Keeping up with customers isn’t easy. It’s a time for optimists and fast movers. The next few years in retail are going to bring more changes as we get deeper into the age of the consumer.
Last week our team was at GlobalShop in Las Vegas talking to retailers and learning more about the fast-pace change retailers are experiencing. Below are a few highlights from the show.
The brand experience center
No one wants to be another store, on another corner, in another city. As brick and mortar expands, it’s important shoppers understand the brand’s mission. Successful brands are ones that connect with customers emotionally first before selling products. Customer experience centers will be key to remaining competitive in the world of in-store.
The technology introduction
As retailers look to invest in new technology, it will be important to evaluate ROI in a conclusive way. Where physical stores were once primarily points of sale, they are now transitioning to points of engagement above and beyond what customers can get online. While it used to be a lot of people asking what endless aisle was, it’s moved to the top of priority lists for retailers looking to increase engagement. Retailers can use such technologies to increase efficiencies, expertise, and add more to the experience.
The new organization structure
It’s clear the death of brick and mortar to e-commerce was grossly over exaggerated. However, it has changed the role that in-store plays in the omnichannel experience. Retailers should move away from the old structure of siloed organization channel functions, merchant-driven mindsets, and traditional company metrics. Companies must think about how they can restructure and create new, agile teams focused on shared goals and the overall customer experience.
The most profitable customers
Retailers should have strategies on two significant segments: women and millennials. Women typically drive the majority of consumer spending and are often the primary shoppers for their households. Millennials make up a larger percentage of the workforce than baby boomers, and they are coming into a time where they have a lot of disposable income. It will be important for retailers to capitalize on the opportunity by focusing strategies on these segments.
The hipster trend in retailMass brands may flail in a world of hipster take-over. More and more customers are worried about purchasing local and becoming brand ambassadors for brands that have environment and sustainability angles. This is reflected both in the products offered as well as the design of the stores to create a more authentic, responsible, experience. Mass brands will need to understand how they can unpack this trend and keep up to it if necessary.
As you can see, it was a really great week in Vegas! It’s an incredibly exciting time in retail. Given the information, new concepts, and exciting ideas shared at GlobalShop, I look forward to seeing how brands and retailers will continue to evolve.
Are you interested in introducing in-store technologies but not sure where to get started? Check out our whitepaper, “4 stages for Rolling out Endless Aisle: How to Launch a Successful Pilot.”