Eric Cohen

August 17, 2022

Recession 2.0: Strategies to Help Your Retail Brand Navigate

How does the threat of an impending recession compare to the actual one retail faced in 2008?

Recession Redux

Inflation. Supply chain. Rising cost of living. Covid Lingering.

In this episode of Inside Retail, Grace sits down with EDITED's Chief Marketing Officer, Juliana Prather, for a wide-ranging discussion of making the transition from fashion merchandiser to technology marketer and how customer centricity is taking on added importance as the global retail industry faces a perfect storm of challenges not seen before.

Not to mention how a good cup of coffee must be the start of any productive day.

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Starting her career in sales and merchandising at brands such as Givenchy, Nine West and Liz Clairborne not only offered a can't learn in school experience of the day to day world of a global retailing, but also put her in the orbit of industry leaders and strategists who would shape her view of what it means to always put the customer first if you want to succeed.

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2008 vs 2022

While it's easy to find the similarities between the 2008 global crises and what many retailers are feeling today, it's the things that are different that may be harder to remember. Online sales weren't a high percentage of a brand's revenue and the rise of social media with the fall of the mall didn't figure as prominently into a brand's strategy.

One thing that has remained constant though is the importance of giving the customer what they want, when they want it and at a price they are willing to pay.

And the question retailers must ask of themselves in 2022 is how can the availability of data and insights help them achieve these goals.

Notable Quotable

"Retailers and brands have had to find some really creative ways to make sure that at every point; online, in-store, at a popup store, on your phone, at every place, that if you're a top customer, you feel like a top customer."

 

 

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