Collaborate to survive
Posted on in Business News , Cycles News
With the shift in the retail landscape and the introduction of new technologies and developments, retailers should be looking to collaborate. The high street is not failing but with the changing marketspace retailers collaborating with one another is key.
The high street has and should also be a beacon of inclusiveness, a community of retailers supporting everyone and progressing together.
As reported by InternetRetailing.net, Ocado chairman Stuart Rose discusses how collaboration and sustainability are both keys to succeeding in today's retail industry. The high street is there to stay but what is becoming more and more evident it that like any good business, or any good sports team or team, in general, you can't and don't do it on your own, you work together.
Rose says, "We just need to be entrepreneurial. Landlords have recognised that the old ways have gone, retailers have recognised that. It's about cooperation."
Today, more than ever, the customer is in control.
"They want what they want, when they want it, how they want it, and in any channel that suits them. And one other critical factor has changed as well - it's no longer at the price we choose to charge them, it's at the price they choose to pay us.
The thing has turned on its head, it's become a demand-led economy and if we don't understand that customers have plenty of opportunities to go elsewhere then we are lost."
As a bicycle retailer, you can adapt and modify your business to continue to trade within the ever-changing and challenging retail market. Why not dig into some key ideas to work with the retail community here.