Throughout its history, retail has been punctuated by a great deal of technological advancements, and many have been quick to call each a revolution. But what’s revolutionary isn’t the underlying tech or the medium – it’s the power shift. Before, merchants chose the products and decided where to sell them and how much to charge. Consumers never really had much power. Now, access to information and to each other has led them to take control of the narrative and rewrite the rules of the game.
In his latest book, The Metail Economy: Six Strategies for Transforming Your Business to Thrive in the Me-Centric Consumer Revolution, Joel Bines, a retail industry expert with over 30 years of experience, talks about that very phenomenon and how, to be successful in the Metail economy, businesses must think of consumers not as a stale demographic with static interests, but as a multitude of individual Me’s with different needs and desires. For the first time in history, we’re empowered to take charge of our needs. Now it’s up to businesses to meet them.
In today’s episode, we’ve caught up with Joel to talk about the me-centric revolution and what that means for retail.
0:00 Intro
2:06 What exactly is the me-centric consumer revolution?
5:01 Customers have the power
7:01 Tech changed everything
10:00 The six Cs of the 'metail' revolution
19:46 Advice on developing self-awareness through the lens of the six Cs
25:00 Outro
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