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WHITEPAPERThe death of cheaper,
faster or better
A retailers’ guide to mastering CX with
speed, scale and security.

A constantly moving target
“Cheaper, faster or better – choose two.” That was the old business mantra
that most consumer-facing brands bought into. It largely served the retail
sector well, with shoppers taking to this simple proposition of trade-offs.
But times move on and in most product segments, customers now can
demand and expect all three with few compromises.
Perhaps this was inevitable following the inception of the smartphone and
the Uberisation of the modern economy? Maybe the die was already cast
much earlier with Burger King’s era-defining “Have it your way” slogan?
Whatever your viewpoint, consumers have never had it so good. High Street
on the other hand?
Following a catalog of global economic and health crises, the question
right now is whether “cheaper, faster or better” remains relevant. Is this
unholy trinity of pledges good strategy for retailers looking to survive and
thrive? What about the cost crunch impacting households up and down the
country? Does this switch things up for big-box outlets looking to harmonize
the retail experience across physical and online spaces?
The most successful brands of the past 10–20 years have accepted
that the voice of the customer is a constantly moving target. They are
comfortable with it and have an innate ability to reorganise their resources
to remain competitive. But, internally, not all teams are made equal. Not
every department or operational area can respond at the speed of money.
Consequently, the “choose two” principle remains a feature of the retail
landscape with one of the three pledges inevitably falling to the wayside.
Under this scenario, another mantra seems to be more appropriate: “speed,
scale or security.” For those promoting the voice of the customer, the choice
is simple – be first and go big. Meanwhile, those in charge of data and
compliance adhere to a straightforward choice between speed OR scale.
Security is sacrosanct. After all, what’s the use of innovation if it’s
delivered
inconsistently or introduces vulnerabilities?
Ironically, many retailers created this dilemma while trying to solve another.
Years of investment in front-end technologies to digitise and get closer to
the customer has resulted in the very opposite. In the process of opening
up to more endpoints, corporate networks have become overwhelmed
by the sheer scale of data demands and cyber attacks. In striving for CX
excellence, operational stability has suffered.
So, with all that said, is there a way for retailers to have it their way? Is
the
perfect Venn diagram achievable where there are zero compromises?
Read on to find out why it’s not only mission-critical for you but for the
customer, too.
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