I’m spending the first part of the week in Las Vegas at Shoptalk, which is perhaps the largest conference for retail and e-commerce in North America. It covers the rapid evolution of how consumers discover, shop, and buy — from new technologies and business models to changes in consumer preferences and expectations. There is an impressive array of companies and customers spending time learning from each other here. As a result, everyone brings different experiences and questions to the forum.
From the presentations I’ve attended so far, there were three main ideas that hit home for me on Shoptalk Day 1:
Growth is fueled by innovation
Whether it’s smarter ways to scale your business, new products to sell to customers, or adjacent markets to explore – a company needs brave & energetic employees, sharp & trusted decision-makers, and the room to take risks and learn. Can you impact the way your team operates to allow for more innovation? Try something new this week!
Above all else, be loved
Think of companies you buy from again and again, these are the businesses that deliver a product you love. Get to know your target customers and find out which traits make them love you! Is your business reliable, trustworthy, altruistic, inventive, inspirational, or speedy? What makes your product the perfect solution? These answers should guide virtually all areas of your business.
Make it easy
You may have customers who love your products, but still don’t buy. There are a number of reasons why a prospect doesn’t make a purchase. These may include shipping fees, delivery times, cumbersome checkout or pickup processes, poor customer service, or returns that are a hassle. Put yourself in the shoes of your customer and certainly find ways to make your company easier to interact with.
All three of these ideas apply to a company as a whole, but also to how we interact with our teams or do our daily work. I’m looking forward to learning more about the needs and knowledge of the retail industry tomorrow.