking omnichannel strategies connecting digital and in-store shopping into a cohesive user experience—crucial for today’s consumers.
Innovation – Successful retail strategy consulting pros stay on top of emerging technologies and introduce innovations related to payment integrations, augmented reality, experiential concepts and personalization to drive differentiation.
Brand Positioning – Consultants define optimal brand positioning against competitors, craft targeted brand stories and revamp retail environments to better appeal to target demographics.
Merchandising – Category management, assortment optimization, planning product promotions/launches and allocating inventory across channels all fall under the umbrella of consulting support.
Supply Chain – Thought leaders review supplier agreements, distribution networks and logistics infrastructure to identify cost and speed efficiencies.
New Market Entry – When exploring expansion, consultants perform feasibility studies weighing demographics, competitors and projected sales for each proposed market to determine ideal locales.
While the core competency of leaders is operating stores and commercial teams, top retail strategy consulting firms and consultants supplement this with an aerial view of the industry. Pros’ breadth of comparative data, best practices and experience accelerating results for other retailers can fast track growth initiatives. In today’s increasingly crowded and fast-changing retail environment, consulting serves as a springboard for future success.