At the 22nd Asia-Pacific Retailers Convention, Isetan Mitsukoshi Holdings President and CEO Hosoya Toshiyuki (細谷 敏幸) discussed advancing customer-first principles and transforming the company into a business focused on individual customers, suggesting that stronger relationships could change purchasing behaviour. PPIH Director Yoshida (吉田) discussed the teaching that retail is a form of psychology.
Isetan Mitsukoshi Holdings President and CEO Hosoya Toshiyuki (細谷 敏幸) gave a presentation on advancing customer-first principles and the company’s transformation into a business focused on “individual customers”. He indicated that the traditional department store business model has remained largely unchanged for a long time, with the industry still focused on bringing mass-market customers into its stores.
The presentation pointed out that the industry has continued to rely on an old model dating back approximately 120 years to the Declaration of the Department Store, and that behaviour change based on data is required. It suggested that this could lead to higher spending by customers with whom stronger relationships have been built.
PPIH Director Yoshida (吉田) cited the teaching that links retail with “psychology”, and said that understanding customer psychology and interpreting purchasing behaviour are important.
The event focused on data use and customer understanding as drivers of change in the retail industry. The article is a summary for paid members.