The main priority for retail bosses today is having a well-defined target customer profile and an effective multichannel strategy, according to Colin Henry, chief executive of Jaeger.
“I think the biggest challenge for any retail chief executive at the moment is the whole digital world – not just about the impact on trading, which is now 24/7 and you can always be selling something somewhere in the world – but also the impact that has on the product, what that product is and how you offer the customer service to support that,” he said.
“It’s the whole relationship with how the digital world converges with the traditional retailing space and how the two can complement each other.”
Speaking at the Retail Week Live conference, which is currently taking place in London, Henry pointed to the importance of a multichannel strategy.
“If you ignore it, you do so at your peril,” he warned, adding: “The upside is that multichannel shoppers spend double the amount of money as those who just shop with you in one channel.”
Henry also pointed out that businesses in turnaround must focus on who they are going after and why. “At Jaeger we have three very specific customer typographies [including] the traditional Jaeger customer,” he explained. “Perhaps the bigger priority is the acquisition of new, younger customers.”