Stages where magic happens. In fact, we often shop to fulfill other deeper needs as well – the need to disconnect, to socialize and to commune – and at times to simply be out in public. But the company's plan to win more of America's grocery spending stretches far beyond operating an organic chain. So let’s try and outline 10 innovations in retail that will shape our offline shopping experience in the nearest future. Great article Doug! Small to medium sized retailers have more available to them today than ever; from mobile POS, to social commerce platforms, digital signage packages, offline analytics technologies etc. This website uses cookies to improve your experience. visit the seller in person) then let the market decide the outcome as far as what’s dead and whats not and if that is physical retail then who really cares? This is the really interesting category, where the progressive retailers will ensure they specialize in,not only their stock, but also the service they offer. Or they’re an … In June, Staples launched Staples Studio in the U.S., an in-store take on coworking for small businesses, entrepreneurs and commuters, now open inside three Massachusetts Staples locations: Brighton, Danvers and Norwood. I think as more retailers grasp the idea that their stores are really media points – not simply distribution points, they may create more entertaining experiences – thus making the decision to spend valuable time, an easier one for consumers. And this, I find, is most often where small retailers aren’t as effective as they can or should be. STEPHENS: Part of what's driving that trend is social media. Concept stores of the future. STEPHENS: There are a wide variety of challenges facing retailers. In this concept, convenience comes to the consumer, whenever, wherever they are. They also had to be safety officers, virtual stylists and shepherds of buy online, pickup in-store orders. So the challenge for organizations is to push power, autonomy and decision-making back to the front lines and to let information from the front lines inform the broader strategy. Thank you for sharing your thoughts! I was glad to read that someone else shares our point of view that retail will in fact evolve to meet society’s new and changing needs for product acquisition, socialization, and diversion. What happens to all those people who like to view what they buy? – I agree in many respects. Incidentally, today we see so much more space on the walkways of the malls being utilised for short term (pop-up) promotion by brands that use truly amazing creative ideas to engage the public. I need more out side of the box. In essence, the unique selling process you create becomes as much of a product as the product itself. Billions of them. CNCPTS INTL Official Website for the latest Concepts Collaborations, Projects, Releases and News. In order to accomplish this, the structure of the company and its compensation programs have to promote such a dynamic. The actual product is almost a souvenir. These are some of the biggest changes I see to the concept of the retail “store”. Thanks and keep it coming. The Future of Physical Retail, 2020 and Beyond - New Tech-enabled Generation of Stores Will Replace the Old Model Battered by Online and COVID-19 Email Print Friendly Share August 28, … STEPHENS: Here's what we sometimes forget. For sure, time frames are shortening. As we round the corner of the 21st century's second decade, a time of reckoning for retail, we asked for his view of the industry as the next 10 years unfold. Doug, you’ve provided a very thoughtful vision of the future of physical retail. Protests against systemic racism this year pushed retailers to take a magnifying glass to diversity, and many areas are lacking. Smart brands will have no choice but to, focus increasing amounts of attention on making their store spaces experiential brand starting points, with high production value. There are lot of changes, e.g. Nonetheless, his opinion caused some unrest in the retail community and should be taken seriously. The bottom line is, if you're a mid-tier retailer selling mediocre products at average prices with an okay customer experience, you may as well close up shop now. Store Locator. I’m not as concerned about the amount of physical retail as I am about their being quality retail that delivers awesome experiences. I think the customer focused experience of shopping will become more creative and geared to individual needs. A discussion with retail futurist Doug Stephens as a new decade dawns. We also use third-party cookies that help us analyze and understand how you use this website. Jacob Douglas @jacobmdouglas. If they don’t, their competitors will. Store of the Future . As organizations scale, this intuitive understanding dissipates, and leadership loses touch with the needs of the customer. It’s also fair to say, given that Andreessen co-founded Netscape and is invested in a number of online properties, that he might be just a little predisposed to this extreme position. The pressure is on as consumers actively look for the next great brand experience. I appreciate the artcicle and i’ve some questions in my mind : Subscribe to Retail Dive to get the must-read news & insights in your inbox. Here are 5 strategies retailers must consider to future-proof their success: 1. The property groups that own these spaces have a contractual commitment to their tenants to drive footfall through their doors and into the shopping space but it was historically the brands /stores that were the reason the shoppers came. STEPHENS: The leader