Disrupted or Disruptive Retailers
A company like GWC Valves is fortunate to have a niche target market and specialize in valves for heavy machinery equipment since retail has been changing over the decade. According to the PwC Canada, it is said that retailers are facing one of the most competitive environments in decades since new competitors will continue to disrupt the status quo and basically alter the retail system. What disruptors do in retail is that they are immersive, seamless, brand experiences across all their channels, they have a loyalty that is based on one-to-one connections and personalization of their customers, they have a fulfillment which means same day pick up or delivery to their customers, they have a different assortment which is friction-less shopping experiences, their pricing is competitive based on speed, their variety and the convenience, and finally these retailers are innovative since they initiate chance, use experimentation and tech to create new shopping experiences.
Based on the findings of PwC study, it is said that nowadays, 83% of individuals are Amazon shoppers, 55% of these respondents use Amazon to actually compare prices before making a purchase and 40% start their product search at Amazon while 24% of individuals shop less often at physical retail stores. One thing that will never change in retail is the importance of brand loyalty and this runs deep since 67% of consumers are staunchly brand-loyal. In 2016, there were 30% of consumers just in Canada who have been using mobile payment methods and shoppers are really starting to embrace this. When a consumer actually visits a physical location, shoppers prefer knowledgeable sales associates over ambience at stores. In 2017, it is important for all retailers to understand the importance of experimenting with innovative technology and to be able to create a simple, convenient, personal and engaging shopping experience.