With retail facing some of the greatest challenges of all times, our roundtable explored how purpose should be a key part of corporate retail strategy
We were delighted to welcome Jacqueline Windsor, a strategy partner for PwC in the retail sector, who’s worked with a range of retailers, from Asda to high end fashion houses and plenty in between.
Key headlines included how:
- Social Purpose can be meaningful and sustainable for high street retail chains to online retailers
- Retailers need to recognise the widespread shift from conspicuous to conscientious consumption. More and more shoppers are starting to use retailers ethical and sustainability credentials in the choices they make. This goes beyond sustainability, although that can be your purpose of choice if you wish
- When retailers see themselves not solely as a business entity but as a locally engaged citizen, ‘retail’ can naturally evolve towards a role that genuinely transcends commercial interests
- By adopting a more humanized and socially responsible way of building relationships with people and their communities, retailers can engender loyalty even during the most difficult economic times and challenge market conditions. You get that competitive advantage.
- Retailers need to understand your customer’s purpose. What is their true purpose? What offering serves that purpose? How do I serve this purpose? So you can become a trusted partner to your customers.
- Good communication around purpose enables customers to decide where to spend their money – shopping with a value driven company, investing in their message through their products, buying from a responsible company that pays the living wage, takes human rights seriously, has a sustainable water consumption or values that are important.