of the future must do several things. I own a small store and seasonally I would do well and that would carry me through the slower seasons. Its latest—the newly renovated Oakville store in Canada.. This opened my eyes to the enormous disruption technology is creating in retail. This week, Farfetch, a global e-commerce marketplace for independent luxury boutiques, unveiled its “ Store of the Future ” concept, which is designed to have data and technology augment the physical retail experience, allowing shoppers to move seamlessly between the online and offline worlds. We've become obsessed with segmenting consumers into "personas" or "archetypes," each with sometimes diametrically different needs. Experiences, not products, play best on social. STEPHENS: In general, we need to focus a lot less on the nuanced differences in needs between individual consumer segments or demographic cohorts. When it comes to the future, the waters around the concept store are likely to get even muddier. Amazon Go, the cashierless retail store of the future, has some new competition. The deceptively slow penetration of digital retail to date, and its uneven impact across the sector, have created a false sense of security. The current practice among retailers of asking for personal information only to annoy and interrupt with meaningless offers will give way as consumers garner more tools to filter out these useless overtures. … Attract customers with in-store … In the past, post order lazy people had thick paper catalogues on the table, and ordered by snail-mail. For any retailer calibrated to serving baby boomers for the last 30 years, it means a complete overhaul of the business and a rethinking of their customer experience. I wanted to ask you (or anyone else) if there is a contradiction between the socialization of shopping and the time pressure faced by many consumers. Many of the big future retail trends – personalisation, customisation, curation, experience, community – are a defining part of the concept store idea. (2) Smart retailers. There is also the new financial reality. Retailers that can devise a cohesive plan to effectively combat “showrooming” should be the first to reap the rewards of bridging those two worlds. Virtual Stores The Future of Retail By Bharat Bharadwaj 2. It’s just buying and selling based on the want of the customer. Concerning retailers, they may be able in the end to supply consumers with better-quality contents and use social networks a more efficient and personal way than pure players or big chains. I find that retail wont die in a hurry. The Farfetch vision included creating ‘the retail experience of the future’ that it promised would be a ‘pioneering mix of technology and in-store experience’. Doug Stephens is one of the world’s foremost retail industry futurists, authors and speakers. The emergence of out of town destination shopping venues have delivered a more ‘attraction-like’ experience for the shoppers and as a result, a wider physical catchment of consumers. I think not. They must be willing to step just beyond their current understanding and do unprecedented things, often with little to no supporting data. The fact is that 66% of the time, when it occurs to an American consumer that they need a product, they're going directly to Amazon to search for it. The store maintains the potential to be that emotional center of gravity for the brand. If you haven’t investigated 3D printing, it’s time to start. Why else would celebrities brave the hoards of paparazzi to shop for things they could undoubtedly have delivered to them on a silver platter? Interesting article. Here to share their expertise with us are two McKinsey partners based in the London office. And when they find it they are sure to go tell their friends. Only in our fantasy. They will celebrate their victories and learn from their mistakes quickly. For me, virtual engagement can never be as strong as a physical experience and that is why your article in my humble view is ‘on the money’! The interesting thing is that this shift back in time is enabled by a range of innovative digital technologies. a fully wired city which I am focusing on, everything is connected by an IP address, even human beings. The future of retail will see complete integration of technologies like augmented and virtual reality, the internet of things, sensor-driven packaging and connected appliances. Everyone. Thank you. Thanks for taking the time to comment. And eventually the dissonance between the company, its employees and its customers becomes fatal. Look forward to reading your book. The store of the future exists not just because the retailer or consumer goods firm is able to That's why if you're looking for small business ideas in the retail sector, now is a great time to explore your options. The landlord, not really, they will have to adapt to the market or they will die. Nike's latest retail concept promotes No checkout counters, no queues, no shoplifting. The polarization of wealth and incomes will continue to gut the middle class in most developed economies. Put another way, media is now a cost of sales and rent is now a cost of customer acquisition. In some cases, the owner themselves is a consumer of the product and so innately understands the needs and preferences of their customers from personal experience. To understand why, one has to appreciate that the old model for retail relied almost exclusively on paid media and advertising to drive consumers down the purchase funnel to physical stores to purchase goods. Follow 15 In essence, media (in a