Question

Web and mobile technologies have disrupted the business strategies of retailers as consumers can quickly and easily research product prices. What do retailers need to do to stay competitive given how empowered consumers have become?

A: Retailers need clear strategies to respond to the empowered consumer by price-matching or finding ways to offer greater value.
B: Retailers must implement data analytics to distinguish patterns in their best customers' shopping behavior.
C: Retailers need to reduce the number of sales channels so they are able to cut product prices.
D: Retailers need to offer free shipping and returns.

Answer 1

Retailers should adapt by implementing price-matching, providing additional value, utilizing data analytics, managing supply chains effectively, and potentially offering free shipping to stay competitive in a market influenced heavily by technology and globalization.

Step-by-step explanation:

In light of the significant shifts due to technology and globalization, retailers must adapt to stay competitive in an increasingly connected and competitive marketplace. To respond to empowered consumers, retailers should consider several strategies:

• Price-matching policies, ensuring they offer competitive pricing.
• Providing additional value through unique services or product quality that sets them apart from competitors.
• Adopting data analytics to better understand customer behavior and tailor their marketing and stock to better meet those needs.
• Integrating efficient supply chain management, possibly by leveraging business-to-business online platforms to reduce costs.
• Exploring ways to reduce overhead costs like offering free shipping, which might be balanced against other economic factors.

Retailers can also look towards creating exceptional customer experiences, both in-store and online. These strategies cater to the expectations of consumers who seek convenience, competitive pricing, and excellent service, all of which are critical in the face of stiff competition from online giants and global marketplaces.