London – Brands that are appealing, authentic and trustworthy will succeed but they need to ensure consistency when operating across different channels, said John Lewis chairman Charlie Mayfield, speaking at the Retail Week Conference 2012.
‘The value of authentic brands is enormous,’ he says, describing how innovation, design and creativity in retail are crucial to success, as those who can develop these capabilities will have a distinct competitive advantage.
‘The highest-spending customers shop across multiple channels,’ says Mayfield. ‘Technology is a driving force in retail and it will have fundamental implications on how money will be made in retail in the future,’ according to Mayfield.
The internet and advances in technology are rapidly changing the way consumers shop. ‘Technology is challenging the core shopping behaviour that has underscored some of the most significant retail developments over the past 30 years,’ he adds.
‘With almost all products available online, it has never been more important to develop and source products that customers want and can only get from you,’ says Mayfield. For many retailers, success will depend on this ability. ‘And it is fuelling a resurgence of UK sourcing and vertical integration,’ he says.
Look out for LS:N Global’s coverage of the Retail Week Conference next week.