This third annual survey of retail trends from PSFK’s business innovation team captures and contextualizes the early stages of a seismic shift that is changing the face of the retail landscape. The full report available for purchase contains:
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 into the trends that are driving the change in shopper behaviors and expectations as defined by Retail on Demand and the New Brand Champion.