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Retail trends


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Retail trends

  1. 1. The Future of Retail Trends
  2. 2. THE MARKET TODAY The Landscape The Consumers
  3. 3. Big box retailers feeling the heat from e-commerce giants like Amazon
  4. 4. ‘Showrooming’ is the new reality
  5. 5. A new breed of digital-savvy shoppers has emerged
  6. 6. Traditional retail must adopt a multi-channel life to survive I care about convenience and value – at every touchpoint
  7. 7. The Digital Savvy Shopper• Takes advantage of technology• Offers personal data for a better experience• Expects contextually relevant offers• Wants to have a say & be rewarded for their knowledge• Floats seamlessly across mobile, online and real-world platforms in their path to purchase
  8. 8. THE STATS The Facts The Implications
  9. 9. 3 in 4 prefer retailers that 61% would trade increased use personal privacy for personally information to relevant offersimprove the shopping experience
  10. 10. 73%want “relevant” ads on 65% like to receive offers their mobile device on their phones based on past purchases while in-store
  11. 11. 35% 65% delay a purchase/buyhave bought online & picked up in-store elsewhere if they find a lower price by using their phone in-store
  12. 12. 15% 75% Would wait 5 days if decline in shoppersatisfaction at retail shipping were free stores, per year
  13. 13. 75% more inclined to 93% more inclined to purchase from a purchase from acompany that uses company that uses mobile apps social media
  14. 14. 40%of Millennials want to 74% of Millennials think influence brand they influence products purchase decisions of peers & other generations
  15. 15. 63%of Millennials typically 75% of Millennials want shop with family or brands to provide life friends as a social experiences activity
  16. 16. Implications for Retail Brands:1. Create personalized shopping experiences by trading privacy for relevancy.2. Release control of your brand. It belongs to your customers – be agile & collaborative.3. Focus on how your brand enables life experiences, not stuff.4. Provide value & ease at every touchpoint: – online, mobile, social & brick & mortar stores
  17. 17. TRENDS Retail TodayRetail Tomorrow
  18. 18. TODAY TOMORROW Reactive PredictiveSearch results Personalized resultsBricks & clicks Commerce everywhere
  19. 19. Learn from the data I share with you when I shop
  20. 20. Know me when I‟m not in your store
  21. 21. Know me when I walk into your store
  22. 22. Give me personalized service & recommendations in-store
  23. 23. Give me personalized service & recommendations everywhere
  24. 24. Make it easy for me to buy – anytime
  25. 25. Make it easy for me to buy – anywhere
  26. 26. Make it easy for me to buy – any way
  27. 27. TODAY TOMORROW Periodic Always On Smartphones “Smart” everythingRetail by channel Retail by experiences
  28. 28. Serve me “relevant” offers all of the time
  29. 29. Use technology to augment my shopping experience in-store
  30. 30. But also use technology to augment my experience out-of-the-store
  31. 31. Let me do fun things in-store, not just buy
  32. 32. Offer me something worth-while in-store
  33. 33. TODAY TOMORROWRetail names the price Shoppers name the price Brand as experts Consumer as experts Browse Retailers Be Retailers
  34. 34. Let me have a say on the deal I want
  35. 35. Let me help design your products
  36. 36. Let me sell on your behalf
  37. 37. Let me create my own store for you
  38. 38. Then reward me for my support
  39. 39. And support my ideas
  40. 40. THE MARKETTOMORROW Questions Implications
  41. 41. What happens to retail when our phone, wallet, refrigerator, and car are all connected?
  42. 42. What happens to consumer‟s decision journey whenbrands can be predictive and personalized with every message?
  43. 43. What happens to brick & mortar when consumers can sell, design, & own for you?
  44. 44. Implications for us?• Who are our most loyal and enthusiastic consumers we can ask to participate & sell for our brands?• What value-added experiences can we create in physical stores to mitigate the effects of „showrooming‟?• When can we leverage mobile to drive in-store & amplify relevant offers?• Where can we harness social & shopping data to provide better, more personalized service to consumers?• How do we construct seamless shopping experiences that promote discovery in-store and continue the sales process at home or on-the-go?