Adam and Jeannie discuss the looming demise of Toys R Us and how a greater focus on customer experience innovation could make all the difference.
Toys R Us succumbs to competitors’ innovative retail experiences
Whether you were a child, glaring in wonder at the aisles and aisles of toys, or an adult achieving hero status by scoring the hottest toy at a discount on Black Friday, who doesn’t have fond memories about Toys R Us?
Unfortunately, memories may soon be all that’s left, as Toys R Us is on the brink of closing their 735 stores and putting 30,000 people out of work. It’s sad news for pretty much everyone, but where the customer experience is concerned, this sadness points to nostalgia more than anything else.
With Amazon selling at a loss and other online retailers stepping up their game with shipping, who wants to fight the crowds these days, only to find out the item they needed happens to be out of stock?
While some may say the demise of Toys R Us was inevitable and bound to happen someday, we’re not so sure we agree. Many retailers have managed to adapt to the digital age by offering experiences you simply can’t get online. Furthermore, others like Sephora invested early in their digital experiences and have seen phenomenal returns.
So why are things playing out so differently for Toys R Us? Surely the retail giant could have seen this coming and invested in modernizing the experiences they offer.
In this episode, we’re taking a closer look at Toys R Us and their place in the retail landscape. What could they have done differently, and is there a chance they can still survive? More importantly, what lessons can we learn from this as retailers and business leaders in general?
There’s more to this story than you think, and we’re giving you a bit of history and sharing expert insights to help you not become the next Toys R Us. Spoiler: It’s all about the experience, folks!
Listen To This Episode!
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- 360Connext® post, 3 Ways to Let Customers Guide Your Greatest Innovation
- Customers That Stick® post, Will You Compete on Customer Experience in 2018?
- Episode Episode 006: Mobile Customer Experience, Tabitha Dunn, and Sephora’s Mobile Integration
- Episode 311: Which Retail Touchpoints Matter Most
- We’re on C-Suite Radio! Check it out for more great podcasts
Take care of yourself and take care of your customers.