How about bankers underestimating Supermarkets?
Today's contributors to the traditional banking backlash against supermarkets might consider the following:
- Major multiples don't do 'underestimating problems'
- Shopkeepers operate in an output-focused, numbers-based, 'no-nonsence', customer-orientated environment
- They aim at sharing cost-savings and value with repeat-visit, life-time-value shoppers
Their loyalty schemes give them more usable customer-insight than a bank would be trusted to handle - They constantly strive to enrich the shopping experience
- They operate systems that can turn 50,000 lines 25 times a year, with 95+% onshelf availability
- They play the money markets with daily takings and 30+ day's credit from suppliers, some earning upwards of £200m per annum in the process
- They start with a gross margin of 25% and still make 5% net
- They come with none of the traditional banker 'trust-baggage'
- They are fully staffed during the 'lunch-hour'……
Traditional banks don't seem to appreciate that the game has changed, changed utterly…underestimating the threat posed by new players that learn fast, and don't take prisoners…..!
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