What is lacking in North America’s retail industry? How should the retailers face the challenge?

W: Canadians love to shop. Yet there seems to be a growing gap between what consumers are looking for and what the retailers are delivering. How are Canadian retailers meeting consumers’ expectations?
M: Recent surveys show that consumers are somewhat disappointed with retail offerings in North America not just in Canada. There is too much sameness in product offering and shopping experience. The new customer who is 25 or younger has grown up with a laptop at school, high speed internet and gaming. They expect to be able to seamlessly shop multi-channel in store, on the web, over the phone. Right now, those channels are really isolated. They are not connected as well as they could be. Some retailers are rising to the challenge and some are being left behind.
W: If a retailer is following behind, what’s the first thing it should do to catch up?
M: Sort out what type of retailer to be. Retailers have two options in the market place, either they have to be extremely efficient and focus on price or they have to offer a fantastic customer experience that specialized to the customers’ needs. The middle is no place to be.
W: Customers get frustrated when they revisit a store and nobody knows them. How can they get more recognition?
M: There is a new way of retail programs that emphasize customers’ centricity. That’s where you, as a consumer, provide your personal profile to a retailer, and they use it to help you. At a clothing store, for instance, a sales person would access your whole purchase history and color preferences on a hand held device. Your experience builds on your previous purchase. Consumers want more personalized help. They want to know they are buying exactly what they need. Is this the freshest product? Is it the most current fashion? More and more building loyalty has less to do with giving out rewards and more to do with the experience.