More and more the retail world is bifurcating.
At one end of the spectrum, you have the high-efficiency players. Great prices, endless assortments, super convenience, built for speed. Amazon, Walmart, iTunes, Home Depot. You get the picture.
While each go about it slightly differently, their world is mostly a mass market one. Customer segmentation means little. For all intents and purposes, you shop there anonymously.
At the other end of the spectrum are what I like to call the “new shopkeepers.” In the (good?) old days retail was characterized by owner-run, single location, small specialty shops. The butcher, the baker, the candle-stick maker. No CRM system was needed because the shopkeeper knew you, knew what you liked and she tailored her assortment and experience to you and her other like-minded customers.
We know that very few of these old-timey shopkeepers are around any more. But the new shopkeepers embrace the fundamental principles of old. Deep customer insight. Remarkable experiences. Relationships, not transactions. They treat different customers differently. They know your name.
Your mission–if you choose to accept it–is to pick a lane. Too many retailers straddle the line, trying to be something for everyone and ultimately being totally unremarkable and eventually irrelevant.
If you can’t out-Amazon Amazon–I’m looking at you Best Buy!–you had better move strongly to the other end of the continuum. You had better embrace all things customer-centric.
I’d get started if I were you. You have a lot of names to learn.