What Retail Brands Are Getting Right With Strategic Advisory?

Digital disruption, evolving consumer attitudes, and global uncertainty are transforming the retail landscape in a fast and unprecedented way, putting stress on retail brands to innovate and grow. Many brands are embracing strategic advisory, no longer as a luxury but as a necessity.

Strategic advisory services have become a "secret weapon" for many of those successful retailers. They offer expertise, data-informed action, and progressive solutions that not only align with brand purpose but are aligned with market trends. (https://inobal.com/)

But what are retail brands doing right with strategic advisory?

1. Data-Driven Decision Making

Retail brands today are inundated with data, customer behavior data, sales performance data, inventory turnover data, and supply chain analytics. But having data is not the same as using it effectively.

Strategic advisors help brands convert raw data into actionable insights.

- How do brands get it right?

Brands like Walmart and Sephora have employed a strategic advisor to harness their customer data.

For example, Walmart integrates predictive analytics into its supply chain by predicting inventory needs.

Sephora employs data to personalize recommendations for customers and target their marketing efforts, raising conversion rates substantially.

By working with data-driven strategies, these companies aren't just reacting to consumer trends, they're anticipating them. (https://inobal.com/)

2. Omnichannel Integration

Today's consumer demands ease of experience through all avenues, whether it is in-store, online, or through a mobile app. Strategic advisors allow retail brands to connect digital and physical experiences through strong omnichannel frameworks.
- How do brands get it right?

Nike is a great example. Through strategic advisors, Nike redeveloped its direct-to-consumer model and created a well-linked ecosystem of stores, apps, and online experiences.

Their membership program, NikePlus, incorporates app experiences, exclusive content, and store value, which fostered deeper customer loyalty while driving higher sales.

3. Customer-Centric Innovation

Strategic advisory services keep the customer at the forefront of every innovation for a retail brand. Rather than pushing products, successful retailers are now solving customer problems and delivering personalized solutions.

- How do brands get it right?

Amazon relies on strategic advisors to help it build a customer-obsessed culture. All of its innovations, from "1-Click" checkout to same-day delivery, are rooted in the customer journey.

Strategic planning allows Amazon to define friction points in the customer journey and eliminate them before they become catastrophic failures.

Target took it one step further. During and after the pandemic, the retailer has envisaged its stores as fulfillment centers as it sought to improve the customer experience.

This brand transformation is born of strategic advisory services grounded in customer behavioral shifts and operational efficiencies. (https://inobal.com/)

4. Agile Transformation and Change Management

Strategic advisory will be essential in navigating transformations, whether digital, operational, or leadership-based, at any stage.

- How do brands get it right?

Best Buy has one of the extraordinary retail transformations in history. With the help of strategic advisors, they welcomed digital transformation, enhanced employee training, and reinvigorated customer service.

The "Renew Blue" strategy they used, with a contribution from an advisor, allowed increases in efficiency and cost-cutting, and reinvented their value proposition.

Being adaptable has allowed them to remain effective while competitors like Circuit City ceased to exist.

5. Supply Chain Optimization

Contemporary customers demand speed of delivery and total visibility into inventory. Strategic advisory is helping retail brands redesign and digitize supply chains to respond to that demand.

- How do brands get it right?

Zara is known for the agility of their fast fashion system. Their strategic thinking around demand forecasting and just-in-time production allows them to take a new design from idea, to production, to store in three weeks or less.

This type of efficiency is the result of streamlined supply chains that deliver strategic planning and support on an ongoing basis.

6. M&A and Market Expansion

Launching into new markets or taking ownership of new companies needs careful planning, a firm understanding of culture, and mitigation of risk. (https://inobal.com/)

Strategic advisors are a key component of aligning expansion strategies with longer-term goals.
- How do brands get it right?

LVMH, the luxury retail conglomerate, makes strategic use of advisors when it engages in acquisitions. Be it the acquisition of Tiffany & Co. or expanding into new global markets, every initiative is done up with sufficient market analysis, cultural fit analysis, and synergy assessment.

Their strategic diligence puts them in a position so that every acquisition enhances brand value, never diluting it.

7. Talent and Leadership Development

On the other side of every successful retail transformation is a band of empowered leaders and employees. Strategic advisory helps organizations develop leaders, reskill employees, and instill a culture of innovation.

- How do brands get it right?

Starbucks is a great example. With the help of strategic advice, they have used executive coaching and employee development programs to develop a leadership team that equally values growth and values.

Their investment in human capital has yielded significantly high employee satisfaction and improved customer experience. (https://inobal.com/)

Wrapping It Up

The consistent factor regarding winning retail brands is not luck or simply market share. It is clarity of vision, agility, and a commitment to using expert knowledge to enable sustainable growth.