Key Actions Driving the Future Of Retail
The Future of Retail Report's 10 key actions challenging retailers to rethink the brick and mortar shopping experience
With This year’s Future of Retail Report, PSFK is challenging retailers and brands to reinvent bricks and mortar shopping. In the report, we describe 10 key retail actions, supported by 13 trends in and around the physical store, that can amplify and enhance what a brand can offer. These 10 actions will help readers discover how they can give their customers the tools they need to co-create the experience according to their individual needs, empower their staff to deliver premium service, transport the best of their digital interactions into the offline environment, allow their products to take center stage and bring community engagement back to the sales floor, all against the backdrop of seamlessness and convenience. Below are the 10 key actions featured in the report, and the trends they support:
1) Be There & Everywhere
Digital means that your store’s footprint already extends well beyond your retail walls. How do you appease your online-only or infrequent visitors by making sure your products can be readily-accessed from anywhere?
Supporting Trend: World As Purchase Platform
2) One-Click Everything
Your customers are rapidly growing accustomed to shopping from anywhere online. How can you reward their decision to shop with you in store by offering one-of-a-kind conveniences they will thank you for later?
Supporting Trends: Shop Ahead & Design Your Visit
3) Power To The People
Retail staff are a key component in compelling the customer to make their purchase. How can you give associates the tools to connect with customers in more meaningful ways?
Supporting Trend: Tech-Enabled Service
4) Digitize The World
From social recommendations to algorithmic recommendations, online shoppers encounter a mix of social and contextual information that supports them along their individual purchase path. How can you take the best of that experience and bring it in-store, providing a tailored stream of information that guides their shopping experience?
Supporting Trend: Dynamic Discovery
5) Everyone Of A Kind
One benefit of in-store is that customers feel supported knowing they aren’t making a decision alone. What tech-forward or analog services can you offer to make sure shoppers are choosing the best product for them?
Supporting Trend: Recognized Recommendations
6) Be The Hub
Your store isn’t just bricks and product, it informs the identity of a city or place. Assert your store’s cultural importance through initiatives that connect to your community around shared attitudes and beliefs. You already know what your brand values; now how do you connect that with the larger community?
Supporting Trend: Community Cornerstone
7) Imagine The Ideal
Become a valuable partner in your customers’ lives by offering an expertly curated selection of products and services that connect with and complement an aspirational lifestyle.
Supporting Trend: Lifestyle Curation
8) Experiences Not Products
We’ll never really know how a product fits into our lives until after we buy, but the reassurance provided by a physical store can make us feel more confident in our decision making. If Amazon can beat you on price, how can you ensure your customers are getting the product that’s right for them?
Supporting Trends: Product Immersion & Living Showrooms
9) Zero Inventory
On-demand delivery? Instant ‘try it on’ tech? The tech and services are out there to convert your floor space into a true showroom by minimizing inventory on floor while still immersing customers in your full product line. If you suddenly had less products, how would you meaningfully repurpose all that extra footfall?
Supporting Trends: Click To Stylize & Frictionless Fulfillment
10) Kill The Checkout
When nearly every one of your customers references their phone inside the store and more retail staff are equipped with mobile devices, the traditional check out experience has been rendered obsolete. Now that sales transactions can take place anywhere in the store, how does your payment experience evolve to become more personal and seamless?
Supporting Trend: Digital Payments
In the fifth volume of the Future of Retail report the PSFK Labs team presents a manifesto to reinvent the store. This content series on PSFK.com will explore emerging retail trends and key strategies necessary to take advantage of them so that brands and retailers can deliver against evolving shopper needs and expectations both on and offline to drive better sales, service and engagement. Download the full report here, view our trend summary on Slideshare and be sure to check back daily for new articles about the latest trends in retail.