Retail Insights ‐ Autumn 1999

Abstract

Arguably, businesses are facing their most challenging moment in time as we enter the twenty‐first century. Companies that have relied on industrial‐age advantages such as access to distribution channels, mass production, economies of scale, capital investments, switching costs, and even government policy, have all but been rendered obsolete in today’s blisteringly fast‐paced business environment ‐ an environment that is now based on information and knowledge. Today’s business environment is anything but stable and predictable. In fact, it moves in real time. Technological advancements, deregulation, and globalization are generating upheavals in both organizations and products and services. Markets are fragmenting. Barriers to entry are crumbling ‐ even in capital‐intensive industries. New businesses are starting up in venues that did not even exist a few years ago. The Internet and its World Wide Web alone have created ‐ almost overnight ‐ a borderless global economy. Customers can be of any creed, religion, color or race. Matching products, services and employees to customers will become a key and critical ingredient for business and financial survival in the twenty‐first century. The challenge will be to find, acquire and retain the right customers ‐ who could come from anywhere in the world ‐ in order to fuel long‐term business success. This will require keen attention, and a holistic focus, on customers themselves. This will require customer relationship management.

Citation

Pollitt, D. (1999), "Retail Insights ‐ Autumn 1999", International Journal of Retail & Distribution Management, Vol. 27 No. 7, pp. 1-17. https://doi.org/10.1108/09590552199900003