TCS Visit Mintel
Last week, I attended the first of Mintel’s Bitesize Briefings which will occur regularly on the third Thursday of every month. These one hour live-streamed events will offer a focused, mini deep-dive into a topical issue with a panel of experts and analysts.
In the first session the topic was Christmas 2017, but the broader implication for retailers was around how to stay relevant and maintain growth in an environment of widespread promotion and increased online competition.
This competitive environment should be a kick in the backside for complacent retailers. Reassuringly, the key to success is about the very basics of good retailing – validated by the success stories of Christmas 2017. Retailers who saw strong growth during this period demonstrated a clear understanding of their customers and stayed true to their brand identity, even if it meant going against the grain (e.g. Jigsaw maintaining price integrity in the midst of Black Friday madness).
The growth of online retailing means that customers are better informed and less brand loyal, and shopping in a multi-channel fashion. To keep on top, successful retailers need to be prepared to innovate and take risks, anticipating customer needs rather than purely responding to them.
The next Mintel Bitesize Briefing session will be on the 15th March and will tackle the theme of Healthy Eating.
Media Account Director