Live Data: Opportunity Spaces In The Retail Sector For Advertising Agencies

Live Data: Opportunity Spaces In The Retail Sector For Advertising Agencies
Advertising

Data from an original PSFK survey sheds light on new strategies for advertising agencies with retail clients

Piers Fawkes, PSFK
  • 24 january 2018

As the playing field changes for retail clients, creative agencies can leverage their strengths and adopt new strategies to build more effective engagements. PSFK’s Future of Retail 2018 Survey explores the new strategies for agency playing in retail: mobile and AI to offer convenience along the path to purchase, while experience building and personalization make retail special for every customer.

Adopt A Mobile-First Mentality
As sales from brick-and-mortar decline over the next few years, desktop as a proportion of revenue is poised to drop too. Help your clients divorce from the desktop website and adopt a mobile-first mentality that can more easily be synced to other technologies or in the store.

Win Clients On The Customer
The PSFK Future of Retail 2018 Survey showed that, while consultancies focus on business needs, agencies
are naturally more focused on understanding the customer. Use this customer-centricity to your advantage by rooting proposals and campaigns in helping brands align with a customer’s lifestyle and aspirations.

Get Cognitive
Read up on artificial intelligence and start recommending how to apply it along the purchase path as soon as possible. In PSFK’s Future of Retail 2018 Survey, less than 14% of agencies prioritized cognitive computing investments compared to 24% of consultancies. Prioritize AI early to stay ahead of creative competition.

Help Brands With IRL Surprise & Delight
Brands understand that they need to provide more reasons for shoppers to engage with them; they want to build in-person experiences for shoppers, and agencies are the perfect creative and production partners. Help clients focus their experiential ideas by advising retailers on the best moments to create surprise and delight along the customer journey.

We Need To Talk About Maria And Marley And Mika Too
If there’s one thing agencies, brands, consultancies and retailers agree on, it’s the importance of personalization. Customizing the shopper experience is the most critical strategy over the next few years, and agencies need to understand how to make every brand experience feel special so that customers are driven happily to purchase.

Bonus: Remember The Time Horizon And Take It Step By Step
Remember that retailers and brands work at mass scale. New technologies garner excitement, but lag in boardroom adoption. Watch big ideas that fail to get impact, and consider incremental steps—such as forgoing a high-risk immersive experience for mixed- reality experiences that are easily accessible for consumers through mobile.

For a breakdown of the raw survey data, Premium members can find it in the Future of Retail 2018 Report file download.

About: The Future of Retail 2018 report includes insights collected from the PSFK 2018 Retail Survey, conducted in November 2017, in which over 400 retail, brand and agency professionals within the retail industry offered their perspectives on the future state of the industry and the convergence of offline and online retail. These perspectives informed quantitative and directional insights within this document.


Lead Image: Team brainstorming via Shutterstock

As the playing field changes for retail clients, creative agencies can leverage their strengths and adopt new strategies to build more effective engagements. PSFK’s Future of Retail 2018 Survey explores the new strategies for agency playing in retail: mobile and AI to offer convenience along the path to purchase, while experience building and personalization make retail special for every customer.

+advertising
+Agencies
+AI
+AR
+artificial intelligence
+Brand Introduction
+data
+mobile
+Mobile
+retail
+technology
+VR
+work

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