5 Retail Trends You Can't Afford to Miss
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Five trends that comprise the essence of retail today -- quoted and inspired by RetailNext -- compiled by Denise Lee Yohn: 1. Shoppers; 2. Stores; 3. Staff; 4. Supply Chain; 5. Seasonality. Fundamental change requires a change in fundamentals. Start with shoppers and their values and needs, and then move outward through your organization's supply chain, staff, and stores to deliver shopping experiences centered on curation, convenience, and community.
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5 Retail Trends You Can't Afford to Miss
- 2. I was fortunate enough to be invited to RetailNext’s 7th Annual Executive Forum (Thank you, Ray Hartjen!) and receive RetailNext's Insight: Ignite publication. The following five trends are adapted from the expert thought leadership I gleaned from both. Think of these as the Five S's that comprise the essence of retail today.
- 3. 1.
- 18. Quotes from RetailNext: http://retailnext.net Compiled by Denise Lee Yohn mail@deniseleeyohn.com ● http://deniseleeyohn.com More retail insights from Denise: • E-book: Extraordinary Experiences: What Great Retail and Restaurant Brands Do • ChangeThis Manifesto: It’s Still About The Experience • Forbes.com article: Customer Experience Success Relies On More Than Marketing
Editor's Notes
- Shoppers want to be marketing managers and brand evangelists, as well as advisors for new product development...Feedback is solicited, heard, acted upon, and followed up on. Above all, shoppers appreciate and value quick and agile responses.
- A retail store must be one (or more) of three things: Curated -- offers product that either speaks directly to a well-defined audience or introduces that well-defined audience to new products or new product categories. Convenient -- gives people access to products immediately. Community-based -- incorporates local elements and designs activations that bring communities together.
- Years of reduced expenses on staffing coupled with dated legacy training programs has delivered an unengaged, lackluster sales team in most retail locations. The result? A "dearth of analytics skills in the retail industry" and a "knowledge deficiency gap."
- Vertical supply chain and speed-to-market will continue to evolve at a lightening quick pace. Envision a future that gives consumers much more input in the design process and shrinks the time to market even more than we've seen to date.
- Retailers must break away from legacy infrastructures and systems to compete for consumers' year-round attention and share of their expenditures.
- In a few short years, replenishment shopping may well be done without any human intervention after the initial set-up. We all know it's easier to service an existing customer than acquire a new one, and in the very near-term for some products and services, it will be a one-time-only opportunity to make the proper first impression.
- One of the biggest pain points of retail today is the disconnect between what is possible and what is happening. Shoppers are miles ahead of most retailers and, unfortunately, the gap is only widening.
- It's not too early to be testing what feels futuristic.
- Fundamental change requires a change in fundamentals. Start with shoppers and their values and needs, and then move outward through your organization's supply chain, staff, and stores to deliver shopping experiences centered on curation, convenience, and community.