Scott Lachut: 8 Actions To Drive Your Retail Success

PSFK Labs’ Director shares key strategies from the fourth volume of the Future of Retail report.

In the fourth edition of our Future of Retail Report, PSFK Labs brings together two interconnected themes and eleven key trends that provide a foundation for the modern shopping experience. The ‘Data-Driven Commerce Platforms’ section offers insights into how information analytics tools can be used to build more responsive businesses and better plan for long term success. In the ‘Networked Purchase Path’, the report looks at how the dynamic use of data enables retailers and brands to exceed customer expectations at key stages along the shopping journey.

The seamlessness of this new landscape is what makes it so special. People can choose to shop and interact in whatever way they feel comfortable, without having to settle for anything but the best, and retailers and brands can be confident that they can deliver on those core expectations—convenience, recognition, service and immediacy. Based on the findings in the report, the PSFK Labs team identified eight directional strategies that we believe every company should consider delivering against.

Find Time To Set The Pace -
Add efficiencies into the purchase path to free up associates’ time and refocus attention to deliver exceptional service and experiences at key points in the shopper journey, further differentiating your offerings from the competition.

Be Accommodating At Every Step -
Embrace each channel as a new opportunity to meet shoppers at touch-points that already fit their lifestyles, tastes and preferences by promising convenience, familiarity and support alongside your product or service.

Use Customer Data To Create Digital Services -
Deliver additional value to every shopper by leveraging their data to develop new services that personalize their shopping experience and/or improve their daily life in some meaningful way. Making this data portable and accessible can further these exchanges.

Create Channel Agnostic Experiences -
Enable your customers to seamlessly shop across all of your channels by delivering synced experiences and recognized interactions at every stage of their journey.

Deliver Frictionless Transactions -
Show shoppers you trust them and value their time by building recognition into and removing unnecessary steps from interactions and transactions where possible, getting them through to fulfillment and gratification faster.

Use Technology To Deliver The Human Touch -
Deploy technology behind the scenes to get to know your shoppers better, building on those relationships to allow for more human interactions between them, your store or brand and the wider community.

Build A System Of Love -
Reframe loyalty as an emotional concept rather than a transactional one to understand what unique behaviors and experiences matter most to your shoppers and how to amplify those benefits at an individual and community level.

Access Data Anywhere -
Put information dexterity processes in place that enable your organization to better respond to changes on the level of the customer, store or marketplace, ensuring that all channels are optimized to meet demand as it happens and anticipate future opportunity.

The 2014 edition of the Future of Retail Report is now available from PSFK Labs. The new survey describes key trends driving the retail experience and the findings are brought to life with best-in-class examples, actionable strategies and leading questions to inspire leading retailers and brands.

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