Getting retail right: Shifting away from discount strategies and bad habits
27th February | MUmbrella
DDB Sydney managing director Priya Patel considers why retailers need to move away from the discount strategies and bad habits that have ultimately damaged their business model.
When the retail sector is pitted against banks, airlines and even burger restaurants, it’s not hard to feel like they’re missing a few tricks. Having led the Marks and Spencer’s account for five years in the UK, there was a lot about the retail sector that I loved, from the fast pace to the high volume and crazy mix of food and fashion. However, I didn’t love that too often ‘retail’ was reduced to price-led shouting.
Other categories have come on leaps and bounds in terms of introducing meaningful behavioural change mechanics into both their communications and operations. Yes, there are offers and discounting strategies, but they are not the premise of their business model or their entire consumer experience.