Establishing itself as the Bible of Retail Trends, PSFK has released its third annual survey of retail innovation – The Future of Retail – crammed with insights and inspiration.
As you’d guess, mobile and social technology figure prominently, as do responses to the disruptive trend of ‘showrooming‘ and retail’s perennial sword of Damocles – otherwise known as Amazon.
The 100+ page full report can be purchased for here for $495 – and the good guys of PSFK are offering a free downloadable 37MB – 38 page summary here.
But for the time pressed, here’s what you need to know:
There are two key disruptive meta-trands transforming retail:
1. RETAIL ON DEMAND – in-store, at home or one the go, the emerging expectation to buy what you want, wherever you want, when you want and how you want – at the point of desire – through a seamless, contextual and connected experience
- Service with an Opt-in “Give me personal attention and better service” – retailers ask shoppers to trade personal data to receive better level of service: Example: Nieman Marcus NM Service app (by Signature)- location-aware app provides sales staff with customers’ preferences
- Shopper Coaching “Teach me how to use this” – brands makes education a key component of the the shopper experience both before and after a purchase is made. Example: Motomethod DIY motorcycle repair shop lets customers work on the bikes in-store
- Auto-Curated Shopping “Let me shop what I like” retailers leverage shoppers’ social data and purchase history to create customised browsing experiences: Example: Glimpse (by thefind) social shopping channel uses Facebook ‘likes’ to build custom catalogues
- Bespoke At Scale “Let me design the perfect one for me” Brands create scalable solutions that allow their shoppers to pick the perfect product. Example: Evolvex – customising modular furniture online at an affordable price
- Fit With A Click “Help me choose the perfect fit” – Retailers provide digital tools to online shoppers to ensure they find the perfect fit. Example: UPcload webcam enabled algorithm ensures shoppers find the best fit online
THE NEW BRAND CHAMPION – connecting and collaborating with the digitally empowered consumer to drive demand with digitally amplified and accelerated word of mouth
- Shopper As Affiliate “Let me sell on your behalf” – People engage with other shoppers on social platforms to sell on behalf of brands. Example mulu.me – commission fees earned from influencing online purchases
- Crowdsourced Product Range “Let me help decide what’s sold” – Customers provide input into what products are made and sold and what new services are offered. Example Barclaycard Ring community powered credit card involves cardholders in card management and profits.
- Shopper-To-Shopper Service “Help me decide which one to buy” Brand fans share their expertise and provide one-on-one advice to fellow shoppers. Example: Needle.com service pairs brand experts with customers for real-time product consultation
- Shopper Designed Deals “Let me name my price” Shoppers set the price they are willing to pay for products and services. Example: Bagthat group-buying website secures best available deal
Pen Portrait: The New Shopper
- Sophistication Based On Personal Knowledge
- Prepared To Trade Data For A Better Experience
- Instant Access To Expertise
- Takes Advantage Of Technology
- Wants To Be Offered A Perfect Match
- Wants to Have A Say On What Is Produced
- Enjoys Lending A Hand To Fellow Shoppers
- Will Gather People Around To Get A Better Price
- Wants To Be Rewarded For Sharing Shopper Expertise