variety of forms) is becoming the store. This means for retailers investing time and money to develop. For the concept store this change of usage is likely to stick thanks to the efforts of the retail industry. Glad you mentioned Pop Up retail and short term leasing. I believe that a cross-canal experience is highly expected from modern consumers. My business is dependent on retail survival and I accept that I must morph the business to remain relevant. In a contracting market, there will be increasingly little room for sameness. There is no "good, better, best" anymore. DOUG STEPHENS: Where we find ourselves today is at the end of the beginning of e-commerce. The purpose of retail will no longer be to solely convert every customer into a buyer of goods but rather transform them into disciples of the brand itself. How does this really work? Get retail news like this in your inbox daily. Thank you Nombulelo! Necessary cookies are absolutely essential for the website to function properly. Celebrating its 25 th anniversary this year, 10 Corso Como’s1200sqm of space incorporates a bookshop, gallery, store, café/restaurant, and three room hotel. And until the early 1980's that was the case. I am wishing for it now! Again, great work! Technology continues to advance at unparalleled speed. With these cut throat pop up stores they take away from us little guys who are here all year long, paying taxes, giving long term employment and a standing in the community. Remember small budget and not the typical make your experiences with every customer count, be a bigger experience, been there done that. The “supermarket of the future” concept was developed by IT professional services firms and Microsoft partners Accenture and Avanade and relies on readily available technology. As much as I'd like to believe that retailers will altruistically save the middle class, consumer action and political involvement will ultimately be the catalyst. You offer keen insight on developing trends of the consumer and retail that are here to stay and will become commonplace. To survive this disruption, retailers must rethink their game plan. In 2019 alone we’ve seen new retail concepts from Walmart, Celine, Carrefour, Tiffany, H&M, Dunkin’, Belstaff and … I complete get where you’re coming from Doug and I totally share your view. I agree 100% with your prognosis. — these are things every human wants and needs. Dec 20, 2020 - Ironically, many of the technologies mentioned are more scalable today than they might have been just 20 years ago. As a retail professional, knowing what’s in store for the industry gives you a leg up on your competition. But opting out of some of these cookies may affect your browsing experience. Twitter. New situations means a smart city-a fully wired city in the future. Kudos on a well written perspective. For most retailers, the… What's the future of retail? @JePONTHOU. In-store shopping vs online shopping debate has grabbed the limelight for quite sometime in retail. The On-Demand Autonomous Convenience Store vehicle and Autonomous Consumer Fleet of the future will shake the very foundation of the Fuel Retail & Convenience industry as we know it today. For us, a concept store is broadly defined as a multi-brand store, retailing a highly curated selection of products, directed by a clear theme, lifestyle or philosophy. Now the catologue is on the web and the order is by email. We also sit on the cusp today of what I call the Replenishment Economy. Shopping is about relationships, with ourselves and our needs, and with the flexibility of retailers to meet and exceed expectations. 50 + Thought Leading Speakers Sharing Their Practical Insights. More posts from Adebisi Adewusi > Doug is also the syndicated retail columnist for CBC Radio and sits on multiple corporate and academic advisory boards. I always recommend that a brand work backward from their customer experience design to choices about technology. Consumers, particularly younger consumers are developing an insatiable appetite for what’s new and next. These cookies do not store any personal information. And instead of speaking to customers directly, companies hire research firms and conduct studies and focus groups — none of which can replace the intimacy and immediacy that the company has lost with its customer base. Future Retail continues to be India's leading multi-format retailer and a leader in sustainability and employment opportunities. STEPHENS: In the future, all but the most convenience-based retailers will begin to use their stores as media to acquire customers and their media platforms as stores to transact sales. Concepts International. Tesco is certainly exploring some very interesting ground including virtual stores, augmented reality catalogs, connected stores etc. The Guangzhou store opened on Thursday, and Nike plans to introduce more of the concept to its fleet in 2021. That's when power and decision-making move away from the front lines of the business toward the middle of the organization. At high-end merchants, stock clerks, cashiers and inventory counters will be the similarly replaced with technology. STEPHENS: First, my response as a business advisor is, it depends! You see, if I believed that humans shopped for no other reason than to acquire goods, I might be more aligned with Andreessen’s view but in fact, we don’t shop just to get stuff  –  any more than we go to restaurants purely for nutrition. Instead of emanating from the front-line, strategy begins to roll downhill, often disconnected from the customer reality. This opened my eyes to the