Selling products is not enough anymore. Retailers need to offer an overall value proposition that frames their relationship with customers around gaining “share of life” rather than “share of wallet.” To its Prime customers Amazon is not just a merchant with free shipping, but also an entertainment content provider. Walmart is doing a lot around financial planning. The Home Depot and Lowe’s, home improvement retailers, offer financial services. Retailers need to think about “share of life” in ways that are brand relevant.
Vice President, Retail Insights