Mary Portas said retail is all about Experience, product and service. Difficult to argue with but in todays retail environment there is another factor that is equal to or may even be more important and that’s Value. Imagine if all retailers asked “how does this add value to customers before taking any actions”. The reason that most don’t is their narrow definition of value. To them value equals price and while of course price is important it’s only part of why customers buy.
A good example is in electrical products. Some customers spend more on a product because they think it will last longer and therefore deliver better value over its lifetime. At the other end of the scale some electrical products are so cheap that even if they didn’t last very long some customers would regard it as good value.
So the big question is how can retailers add value to their customers without only focusing on price?
What are your ideas?