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Is your company future fit?


Published on 2017
Trevor Hardy, The Future Laboratory

Published in: Retail
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Is your company future fit?

  1. 1. Is your company future fit? Trevor Hardy, CEO, The Future Laboratory
  2. 2. THEFUTURELABORATORY.COM LSNGLOBAL.COM THE : FUTURE : LABORATORY 09 : 27 : 2017 : : SHOP.ORG : : THE FUTURE FIT RETAILER : Trevor Hardy, CEO, The Future Laboratory : @trevorhardy @TheFutureLab
  3. 3. ‘Are we fit for the future? Can we provide solutions to worldwide issues? In the future, it will be even more vital for companies to work together with states and NGOs to create value for societies, and business opportunities that drive long-term, scalable value creation’ Kati Ihamäki, vice-president of sustainable development, Finnair
  4. 4. Owned By No One by Robin Alysha Clemens, the Netherlands, a speculative project that examines the extreme precautions people may take in the future to protect their personal data in a culture of surveillance Uncertainty Ahead There is growth, innovation and optimism in the retail sector. But there is still uncertainty ahead. Retailers are listening to consumers’ needs without losing their own point of view and are meeting demands for technology, transparency and experience. Adidas captured the current zeitgeist in its latest advert
  5. 5. Official music video of Nobody Speak by DJ Shadow featuring Run The Jewels Systemic Distrust Trust in governments, businesses, church, sports bodies are at an all- time low. Trust in financial services companies is down from 13% in 2015 to 8% in 2016 ‘Trust in institutions is no longer automatically granted. In today’s world trust must be earned’ Richard Edelman, president and CEO, Edelman Source: Edelman
  6. 6. The Ordinary by Deciem Honest Products A more informed consumer is tired of jargon and demanding transparency. Products in Deciem’s The Ordinary and NIOD ranges feature the names of the active ingredients rather than marketing buzzwords on the label ‘If we called this product Prevent and Hydrate Mist we would do so much injustice not only to the product but also to the audience who uses it,’ Brandon Truaxe, founder, Deciem
  7. 7. The Opaque But Still Transparent range by Freitag, Zürich Not-so-fast Fashion Manufacturing practices continue to come under scrutiny, especially with the rise of fast fashion in emerging markets. If 80% of emerging markets have clothing consumption rates similar to those in the Western world, by 2025 CO2 emissions will rise by 77%, and 20% more water will be used in garment manufacturing than in 2015 Source: McKinsey
  8. 8. Ritual, US Radical transparency As digital tools make it easier to hold brands to account, retailers are going to great lengths to prove their commitment to transparency. Multivitamin brand Ritual shows where each ingredient comes from and provides links to manufacturers’ websites ARKET has a ‘Made In’ tab that reveals a map detailing a product’s place of origin, the name of the supplier and factory involved in its production.
  9. 9. 1913 Songjeong-yeok by Hyundai Card, South Korea Brands have a Civic Duty Businesses are increasingly stepping in where governments are failing and acting as forces for good in society; acting as educators and enablers, providing tools for a decentralized economy. Some 65% of consumers believe that businesses bear as much responsibility as governments for driving social change Source: Havas Worldwide The potential value unlocked by companies taking a long-term approach could be worth nearly $3 trillion by 2025 Source: McKinsey
  10. 10. The Body Studio at Selfridges, London Brands educators Retailers are responding to this new landscape with layered offerings and in-store activities. Some 49% of New Yorkers and 56% of Londoners want to learn new lifestyle and creative skills at their favourite store Health and wellbeing is the most desired category, followed by inspiring classes and expert sessions Source: Westfield
  11. 11. Levi’s Give Back education programme, Brooklyn Denim brand Levi’s is refocusing its brand around music through a series of education programmes in the US and UK The initiative includes short courses in sound engineering, songwriting and audio-visual production, each created in collaboration with a major artist ‘We want to make a long-term commitment – not something where we’re in and out, but something more consistent’ Jennifer Sey, chief marketing officer, Levi’s
  12. 12. ‘Meeting expectations at every stage in the customer journey cannot be left to chance any more. By 2020, customer experience will dominate as the key brand differentiator, more than price or product’ Amit Sharma, founder, retail technology platform Narvar
  13. 13. WAH Nails, Soho Service used to mean a sales associate with a smile. Now, before your customers have even visited your store they have probably looked up your brand on social media, read product reviews on Amazon, researched your stock availability and checked the price against your competitors Customer service is becoming a balancing act between integrating technology and maintaining a human element to the experience.
