What is Fusion Retailing and Should You Try it?
Transforming a business into a one-stop provider makes good business sense. Modern consumer behaviour and expectation of instant gratification means consumers demand convenience in everything they do.
With the rise and adaption of mobile communication and browsing technology, consumer habits have also changed. Increasing numbers of people ‘shop on the go’ – they don’t want to go to different stores and shops to get what they need if they can see what is available on a little screen.
Why should you try fusion retailing?
Fusion retailing allows consumers to mix and match goods and services depending on what they require. As the high street evolves, large retail outlets such as Debenhams, House of Fraser and Next will have to meet changing consumer demand, otherwise they will disappear.
It also means that smaller independent stores will increasingly find more opportunity to develop and flourish in the gaps which will inevitably appear.
What is a fusion business?
Tesco, Asda and Sainsbury are all examples of a fusion store which has evolved from small independent chains of grocery stores into megalith retailers. Thousands of products and services all of which are linked by a single thread – everything a consumer needs under one roof for under their roof.
A fusion business is one that sells many products and services all of which are connected by a single thread. However, the aforementioned examples do not sell a wide selection of specialist goods and services. This is why over the next few years, small independent stores that are able to fill in the gaps, will be able to build up a loyal following, transforming the high street in the process.
Innovation
It is better to have a fusion business because you can get creative and let your imagination run wild as much as you want. Fusion business can hold your ideas together without ripping apart at the seams. For example – when you want to have pottery next to kitchen utensils it is possible because it can fall under one theme: home and lifestyle.
Loyalty
When you are a one-stop provider, most likely your customers will use your brand for everything he orshe needs than transfer to another business. Even if the other goods/services the consumer needs from you is priced higher than another competitor, the most likely scenario is that he/she will stick with you.
How to do it?
Think of a business plan with a singular theme. Then, you can combine eclectic products and services that harmonise well and centre around that particular theme. Example of themes can be beauty, fashion, or lifestyle. It is up to you what goods/services you want for your fusion business
There is no time like the present. Fusion retailing is a developing trend which has great potential.
The high street has exciting times ahead.
Our team at Genie Lending are dealing with a wide range of business and retail enquiries each week. We’d love to speak with you – so fill out our enquiry form or give us a call today.
