Retailers are experiencing a dramatic shift in consumer spending influenced by negative trends in the economy. Consumers have fundamentally changed the way in which they shop in recent years. Advocates have grown in number, empowered by the ability to more deeply understand products and brands through online research and consumer community practices, and shoppers increasingly shift allegiance from vendor to vendor unlike ever before.
A recent study by IBM shows that traditional, competitive price-point, is not the key to consumer decision-making today. Potential customers have a more varied set of desires and expectations when shopping. The manufacturers are no longer able to control and influence trends the way they have for many years, and the consumer is now truly the king.
In this episode of Building a Smarter Planet, three experts in the field of retail take the time to share their thoughts on the current retail climate, developing trends,and some things retailers should be considering to remain competitive in this dynamic space. Doug Fleener, a retail consultant of Dynamic Experiences Group, Jim Blasingame, small business expert and host of the small business radio program, The Small Business Advocate Show, and Rob Garf, a retail strategist with IBM Global Business Services all weigh in on how they see the world of retail today.