The authorseeks to identify what strategies are successful companies using to navigate this ever-evolving retail landscape? And what strategies and best practices can be learned from the retail sector for thriving amid major economic transformations such as the current one?
To help explain the divergence in performance across U.S. retailers given the same general macro context, the research focused on four companies – Target, Kohl’s, JC Penney and Sears.
Successful retailers focused on using technology to build value for customers first, and as a result shareholder value ensued.
One key indicator of the connection between a company and its customers is the effectiveness of its social media presence.
The article presents evidence that in order o leverage the full power of technology, retailers must make strategic investments in technology that enable them to understand who their customers are; determine what their customers most need and offer products and services that address these needs seamlessly in stores and online.