  14. 14. Alibaba and HTC Vive China with shopping platform in virtual reality New Service Stars Retail staff must focus on the quality of the experience Consumers who engage with both a brand’s website and in-store staff spend on average four times more Sources: InMoment ‘Physical retail accounts for 93% of sales today, and even with online growing at speed, it will account for 80% by 2025. Our Store of the Future concept enables staff to become ‘in-store influencers’ rather than inventory controllers’ Jose Neves, founder & CEO, Farfetch
  15. 15. Snapchat Spectacles campaign The relationship between online, social and shopping for consumers is becoming symbiotic. One-third of 18–24-year-olds say they would like to purchase items directly from Facebook, 27% want to shop on Instagram, 20% on Twitter, Pinterest (17%) and Snapchat (15%) Source: Aimia ‘Customers don’t think about who runs the website, the mobile business, the store business and the franchise business. To the customers they are all one business’ Andrea Weiss, co-founder, retail consultancy The O Alliance
  16. 16. Our/Vodka packaging Global to hyper-local As the world and brands become more global, consumers are craving the local touch. Our/Vodka is a global but local brand consisting of local partners that run micro- distilleries in cities across the world supported by the might of Pernod Ricard. ‘Our/Vodka is not only about the local community, but about creating a global community of creative entrepreneurs who can share ideas’ Åsa Caap, CEO and founder of Our/Vodka
  17. 17. Amazon Headquarters, Seattle. Image by Graphite Design A partnership between Amazon and non-profit Mary’s Place, transformed an old motel in downtown Seattle and transformed it into a temporary homeless shelter The development will be used as the Amazon’s headquarters and it has donated around 50% of one of the spaces to Mary’s Place ‘This unique, first-of-its-kind shelter will remind families that they matter and that their community wants to help them to succeed.’ Marty Hartman, executive director of Mary’s Place.
  18. 18. ‘Consumers have embraced frictionless commerce, which I like to call ‘thoughtless commerce’ – you don’t need to think or make anything but the most minimal effort between shopping, paying and receiving your purchase’ Ryan Craver, senior vice-president emerging brands, licences and digital strategy, Lamour Group
  19. 19. Explorium retail Brands need to consider the physical store as a place of learning and inspiration, even if this means slowing the journey to purchase. Bricks-and-mortar stores are becoming brand embassies that facilitate rather than dictate consumer journeys British luxury department store Selfridges launches a number of initiatives throughout the year, curating products, hospitality and live events according to a theme Music Matters is the retailer’s current festival, and features live performances and a record shop in-store Music Matters by Selfridges, UK
  20. 20. South Korean eyewear brand Gentle Monster provides a master class in Explorium Retail. Originally an online-only store, the brand’s physical spaces boast immersive and challenging showrooms. ‘We believe inspiring spaces help to sell products. Customers don’t remember products when they visit a space, they remember the architecture and artwork curated within the space’ Jae Ho Bae, head of interiors, Gentle Monster Work in Progress by Gentle Monster Tr
  21. 21. Power to Switch advertisement, UK Department of Energy and Climate Change Short-termism Our inability to plan for the long term is harming our present and ruining our future. ‘America’s top killer isn’t cancer or heart disease or smoking or obesity. It’s our inability to overcome our own short-term behaviour’ Ralph L Keeney, Duke University, US In 2016, 17% of the largest 2,500 public companies in the world changed their CEO, more than in any of the previous 16 years
  22. 22. Cathedral Challenges Short-termism is most problematic when we are faced with decade- long challenges. “Mitigating man-made climate change will take ‘at least until the end of the century’ Tim Kruger, James Martin Fellow at the Oxford Geoengineering Programme Mars One plans to colonise the red planet, with crews starting to depart for one-way journeys in 2026 Roden Crater by James Turrell features skyspaces in the arizona desert
  23. 23. ‘When there is a wind of change, we can build a wall to protect ourselves from the storm or we can build a windmill to let the wind blow faster so we can benefit from the wind and be part of change’ Alber Elbaz
  24. 24. OPEN is a visual representation of The Future Laboratory’s Future Fit Index by Pamm Hong Future Fitness The Future Fit Index was created because consumers increasingly expect a long-term view. Businesses are dealing with the uncertainty of accelerating sector disruption and increasingly want to be ahead of emerging consumer needs
  25. 25. Six critical behaviors for future fitness
  26. 26. Future Fit Index - US Retailers Stretch 02 Innovation 03 Agility 04 Conscious Business 05 Thriving Employee s 06 Long- Term Planning 01 8 NUMBER OF BUSINESSES IN THE TOP 100