PSFK Future of Retail Report 2012
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FUTURE OF RETAIL Reinvention & Revolution: Retail On Demand & The New Brand Champions
description
This annual survey of retail trends from the business innovation team at PSFK Labs captures and contextualizes the early stages of a seismic shift that is changing the face of the retail landscape. Big-box retailers like Best Buy and Walmart are beginning to feel the heat as sales decline in the face of stiffer competition from e-commerce giants like Amazon. 'Showrooming' is the new reality. Shoppers are more educated than ever before and the ability to check prices on the fly has resulted in increased commoditization and a rethinking of how brands and retailers go about providing a differentiated offering. The pressures that companies like Amazon and Alice.com are exerting on the marketplace have forced traditional retailers to contemplate a multi-channel approach to online, mobile and bricks-and-mortar sales. PSFK's Future of Retail Report shows that a hallmark of this changing retail environment is the savvier shopper, who takes advantage of technology, is prepared to offer their personal data for a better experience, and has come to expect contextually relevant recommendations. They are actively engaged, want a say in what products get made, will evangelize offerings to get a better price for themselves and their friends, and want to be rewarded for sharing their knowledge and expertise. In our latest version of the Future of Retail report, PSFK explores the new retail reality, taking a deeper look in the trends that are driving the change in shopper behaviors and expectations as defined by Retail on Demand and the New Brand Champion. To order a full version of the Future of Retail report 2012 please visit: http://www.psfk.com/future-of-retail
Transcript of PSFK Future of Retail Report 2012
FUTURE OF RETAIL
Reinvention & Revolution: Retail On Demand & The New Brand
Champions
Modern Shopper’s Expectations
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
THE NEW BRAND CHAMPION
Setting The StageBy clearing the air before customers enter a store and calling out targeted moments for valuable interactions, retailers are helping to create the foundations of a focused and worthwhile interaction
THE NEW BRAND CHAMPION
SHOPPER AS AFFILIAT
“LET ME SELL ON YOUR BEHALF”
COMMISSION FEES EARNED BY INFLUENCING ONLINE PURCHASES
MULU.ME
SHARING PRODUCTS ON FACEBOOK DOUBLESCUSTOMERS’ LOYALTY POINTS
TESCO
COMMUNITY POWERED CREDIT CARD INVOLVES CARDHOLDERS IN CARD MANAGEMENT AND PROFITS
BARCLAYCARD RING
CONSTRUCTION BRAND GETS REAL-TIME FEEDBACK FROM CUSTOMERS ON NEW TRUCK DESIGNS
CATERPILLAR
Meta-LibraryBy tapping into the wealth of online information by leveraging image recognition search and augmented reality to present detailed information and contextual relevance, users are able to use information without being tied to a specific medium or behavior.
“HELP ME DECIDE WHICH ONE TO BUY”
SERVICE PAIRS CONSUMERS WITH BRAND EXPERTS FOR REAL-TIME PRODUCT CONSULTATIONS
NEEDLE
INSURANCE COMPANY RECRUITS EXISTING POLICY HOLDERS TO ADVISE POTENTIAL CUSTOMERS
KYSY VAIKKA
Layered Virtual Showcase
A new set of digital services are enabling shoppers to visually experience and experiment with products before they buy.
With a growing level of peer to peer communities that are working together and searching for service answers, the right information is being rewarded and being presented in easy formats for large groups of people to use and share.
“LET ME NAME MY PRICE”
APP LETS RETAILERS COMPETE TO SUPPLY HOUSEHOLD GOODS
NETPLENISH
BUYAPOWAWEBSITE PROVIDES BULK DISCOUNTS ON
POPULAR PRODUCTS
Modern Shopper’s Expectations
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
Service With An Opt In
“Give Me Personal Attention And Better Service”
LOCATION AWARE APP PROVIDES SALES-STAFF WITH CUSTOMERS’ PREFERENCES
NEIMAN MARCUS
STYLISTS LOOK TO YOUR PAST PURCHASES TO TAILOR ADVICE
MODCLOTH
Subject SpecialistStaff members with specialized knowledge bases who can provide smarter answers and product recommendations to their customers in-store, online and over the phone.
RETAIL ON DEMAND
SHOPPER COACHING
“Teach Me How To Use This”
MOTORCYCLE REPAIR SHOP INVITES CUSTOMERS TO WORK ON BIKES THEMSELVES
MOTOMETHOD
EXPERIENCE ‘POP-UPS’ SHOW CUSTOMERS HOW TO ACESS HIGHER AUDIO PERFORMANCE
LENBROOK
“LET ME SHOP WHAT I LIKE”
GLIMPSESOCIAL SHOPPING CHANNEL USES FACEBOOK
‘LIKES’ TO BUILD CUSTOM CATOLOGS
PICKIEPERSONALIZED MAGAZINE SHOWCASES FRIENDS’
LIKES AND SHARES
Experience CentersBest-in-class brands are creating experience centers where consumers are approached, not only as shoppers, but as sophisticated learners who are eager to engage and create
“LET ME BUILD THE PERFECT ONE FOR ME”
CUSTOMIZING MODULAR FURNITURE ONLINE AT AN AFFORDABLE PRICE
EVOLVEX
3D PRINTING KIOSK ALLOWS RETAILERS TO OFFER CUSTOMERS PERSONALIZED OBJECTS
FUJIFILM
Reading The CustomerOpt-in services that allow customers to make their personal data available to members of staff in exchange for the promise of tailored service, product recommendations and optimization.
RETAIL ON DEMAND
FIT WITH A CLICK
“HELP ME CHOOSE THE PERFECT FIT”
WEBCAM ENABLED ALGORITHM ENSURES CUSTOMERS FIND THE RIGHT FIT ONLINE
UPCLOAD
AUGMENTED REALITY APP TESTS POTENTIAL FURNITURE IN CONSUMERS’ HOMES
SAYDUCK
WHY PSFK CONTACT
Piers FawkesCEO & Founder
[email protected]+1 646.520.4672
Jeff WeinerDirector, Business Development
[email protected]+1 646.520.4665+1 516.359.3453
42 Bond Street, 6th FloorNew York, NY 10012 USA
www.psfk.com
PSFK is a trends-led innovation company that provides its clients with ideas and inspiration to evolve its products, services and marketing communications. We employ a unique methodology to deliver trends research together with future business concepts and user scenarios to a client list that includes American Express, BMW, Microsoft, InterContinental Hotels Group, Target and Pepsi.
