Balanced Consumer/Retailer Relationship a Positive for Both Sides
Retail Customer Experience posted an insightful article on the changes in the consumer/retail relationship, and how retailers would be smart to embrace the changes rather than challenge them.
Consumers that have been around awhile remember the days when they would go to a brick-and-mortar store and the only product data obtainable was from a sales associate at the store. The balance of power was undisputedly in the hands of the retailer. Consumers had very little, if any, ability to conduct a price comparison, find customer reviews, or obtain third-party product information.
Fast-forward to the current day and that balance of power has drastically shifted. In fact, many would say the majority of power in now in the consumers favor. However, rather than saying that, let’s call it what it is- any even playing field.
First, with the rise of the Internet, and now with the emergence of mobile technology, consumers have a wealth of information readily available to them at any time. Retailers should acknowledge and embrace this fact, as the accessibility of information can be advantageous to them as well. Not all retailers will survive this new relationship with the consumer. Notable companies such as Sears continue to crumble. However, retailers that utilize technology to enhance the customer experience, think in-terms of all sales being equal (not in-store vs. online), and dedicate resources to maximizing the quality of information they provide to consumers, will thrive in this new environment.
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