How consumer brands can connect with customers in a changing retail landscape

06 October 2017

There is a new digital divide in the consumer market landscape. On the one side, brands want to implement direct-to-consumer models, on the other side there are concerns that these models create conflict with traditional distribution channels and brand retailers. In this article, Harvard Business Review proposes several tactics to reduce this digital divide tension and implement an effective digital retail strategy. Firstly, brands need to learn how digital retail can better serve different segments of consumers and tailor their digital channels according to those segments. Businesses also need to choose the right digital channels for their target consumers and consider using multiple channels such as social media, content sharing websites and mobile applications.

It is also important to integrate new technologies, such as virtual and augmented reality and mobile applications, that match customers to the products they want. These new technologies are becoming crucial in product marketing and consumer engagement. Finally, businesses need to consider working with third-party retail channels such as multibranded websites, as these have high volumes of online consumer traffic and a wide global reach. These retail channels are especially popular in Asian markets and can provide brands with a competitive advantage. As the retail landscape changes at a rapid pace, brands must think digitally as more consumers are preferring online retail over brick-and-mortar.  Brands need to adapt to this digital landscape and learn the successful strategies of innovative brands or risk losing out on growth opportunities.

Read the full article of the Harvard Business Review website.

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