What business models are working well for retailers?
Posted on in Business News , Cycles News
This is not to say that these models will work for everyone but as the retail market landscape evolves and moulds with the times more and more unique and innovative strategies are being introduced and holding water in the albeit flexible market space.
Amazon's focus is around Alexa and voice commerce as a primary focus within their business model. The introduction and rapid growth of popularity within the 2018 period surrounding Alexa is making Amazon more and more digitally sound. Amazon is blending the lines between services and introducing a digital side.
H&M has taken a similar direction into bringing the stores and digital closer together, watching fast online sales. H&M states that the decline of in-store sales in the UK has been more than compensated by the fast growth in online sales.
The Range is starting on a store opening programme marking its 30th anniversary year. Opening new stores around the UK this year will create hundreds of new jobs. While many multichannel retailers are reducing their high street presence for online shopping, The Range is growing their high street presence.
N Brown Group has introduced another unique business model, investing in online merchandising. N Brown Group is introducing the use of new photography technology as a means to inspire and inform customers of what they are buying.
These four unique and different retailers are all working towards the same overarching goal utilising their own strengths and customer demographics to get them there.
It is all about figuring out what works for your business and your customers.