PSFK Presents Future Of Retail: An Overview

PSFK, the go-to source for new ideas, has released its forecast for the retail industry called PSFK presents Future of Retail. The free 80-page report features 10 key trends that will impact the retail sector in the next 3 to 5 years.

Let’s think less about real estate, staff, footfall and online stores and start thinking about the entire world as a store; one in which we can easily make instant purchases regardless of time and place. Driven by technology, the web, community and the search for ever-richer experiences, the world of shopping is undergoing a sweeping transformation. This free report from PSFK seeks to understand the forces of change and provide a framework in which we can envision this new future.

Beyond an evolving decentralized shopping experience, retailers must begin to contemplate the impact of digital media and the effects it is having on purchase decisions. Connected devices, whether a mobile phone or a web-enabled in-store kiosk, are making what was once a solitary trip to the store a socially connected event. As shoppers go through the process of discovering new products, testing them, and reflecting on their purchases, they are sharing these thoughts with their social networks and influencing perception amongst their peer group. Retailers must embrace and facilitate this sharing of information, and retail outlets need to evolve to create experiences that drive sales both in-store and within online social networks.

We should remember though that the traditional physical store remains as important as ever. It provides the environment in which a retailer can provide an unparalleled experience. Through the dynamic use of space, the most successful store owners are pushing the boundaries of storytelling, product testing and education – aspects of evolved services that lead to loyalty and repeat sales.

As the go-to source for new ideas, every day the editorial team at PSFK (www.psfk.com) publishes dozens of articles about inspirational projects from around the world and across different subject matter. In April and May of this year, they asked their writers to study emerging ideas that will impact the retail industry. Executives from companies including Pepsi, Polyvore, Starbucks and Target were interviewed for the project. PSFK consultants also asked PSFK’s global network of trends, design and marketing experts, called the Purple List (www.purplelist.com), to contribute emerging ideas they were noticing in their cities.

With the research conducted, PSFK applied the pattern recognition methodology they use for their consultancy clients including Apple and BMW. From this analysis they identified 10 major trends about which anyone involved in retail, product development and marketing should be aware. The key trends in PSFK presents Future of Retail report are:

World As Retail Experience
Pre-view Shopping
Tablet Enabled Service
Selling The Ideal
Every Store As Flagship
Complementary Curation
Revolving Decors
Taking The store The Customer
Instant Show & Tell
Group Clout

Request your free Copy Of The Future Of Retail Report here.

In just over 80 pages, PSFK Consulting provide an analysis of the Future of Retail. This free report explores a future from the perspective of brands, shoppers, retailers and communities – highlighting how technology and our senses play a role in the retail experience both in and out of the store. It features interviews with senior executives from Ace Hotel, Polyvore, Starbucks andTarget. The trends identified within this document and the examples used to bring them to life are inspired by innovation from around the globe.