With the news that high-street giant Argos is finally ceasing its printed catalogue in favour of an online and in-store alternative, Dr Maggie Zeng, Senior Lecturer in Entrepreneurship at Kent Business School explains:
‘For many of us, flicking through an Argos catalogue was an enjoyable pastime. For many years, the use of a catalogue was synonymous with the store giants themselves and many of us will have experienced waiting in line, watching the screens and waiting for our ticket’s number to move from the ‘In Progress’ column to ‘Ready Collection’. But times have changed and businesses have struggled to adapt.
‘High-street stores in England have been struggling for years and Covid-19 is the final nail in the coffin. We have witnessed quite a number of businesses going into administration and I am sure more are on their way. To survive in the digital world requires conventional high-street players to make radical changes, including redesigning their consumer journey, value propositions, cost structures and revenue streams. Argos has realised this, and the departure from the recognisable brand catalogue is a necessary decision in these economically difficult times.
‘The purpose of having an online presence is not simply an additional channel to reach customers, but to build an interactive dialogue with them, to gain a more holistic overview to provide an individualized service. This can be done through the support of technologies such as big data, artificial intelligence, and even augmented reality.
‘To make such radical changes can be daunting, risky and costly, and currently nobody has a clear vision as to what future retails will look like. This change requires a collaborative effort from government, local councils, research institutions, tech start-ups, local communities, and high street stores themselves. For their sake, they need to act soon.’
Dr Maggie Zeng, Kent Business School, University of Kent
Dr Zeng is one of Kent Business School’s experts in emerging strategies in the digital economy, business ecosystem, dynamic capabilities and innovation.
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