Current retail struggles are exactly why we built Talkoot

Jun 13, 2017

Derwyn Harris

Talkoot CPO and Co-Founder

A recent article in Forbes claims that a government bailout is inevitable for a struggling retail market. The consequences certainly appear dire, but at the very end of the article the author does provide us some glimmers of hope.

He provides us with three drivers of innovation. Bailout or not, we built Talkoot because, among other things, we believe in these drivers. They are glimmers of hope because we’ve seen companies succeed by adapting these and other strategies to succeed. Success will be measured more and more by a company’s ability to thrive in a new and quickly changing economy.

#1 Speed to market with products that meet consumers’ fast-changing preferences.

Consumer preferences are more than just changing, they are fueling an unprecedented expansion of niche choices. Sports, fashion, music, food — everything is splintering into nuanced versions of its predecessor. Have you heard of orange theory fitness or gravel grinders? Brands must be hyper aware and in tune with who their consumers are and what they desire. A recent webinar by Adobe highlighted “omnichannel shoppers” and “elusive loyalty” as factors driving the need for more innovative digital transformation. To solve this, companies must figure out how to continually connect with the consumer and speed up their ability to push products and content out, quickly and without errors or legal ramifications.

#2 Price points which consumers are willing to accept.

There is a huge chasm of vagueness between a price point and a consumer’s willingness to accept. Acceptance is driven by many factors that require a deep understanding of your consumer. You may find that a consumer will accept a higher price point if you have convinced them through your story that it’s worth it. It’s a new world all about experience vs a just price. You can’t assume one without the other. This boils down to content at all levels of the inbound funnel. Product descriptions just happen to be the moment of truth where a customer must ultimately decide if they accept or not. Price alone will not suffice.

#3 A differentiated product.

Yes! Right? If only it was so easy. “Differentiation” used to mean new and vastly different. Now it’s less obvious. Today companies can differentiate themselves purely through how they describe something and how they resonate with a “tribe”. Backcountry and Net-a-porter are both great examples. They sell other companies’ products and succeed by differentiating the experience and content over their competitors, which is often the brand’s own eCommerce site.

Talkoot for all three

Speed to market requires a wholistic approach to systems and processes. Talkoot sits nestled amongst your entire team helping usher to life meaningful content and stories that aligns with your consumers. Using Talkoot, adidas has been able push the boundaries of content volume and time to market without fear of a story disconnect or pesky mistakes. Talkoot solves all three of the drivers listed above because we care deeply about the impact of product copy to connect with consumers. If you’d like a demo or simply want to chat with us, we are here.

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