The impact of the coronavirus pandemic on retail has been devastating so far, but similar to other business disruptions of the past century — from two global wars and the Great Depression to 9/11 and the Great Recession — the industry will survive. And for some retail brands, they will emerge stronger and more relevant to the demands of consumers.
Steve Dennis: As I talk about in the book, “people buy the story before they buy the product.” For fashion and luxury brands, it’s often a story about how their products make the customer feel and how it reinforces how they wish to be seen by people that matter to them. All brands have to get product functionality and the basics of the customer experience right to stay in the game.
The customer is the channel. It’s not about being everywhere, it’s about showing up in remarkable ways in the moments that matter, wherever and whenever the customer chooses to engage with a brand. Harmonized retail focuses on eliminating the discordant notes in the shopping journey and “amplifying the wow” in highly customer-relevant and unique ways.S.D.: Physical stores will continue to be important, though their role is evolving quickly.
S.D.: While we are in unprecedented times at the moment, it’s been the case that all of retail has been experiencing seismic shifts and the pace of disruption will only continue to accelerate. To paraphrase what I say in the book, the waves are going to keep coming. We’re going to have to learn to surf.