Ecommerce Guide

TCG Retail Summit Takeaways: From Product Is King To Experience Is Your Product

The TCG retail summit was held last week on March 29-30 at the Hotel Adlon-Kempinski in Berlin. The TCG Retail Summit is where the movers and shakers of the electrical retail sector world come together over two days to discuss the opportunities and challenges that the industry will see in the next 12 months. Attendees include the Presidents, Chief Executive Officers and Managing Directors of some of the biggest electrical brands and resellers in Europe and the rest of the world. Speakers at the summit included:

  • Jan Becker, Brand Strategy, Zalando
  • Hans Carpels, President, Euronics International
  • John Coulter, Group Trading Director, AO.com
  • Peter Praet, Member of the Executive Board, European Central Bank
  • Andrea Gisle Joosen, Director, Dixons Carphone

 

It was clear from the entire weekend that the underlying theme was omnichannel. Indeed, the TCG retail summit began with a presentation from Christopher Bidet on “innovation through the customer journey”. The theme of omnichannel continued throughout the summit, omnichannel being mentioned in nearly every presentation and panel discussion, highlighting just how important to future success it and its successors will be. With omnichannel being an evolution of multi-channel retailing with the aim of offering customers a seamless approach to the consumer experience, one of the takeaways from the summit was that adoption of omnichannel was key if not done so already, and that it should continually evolve to offer the very best customer experience.

This rise in omnichannel marketing has mean that we now have moved away from a ‘product is king’ culture. Whereas in the past, traditional retail was all about product, price, promotion and place, today’s ecommerce technology enables consumers to approach shopping in a much different way, so retailers need to move to other differentiators. Many of the speakers at the TCG retail summit highlighted the need to innovate and take a much more customer-centric approach that offers users customisation, choice, convenience and connectivity. This move away from product is king to customer experience was spoken about by the Modernist Group’s Jeffrey Sears. His phrase, “your retailer experience is your product” resonated across the summit.

Perhaps the most popular presentation at the entire summit was from the Chief Executive Officer of Sharaf DG, Niles Khalko. His ‘Growing Through Differentiation” was very well received and highlighted how the most successful retailers in the future both off and online will be the ones that truly differentiate their customer service, including engagement and experience. For businesses in the ecommerce and traditional retail sectors to be successful in the future, it was made clear that this will not be based on the sales transactions that are made today, but on the customer’s relationships earned by bringing products to life through an engaging and innovative customer experience.

For more information on the TCG Retail Summit, fo to their website at https://europeantcgretailsummit.com/

 

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Scott Bretton

Scott Bretton

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