In 2002, PriceWaterhouseCoopers wrote a white paper about how everything was changing in retail. The opening quote grabbed my attention, because it was defined and "in your face". It stated"
"If retailers do not recognize and embrace the changing nature of the consumer,
They will not just be punished,
They will be punished with impunity"
this statement is so true, even more so today. It astounds me that many retailers in our industry are still reluctant to embrace the ever changing dynamics as to how consumers shop today. Take one example I hear all the time from my colleagues who build and maintain websites for retailers. It's too expensive!
Retailers still think the costs/investment are too expensive to have a great website, and either they forgo having one, or they build a cheap website, with a few pictures that no one ever finds in search. With that said, lets' take a look at some statistics from Google THINK and Google COMPETE.
In 2012 Google did a study as to how consumers shop. They called it "The Zero Moment of Truth".
Essentially, they found that the old model as to how retailers engaged consumers, where consumers saw a product advertised, they went to the store, purchased a product and then shared their experience with friends. Google found that there was another key element involved. That element was search the web, read reviews, watch videos and more, beforevisiting the retailer. The Zero Moment of Truth!
READ THE ENTIRE BLOG HERE
HUNDREDS OF PAGES FILLED WITH INFORMATION TO HELP RETAILERS AND BRANDS COMPETE IN TODAY'S DIGITAL WORLD
Bill is Managing Partner of Napier Marketing Group.