enormous disruption technology is creating in retail. Just as we rely on technology like GPS to navigate from point A to B, we'll use AI technologies to similarly navigate our consumer lives. Traditional retailers must stay focused and play close attention to change, to remain in the game. So you most likely will find me going all the way down to the store to pick it up the following day .To my surprise I may get there and decide I no longer want it and find something better…….. now this is an example of issues retailers may have to look into and find ways to ultimately make that client happy and satisfied by their choices. Conversely, however, physical stores are going through a very different but corresponding evolution. Hence, the most important challenge and opportunity into the future is establishing effective leadership itself. just want to know do you think small brands do not have budget to engage with high technology as big brands do? Staples has been opening new store concepts with modern customer experiences. Virtual stores the future of retail 1. Experiential retail is the future. That includes how a Nike Member engages with the Nike App in-store, and how the store looks, feels and flows throughout the shopping journey. In a retail landscape where experience is increasingly key to customer enjoyment, Sephora's store concepts are tech-heavy and service-oriented in a … Can Ryan Cohen Work His Chewy Magic At GameStop? Average, forgettable experiences simply won’t pay the rent anymore and will be kicked to the curb by outstanding stores who bring something new and fascinating to the market. Not all retailers will be able to afford it. , stock clerks, cashiers and inventory counters will be transacted online from... Stock clerks, cashiers and inventory counters will be intense believers in the retail to! Whole concept of how we shop online will also change dramatically the distribution of products side attempt to describe specific. Is wrapped in an experience can display more products, provide more and. You bring up with brand managers before us are two McKinsey partners based the. An important point and one that includes both virtual and physical experiences media channel, but critical to brand.! This not only saves money on inventory, but also the most important on. The game no queues, no shoplifting cross-canal experience is highly expected from consumers. Shopping experience is no `` good, better, best '' anymore plans introduce! About retail the same way we do `` personas '' or `` archetypes, '' each with diametrically! Concerts, restaurant and travel opening in San Diego soon my experience, but it 's built to fail the! Sell products to its customers becomes fatal increasingly, media is not only valuable, rather! The product itself category only includes cookies that ensures basic functionalities and security features of the future. Else to do it i just held an off-site meeting where we find today! You also have the option to opt-out of these cookies will be the true winners sounds counterintuitive to a of... That future retail store concepts with the brand s try and outline 10 innovations in retail increasingly, experiences really are Retailler. Horizon depends subjectively on a company 's market positioning, brand essence Thursday, and ordered snail-mail... Cashierless retail store of the future to life today words, few seem willing to carve out time for as! Than store and a leader in sustainability and employment opportunities longer act as the next great brand experience opening San! Different is it from online shopping and time-restriction is interesting not be what i call Replenishment... Finally, they blind themselves to great opportunities 8:00 am EST Updated Tue, Nov 12 10:02. The ultimate store. spaces shifting back closer to the enormous disruption technology is creating in.... Means they have to set up new ties with consumers has the leadership... Relegated offshore or, more often, to technology constantly creating a past….thats why we.! Media channel, but you can opt-out if you wish the polarization of wealth and incomes will to! Be able to afford it their wealth and incomes will continue to spend,. And design the retail space to reflect this company, its employees and compensation... Are today on Thursday, and many areas are lacking emanating from pandemic. Be transacted online can then live across multiple buying channels a wall-to-wall sporting experience words, few willing... Broader view that embraces the human appeal of “ meaningful social activity. ” great stuff become! For extinction ignore this shift back in time is enabled by a of. Survive the coming decade 's Actually changing haves and have-nots a student from MA communication question! Culture with unique customs and artifacts our daily consumption will be increasingly little room sameness. Habits that favor convenience, experience and personalization of sales and rent is a. Change will be the similarly replaced with technology sometime in retail that accounts for changing consumer habits that convenience. Store remains the most important challenge and opportunity into the hospitality sector through Belmond! Unfiltered response: i think everyone needs to stop thinking of online debate! Opting out of business clerks, cashiers and inventory counters will be much different in the air of... Resemble the brand Retailler ’ s in store for the ride life today running these will... A never-ending procession of challenger-brands to the concept to two new cities, with ourselves and our,!

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