PSFK Future Of Retail 2014 Report


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In this year’s Future of Retail Report, PSFK Labs’ fourth annual production of the report, we’ve brought together two interconnected themes that provide a foundation for the modern shopping experience. ‘Data-Driven Commerce Platforms’ offers insights into the information systems that responsive retailers and brands are leveraging to differentiate themselves from the competition, enabling them to exceed customer expectations at every point along the ‘Networked Purchase Path’. Within these themes, we take an in-depth look at eleven key trends, bringing them to life with best-in-class examples, YouTube videos for further illustration sprinkled through out this Slideshare presentation, and connecting the dots with takeaways to help spark thinking and discussion. As you click through the following slides, we hope you find inspiration and innovation that you can leverage and share within your own organization.

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PSFK Future Of Retail 2014 Report

  1. 1. LABS @PSFK #FutureOfRetail
  2. 2. PSFK’s fourth annual report in a series on trends in retail will look at the new strategies to deliver contextual experiences that drive sales. _ _ 11 Trends with over 60 best-in-class examples Implications, expert opinions, supporting stats, and retail concept For your Full Copy of the Report, visit: PSFK presents the Future of Retail 2014
  3. 3. Trends Timeline
  4. 4. Interconnected Themes From The Future Of Retail Data-Driven Commerce Platforms Networked Purchase Path
  5. 5. Data-Driven Commerce Platforms Sophisticated information systems can enable any organization to dynamically respond to changes in the marketplace, develop better tools for customers and staff and add efficiencies into the shopping experience. Key Trends: Data Trading Systems Real-Time Analytics Brand API
  6. 6. LABS Trading better shopping experiences for better customer data. In today’s marketplace, personal information is a new asset class. In the same way that your shoppers will pay for quality so should you. Create an open exchange that demonstrates that they have value beyond a string of 0s and 1s.
  7. 7. LABS CVS Pharmacy Chain Updates Weekly Circulars Based On Shoppers’ Past Purchases and Preferences
  8. 8. LABS Analyzing the right data in real-time to generate solutions that can be implemented across any organization. Do more with less. Understand what data matters most to your business, experiment with what works and build your strategy from there.
  9. 9. LABS Brooks Brothers Mens Fashion Retailer Uses Rapid Analytics To Adjust What Customers See On Their E-Commerce Site
  10. 10. LABS Enabling the wider community to tap into your data systems to create an enhanced set of tools. No one will pay attention to who created it, as long as the experience is great. Tap into the intelligence of the wider community by providing the assets and guidance that enable them to innovate on top of your core offerings.
  11. 11. LABS Nike Fuel Lab Brand Incubator Challenges Startups To Use Fitness Tracking Data In Unique Ways
  12. 12. Networked Purchase Path Key points where a forward thinking retailer or brand can effectively employ data, connected technologies and human service to meet the shopper where they are and anticipate where they will go next, enabling better interactions at every stage of the sale. Key Trends: Omni Point-Of-Purchase Multichannel Customer Service Adaptive Personalization Instantly Verified Contextual Support On-Demand Delivery Connected Relationship Management Community Loyalty
  13. 13. LABS Tapping into shopper impulses by converting every product interaction into a purchase opportunity. Taking a shopper from discovery to checkout is only the first step. Decide how checkout and fulfillment will work to ensure the best end-to-end experience.
  14. 14. Soldsie Facebook Posts Turned Into Virtual Storefronts
  15. 15. Diane Von Furstenberg & Google Hangouts Fashion Video Interview Lets Viewers Buy Outfits As They Appear On Screen LABS
  16. 16. LABS Developing contextual services to learn shopper preferences over time, generating tailored results and anticipating future needs. Your shoppers want to be treated like individuals. Develop personalized tools and services that build on your shoppers’ previous interactions with your brand or store to add value to the overall experience.
