Richard Rizika Discusses the Future of Retail with an Omnichannel Approach
Richard Rizika was recently interviewed by Andrew Wetzler discussing the future of retail as it relates to retailers embracing an omnichannel approach to lead the way. Richard Rizika says “There are many examples of retailers that have pivoted effectively to Digital during the pandemic. Several big box retailers have recognized that “brick and mortar” has a competitive advantage when used as fulfillment centers. Best Buy is one example. When stores were forced to close under “Stay At Home Government Ordinances”, Best Buy serviced customers by engaging with customers online and implementing a “click and collect” model at each of their stores. Rather than becoming a victim, Best Buy used its resources and created a turnaround strategy that included matching Amazon on price and speed of delivery and leveraging its physical stores to meet customer demand. They controlled the customer experience while customers flocked to the internet to purchase electronics for their “new home office” while other online and physical retailers were caught flat footed”.