Louisville, KY—The Four P’s of retailing—product, promotion, price, and place—were relevant when product was still king. But in today’s world, the customer is king and makes the rules about when and where to shop. To be successful in today’s retail environment, jewelers will need to augment the Four C’s of diamond knowledge with the Four C’s of retailing. An article on RetailCustomerExperience.com explains:
Connections: Consumers expect to connect with brands anytime, anywhere and especially on their smartphones. Retailers must connect very early in the consumer journey, when they first start researching online, and continue the connection in store.
Choice: Today's consumers expect the ability to shop a wide array of products. (See this article about long-tail vs. curated assortments.) Retailers need not only to rethink assortments, but also to enable technology for seamless shopping.
Convenience: Consumers want convenience in both how they purchase and where they receive their goods, including shipping to home or for pickup in another location they choose.
Conversation: Consumers are more than likely to begin their journey on social media looking for conversation and, most importantly, recommendations. It goes beyond search: consumers are looking for conversation and connection with brands they value.