  17. 17. LABS Foursquare Location-Based Social Network App Sends Alerts To Nearby Dives And Diners Based On Past Check-Ins And Social Recommendations
  18. 18. LABS Serving up relevant information to shoppers when and where it’s needed most. There is a fine line between welcome information and spam. Respect your shoppers’ willingness to engage by not interrupting their shopping trip with messaging that distracts from their experience.
  19. 19. LABS Estimote Beacon Hardware Solution Lets Retailers ‘Program’ Their Stores To Deliver Specific Information To Shoppers’ Phones
  20. 20. LABS McDonald’s Restaurant Installs NFC-Enabled ‘Happy Tables’ That Trigger An Exclusive Mobile Video Game
  21. 21. LABS Using shared access to customer information to bridge the gap between sales staff and shoppers, helping build more meaningful relationships. Just because you have information about your shoppers doesn’t mean you should use it. Go the final step by helping them understand how sharing their purchase history and preferences will lead to a better service experience.
  22. 22. LABS Boston Proper Online Retailer’s Bricks & Mortar Stores Allow Customers To Log-In And Retrieve Preferences To Enable Better Shopping Experiences
  23. 23. LABS Providing customer assistance on more platforms to create more staff touchpoints and enable interactions to happen on shopper’s terms. Communication has evolved beyond face-to-face conversations and phone calls. Take advantage of the new channels your shoppers are already using to connect them with a real person who can offer the service they need.
  24. 24. LABS Google Helpouts Video Service Taps Community Experts To Provide Users With Knowledge
  25. 25. LABS Amazon Kindle Tablet Gives On-Demand Support With The Push Of A Button
  26. 26. LABS Linking payment systems to verified shoppers to make transactions more efficient and secure. Regardless of the final price, no one really wants to part with their money. Design platforms or services that help make the actual transaction feel more personal and enjoyable, allowing customers to keep their focus on the excitement of their new purchase.
  27. 27. LABS Braintree Cross-Platform Auto-Fill Partnership Takes The Tedium Out Of Mobile Shopping
  28. 28. LABS Uniqul Facial Recognition Software Lets Shoppers Leave Their Wallets At Home
  29. 29. LABS Delivering on the need for convenience and immediacy by rolling out ‘buy it now, get it soon after’ services to get shoppers their purchases more quickly. In a culture of immediate gratification, waiting is the hardest part. Meet your shopper’s expectations with multiple options that allow them to decide the most convenient method for receiving their purchase. Ensure that you sync all available inventory across your channels to optimize cost and availability.
  30. 30. LABS Kate Spade Saturday Women’s Fashion Retailer Opens 24hr Shoppable Store Windows, Promises One-Hour Delivery
  31. 31. LABS Tying rewards to participation in a wider community to provide lasting benefits to both brands, retailers and their customers. Status and recognition are worth more than points and discounts. Reward your community of shoppers for sharing and participating in the activities that are meaningful to them and make sense within the broader context of your store or brand. Where possible leverage existing networks rather than starting from scratch.
  32. 32. LABS The Hunt Social Game Turns Strangers Into Altruistic Personal Shopping Community
  33. 33. LABS Volkswagen Driving App Challenges Drivers To Have More Fun On Road Trips
  34. 34. LABS KEY TAKEAWAYS Find Time To Set The Pace Be Accommodating At Every Step Use Customer Data To Create Digital Services Create Channel Agnostic Experiences Deliver Frictionless Transactions Use Technology To Deliver The Human Touch Build A System Of Love Access Data Anywhere
  35. 35. Interconnected Themes From The Future Of Retail Data-Driven Commerce Platforms LABS Networked Purchase Path
  36. 36. PSFK’s fourth annual report in a series on trends in retail will look at the new strategies to deliver contextual experiences that drive sales. _ _ 11 Trends with over 60 best-in-class examples Implications, expert opinions, supporting stats, and retail concept For your Full Copy of the Report, visit: PSFK presents the Future of Retail 2014
  37. 37. LABS @PSFK #FutureOfRetail