A few weeks ago, I was at a conference. One of the sessions was about Retail – and the speaker declared “the multi-channel revolution is over! The consumer wants choices – for retailers, its back to basics…”
Hmmm…what did I miss? Wasn’t it all about consumer choices? Isn’t it a fact of life that consumers want more variety/ choice, a good value (might not be the cheapest – but a good value), and quick gratification. Like anything else, organizations who have understood consumer behavior and have used technology to make the buying process easier for consumers have succeeded. Those who have built tech widgets without understanding them, have not done well or not survived. I read a statistic which said that over 200 businesses have ceased to exist over the last 5 years. Amazon has eaten their lunch.
More often than not, companies will invest $’s because it is the pet project of any given executive. What is needed is data driven decision making. What works – and what doesn’t? What has succeeded and what hasn’t. What is the data telling us?
Unless organizations move away from executive driven investments to consumer driven investments, they will not be successful. Just ask any of the 200 or so that have perished….