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Six things you need to know about the future of Retail

03 Jul
Six things you need to know about the future of Retail:

1. Inspire consumers by curating the physical environment – all brands will have a need for ‘curators’ in the future to help communicate the joy of shopping. The legacy of stores will become a thing of the past and brands need to explore new ways of engaging consumers; for example, Lego are already harnessing the technology of augmented reality that a three-year-old child can use to inspire shoppers and capture the imagination.

2. Showrooming is nothing new – the showroom style environment of Apple’s retail stores that many regard as the future of retail is not a new concept. The difference today is that mobile technology has enhanced showrooming and it is now up to retailers to create a clear value proposition that gives the brand its USP.

3. Don’t be complacent about the competition – the explosion of ecommerce means it is hard to establish the pace of change around consumer behaviour and how your competitor may already be harnessing it. Retailers who will go on to succeed are those who understand how consumer behaviour is changing and utilise this to their advantage.

4. Data is your friend, avoid letting it swamp you – data should be used to support business strategy rather than dictating it. Retailers need to use consumer data garnered to streamline, simplify and rationalise their offering and keep in mind that retail is fundamentally about people and not statistics.

5. Location is still king – nowadays, when we reference ‘location’, we are not talking about the physical presence of a store on a high street but rather the virtual location of shopping online. Virtual location shifts constantly but by effectively understanding consumers’ online footprints and capitalising on SEO/ PPC campaigns to lock-down keywords, retailers can succeed in building a strong online identity.

6. Learn from the best – retailers should take inspiration from Amazon’s ethos that prevention is better than cure. Rather than spending hours pouring over financial results, Amazon instead focus their attention on ‘controllable inputs’ and barely register conversion rates – Amazon founder Jeff Bezos famously fired a string of markerting directors who came to him talking about conversion rates until the focus was shifted.
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