Know Thy Customers

A recent article bid farewell to the “Wal-Mart Era.” The piece, which highlights a significant shift in the industry, identifies three ways rivals are luring consumers away from the retail giant: greater convenience, larger selection and higher-quality service.

| December 04, 2007

Know Thy CustomersThe rise of retail's experience economy

A recent Wall Street Journal article bid farewell to the "Wal-Mart Era." The piece, which highlights a significant shift in the industry, identifies three ways rivals are luring consumers away from the retail giant: greater convenience, larger selection and higher-quality service.

The bulk of Wal-Mart's innovations in the past decade have focused on supply chain and efficiency improvements that ultimately served a single purpose: to drive down prices. Meanwhile, Wal-Mart competitors have more recently focused their innovations on a wider range of customer-facing enhancements. Customers are responding to the latter changes, and that has implications for consulting firms who serve the retail industry.

For instance, Best Buy's Geek Squad conveniently installs new flat-screen televisions and entertainment systems in their customers' homes. Zappos.com's shoe inventory and Amazon.com's selection of books (not to mention consumer electronics, health and beauty, and home and garden products) makes Wal-Mart's shelf space look less than super-sized. Whole Foods and less swanky supermarkets offer recipe advice, tips from on-staff sommeliers and cooking classes from locally renowned chefs.

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