50-plus pages of key trends driving the marketplace and actionable takeaways for retailers to redefine the shopping experience
The Future of Retail 2016 launches today, built on a robust study by PSFK Labs of trends and patterns in the market. The 6th edition of our flagship report deep-dives into the 10 Pillars for delivering the New Shopper Experience, including 20 trends, 60 examples, four brand concepts and exclusive insights from industry experts and tastemakers.
The rules of retail have shifted dramatically. In a multichannel marketplace, with infinite information available at the tap of a screen, brands both big and small selling through Facebook, Pinterest and Instragram, and mobile alerts promising the next and the newest, today’s consumers are flooded with more options of what to buy and where to buy it from than ever before. With each interaction, they make a vote with their dollars – but also with their time, attention, personal data and social capital. That’s no small investment to make, and as a result customers are turning to retailers and brands that not only sell products, but deliver an end-to-end experience as well.
Emerging technologies and their impact on consumer expectations require companies to take a different approach to retail, regardless of channel or platform. New mobile, social and AI systems now enable retailers and brands to scale always-on assistance, intelligent transactions and on-demand delivery to inject seamlessness into the purchase path. With each interaction, sophisticated CRM systems leverage data to provide a nuanced understanding of individual shoppers, and as a consequence, the expectations for personalization as part of any brand experience grow exponentially. The dominance of companies like Uber and Amazon in the digital economy have directly influenced the desire for this type of convenience, recognition and efficiency at every touch point.
While utility and relevance form a solid foundation, retailers and brands must strive to deliver more to truly capture the hearts and minds of today’s shopper. By tapping into an ecosystem of partners and a community of fellow customers, they can create a powerful halo effect, generating value for all who participate. In this way, ownership becomes synonymous with membership, offering access to a broader set of services, perks and connections. This multi-stage approach to the shopper experience, acknowledges the necessity of building circular relationships with customers. As a way to drive repeat business, but more importantly, leverage their word of mouth to reach an entirely new audience.
In the Future of Retail 2016 report, PSFK describes the 10 Pillars of the New Shopper Experience and the key trends that are driving their adoption in the marketplace. Through the exploration of innovations in service, technology and design we highlight the ways that leading retailers, brands and startups are responding to the demands of consumers and differentiating themselves from the competition. Expert insights and analysis offer further guidance as you look to inspire your organization and develop a forward-looking retail strategy.
Built on a robust study of trends and patterns in the market, the 6th edition of the Future of Retail 2016 report offers a directional playbook for brands and retailers to build value, drive sales and boost loyalty. PSFK Labs defines 10 pillars to build a modern and engaging shopper experience strategy to go beyond changing expectations and to create an enhanced shopper experience. Download the full report here, view our trend summary on Slideshare and check back daily for exclusive content about the latest trends moving retail forward.