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12 Big Trends Changing Retail Marketing Today

12 Big Trends Changing Retail Marketing Today



A keynote presentation on trends affecting the retail industry - delivered at the Shop.org Retailer Merchandising Summit in July 2012.

A keynote presentation on trends affecting the retail industry - delivered at the Shop.org Retailer Merchandising Summit in July 2012.



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12 Big Trends Changing Retail Marketing Today 12 Big Trends Changing Retail Marketing Today Presentation Transcript

  • + @rohitbhargava CEO & Founder, IMG Best Selling Author, Likeonomics Professor, Georgetown University 12 BIG Ideas Transforming The World Of Retail Right Now Presented at Shop.org Merchandising Summit – July 2012
  • A Quick Note From Rohit … This presentation was originally delivered live to an audience of retailers at the Shop.org Merchandising Summit. Most of the slides used here are visual and stories were told verbally – but I have added some descriptions for each trend to help anyone viewing the presentation online to better understand the thinking behind them. The examples remain in visual format only.
  • The Problem: We are living through the modern believability crisis.
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  • So, can social media really solve the problem?
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  • Sometimes consumers really don’t want a “conversation” …
  • Conversation Education Real-time Ongoing Static Archive
  • Or empty promises of “storytelling” …
  • Success in the future will require every retailer to do something more …
  • In a world where we don’t trust the institutions around us, the only real metric for trust is human connections.
  • So let’s talk about what is really changing …
  • Remember, trends never offer a perfect map for where to focus …
  • Instead, they can spark a powerful new idea or direction.
  • Trend #1: Pervasive Shopping What Is It? Thanks to mobile devices and new forms of retail integration, we can now shop anytime and anywhere. What Does It Mean? Offering the ability to purchase in multiple channels, and integrating with third party ecommerce networks is key.
  • Trend #2: Retail Curation What Is It? A sea of choice leads retailers to use curation to narrow choice and offer more personalized experiences to buy and share. What Does It Mean? Consumers are growing to expect more custom and personalized experiences and share them readily with others.
  • Trend #3: Story Trumps Product What Is It? Storytelling takes a fundamental role in creating a narrative that inspires people to buy a (sometimes) undifferentiated product. What Does It Mean? When products are easily replicated and do not necessarily stand out alone, better storytelling is the secret weapon.
  • Story Source: Peter Guber’s Tell To Win
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  • Trend #4: Being Useful Sells What Is It? While “conversation” gets a lot of attention today, consumers buy from companies that provide value by being useful. What Does It Mean? Often the best value from digital tactics comes by educating instead of trying to have a “dialogue.”
  • Trend #5: Analytics Everywhere What Is It? More and more tools, products and online services allow us to measure, track and chart each and every aspect of our lives. What Does It Mean? As consumers continually receive “life data” – this will influence the decisions they make and products they buy.
  • Trend #6: Instant Visual eCommerce What Is It? The longtime promise of being able to click any image to view and purchase a product is finally becoming a reality. What Does It Mean? Finding ways to link product imagery in any form (across the web) to ecommerce pages will become more important.
  • Trend #7: Eliminating Agony What Is It? After years of romantic fascination with social media, usability becomes a priority to improve customer experience again. What Does It Mean? As more sites begin with a mobile-centric design, consumers expectations of extreme simplicity increase.
  • Trend #8: Rewarding Activity What Is It? “Engagement” continues to be loosely defined as brands reward simple activities like clicking a button or showing up. What Does It Mean? Consumers will expect more rewards for activity, but may offer their social capital/networks in exchange.
  • Trend #9: Unexpected Honesty What Is It? As brand humanity continues to be a major macro trend in business, consumers reward companies that are honest unexpectedly. What Does It Mean? Being proactive with sharing the logic and truth behind your business is a powerful way to build trust.
  • Trend #10: Real Time Ethical Consumerism What Is It? Consumers now have the tools to uncover which companies behave ethically in real time, to impact everyday purchase decisions. What Does It Mean? Companies that behave in unethical ways can no longer depend on that information being hidden or hard to find.
  • Trend #11: Social Personalization What Is It? Retailers personalize not only by interest & purchase history, but also by social context of what friends like and recommend. What Does It Mean? Influencing consumers takes not only a focus on offers and benefits, but also through social context.
  • Trend #12: Co-Created Retail What Is It? User generated media has been popular for years in marketing – but now is finally extending to on shelf and eRetail. What Does It Mean? The affiliate model that has been so successful in ecommerce is extending to include any entrepreneur.
  • One final thought …
  • Trends should offer inspiration to try new things – so be inspired!
  • Twitter: @rohitbhargava Want a private workshop for your team on applying these trends to improve your retail business? Email: rohit@workwithimg.com