Today’s retail environment is challenging — whether it is price pressure from discounters, market disruption from online players, increased price transparency for shoppers or changing macroeconomics. To top that off, differentiation approaches in retail that have been around for ages, such as unique inventory or strategic pricing and promotions, can now be easily imitated. That said, differentiated experiences are possible, and the way forward will be through personalized approaches. Retailers must create experiences that are unique to their brand and tailored to individual customers based on their behavior, needs and habits.
