In the last decade or so, there has been a massive range of changes in businesses environments far and wide. One of the main spaces where we've seen the biggest evolution is in the retail environment, where an increasingly competitive and complicated market has driven countless brick-and-mortar stores to the point of closure.
In a digital world, where today's consumers are demanding more than ever, it's not enough for modern retailers to rely on old-fashioned solutions and technology. Instead, the most successful brands are the ones that are reinventing themselves with technology that puts the customer experience first. RingCentral, a market leader in cloud communication and collaboration, recently hosted their ‘From Bricks to Clicks’ retail event which featured Natalie Berg, Retail analyst and founder of NBK Retail, Miya Knights, Head of Industry Insights at Eagle Eye Solution, Helen Dickinson, CEO of the British Retail Consortium, Monica Visconti-Patel, AVP of Marketing at RingCentral and Sahil Rekhi, MD at RingCentral, where they explored the changing nature of retail.
I spoke to Sam O'Brien, Senior Marketing Manager, and Sunny Dhami, Senior Director of Product Marketing and GTM at RingCentral, to learn more about RingCentral's thoughts on the retail environment of the future.
What are the Challenges that Retailers are Facing Today?
[caption id="attachment_22162" align="alignright" width="200"]
Sam O'Brien[/caption]
According to Sam, Highstreet retailers have been seeing a lot of serious changes. "People have been shutting down because they've been unable to adapt to the changing environment. However, we're starting to see that to excel, companies need to realise that retail isn't as black and white as we first thought - it's not just choosing between online or the Highstreet anymore, it's making sure you provide the best customer care.”
According to RingCentral's research, the average retailer has a lot of challenges to overcome. Subdued demand in the Highstreet, combined with the rising costs of real estate means that UK retailers are unable to keep running profitably without a change of pace. At the same time, the sector is undergoing a rapid transformation, with the arrival of eCommerce and discount supermarkets.
The only way to evolve in the current marketplace is to embrace the digital enhancements that are available and respond to differences in consumer expectations and values. Today's shoppers want to buy on their terms, and companies need to be prepared to deal with that.
What Makes for Great Retail Experiences?
According to Sunny, the vital thing to note in the retail market today is that the online and offline worlds are merging. People want a unique blended experience that gives them the best of both worlds.
"Customers want to be able to speak to a company via chat then visit them in store and not have to repeat themselves"
According to RingCentral, delivering truly great customer experience isn't just about building an omni-channel environment - it's about finding the "right channel." Organisations need to find out what kind of communication their people want and give it to them.
Now that the customer has more control over their buyer journey than ever before, with access to millions of products at the touch of a button, retailers are under more pressure than ever. They need to go above and beyond to live up to the changing expectations of consumers. The future of retail, for RingCentral, is blended. "People like Adidas and Nike are letting customers create custom trainers online then go and buy those shoes in person, for example. The options are endless," said Sam.
Sunny Dhami[/caption]