PwC report: Canadian retailers do more to keep up
The retail market is tough and Canada’s retail ecosystem is no exception. Fortunately, Canadian retailers are stepping up their game to keep up with the market, according to a new report by PwC, called The new retail ecosystem: From disrupted to disruptor.
"It all comes down to one question: are you being disrupted or are you a disruptor?” says Sonia Boisvert, Partner and National Retail and Consumer Leader at PwC Canada, in a news statement. “Canadian retailers have access to a wide array of tools ranging from data analytics to robotics to behavioral economics. If they want to not only survive but thrive in this new ecosystem, they must be at the forefront of change and be proactive rather than reactive.”
The report examines six strategies retailers are using to stave off disruption and better attract and retain today's shoppers. Strategies, Boisvert says, other Canadian retailers must use to remain competitive.
"Retailers are facing one of the most competitive environments in decades as new competitors continue to disrupt the status quo. They are in a tough spot. They will have to use all the resources available to them to uncover new ways to engage their customers and differentiate their products and services.”
The six strategies have an underlying theme to create an immersive, seamless, brand-defining experience for consumers across all channels. The strategies include: pricing, as low prices continue to dominate shopping decisions for almost two thirds of PwC’s survey respondents; Loyalty, as 67 percent of Canadian shoppers describe themselves as "staunchly brand loyal"; assortment, such as an ideal mix of physical and digital product availability; and fulfillment, which includes the ability to offer speedy delivery services or in-store pickup options. What’s more having an overarching digital strategy was deemed important including the use of several technology platforms, as well as the ability to continuously innovate and deliver new experiences to make the shopping experience simple, convenient, personal, and engaging.
PwC Canada is a member of the PwC network of firms with more than 223,000 people in 157 countries.
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