Is Retail Really Dead?
There’s a popular narrative the media likes to spin that we are in the midst of a retail apocalypse. It’s a narrative that’s easy to believe. Retailers continue to close shops and even file for bankruptcy at alarming rates. Behemoth brands that were household names mere decades ago now cease to exist. It certainly looks like Amazon and the eCommerce revolution have done more than draw blood; it appears as though they have struck a fatal blow.
A recent article in The New York Times points out that while many retailers and brands are shutting down shop and going bankrupt, those that remain are enjoying some of their highest sales in years. It’s not that Americans do not like retail shopping; they just do not want shopping to be a chore. The article goes on to quote Barbara Kahn, a marketing professor and former director of the retailing center at the Wharton School, as saying that, “Retailers that get it, recognize that Amazon has forever changed consumer behavior...I shouldn’t have to work to shop.”
Retail is not dead, it’s simply evolving. The brands that are struggling are those that clung stubbornly to the old ways of doing business and refused to acknowledge the changes taking place around them. We believe that retail has a future - a bright one - and the winners of tomorrow are investing in something called ‘New Retail’.
This is the dynamic that is forging New Retail - it is not about being online or being bricks and mortar, it’s about creating a seamless, enjoyable experience for your customers, wherever they may be.
New Retail Equals New Experience
Every customer matters due to technology democratized the shopping experience. The power has shifted from retailers and brands to consumers, and those that cannot make the cut will get culled from the herd. Those that remain will be stronger and able to deliver a better customer experience than ever before. To succeed in today’s dynamic retail environment, brands need to stop thinking about ‘channel’s’ and start thinking about ‘seamless commerce’ across multiple channels – including their bricks and mortar customers and online partners like Amazon.
We recently announced our strategic partnership with Etail Solutions to empower our clients to embark on this journey.
At NexusFx, we pride ourselves in empowering brands to build and manage direct-to-consumer experiences, engagements and sales through technology, marketing and services platform. Our digital capabilities also enables brands to access and utilize critical first-party data, assisting them in making real-time decisions.
NexusFx has the unique capability to execute, connect, integrate, and automate the client’s entire sales and supply ecosystem, from customer-facing listings on sales channels to all possible sources of supply. No other platform achieves this deep level of integration, automation and absolute data integrity.
Mudit Rawat is Chief Strategy Officer for NexusFx. He is responsible for building client eCommerce strategy, technology and partnerships, setting up and optimizing new operations and tracking and measuring KPIs. Before joining NexusFx Rawat started Urbery, Canada’s first on-demand grocery and alcohol delivery platform. Earlier in his career he worked in the Corporate Strategy Group of Sobeys, also working in various business development and consulting roles with companies such as Oracle and CGI.
James A. Tompkins, Ph.D.
CEO, Tompkins International