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This PSFK guide is a special report for brands and retailers that focuses on transforming the retail experience by providing new value to consumers, adopting new business models and making focus on delivering with purpose.
For today’s online shoppers, on-demand services, inventory transparency, curated recommendations, mobile- supported experience and flexible delivery options have become table stakes. As consumers return to stores, they expect these services within physical locations, as well as immersive moments and entertainment, personalization and hyper-convenience.
To drive growth within today’s competitive marketplace, retailers must exceed consumers’ expectations and implement long-term, sustainable strategies. We see multiple companies – across retail sectors – responding with truly transformative innovations. Leaders are capturing new business value by delivering exceptional service, embracing experimental platforms and channels, and testing selling models that put the consumer in control. What’s more, retailers are shifting their entire business model to embrace purpose-driven initiatives that support social impact promises and environmental goals as much as the company’s bottom line.
Underpinning these transformative strategies is a wealth of data gleaned from consumers, which is then further explored for meaningful connections using artificial intelligence and machine learning technologies. Going forward, retail transformation will advance through test and learn iterations, smart data applications, personalized services and digital transformation technology, all through the lens of community and social impact.
To help retailers identify areas within their organization primed for radical transformation as well as next steps to be taken, retail innovation consultancy PSFK has partnered with growth and transformation consultancy Prophet to unearth the 12 trends shaping the next retail landscape. Each of these trends are further brought to life by best-in-class examples of innovation from the marketplace. As organizations consider how best to implement these strategies, PSFK and Prophet have outlined the transformational imperatives necessary to bring them to life. Looking across the transformative strategies, this report has been designed to support leadership and innovation teams as they look to provide impactful experiences today and future-proof their business for tomorrow.
Alongside today’s digital acceleration, consumer expectation for diverse and rapid delivery solutions and real-time availability have placed greater strain on companies’ operational capabilities. For retailers that lack the necessary operational network to meet these expectations, a frustrating online or delivery experience has become a point of friction for shoppers, leading to cart abandonment and lost dollars. In order to connect consumers to orders in a timely manner, small-, mid-, and even large-scale retailers are partnering...Data Informed Design
To better meet consumer needs, brands and retailers are taking aggregated information about consumers and their buying behaviors to inform product design. By harvesting customer feedback through technology to inform the product development process, retailers are better positioned to accommodate consumers’ lifestyles and preferences, while learning how best to achieve a well-designed product that resonates with customers on a deeper level.Community Resourcing
Beyond offering products, there is a need across communities for retailers and brands to provide services at a local level that address personal consumer growth as well as systemic change. As they look to strengthen community ties and support their customers, retailers and brands are building greater trust and buy-in by not only committing to inclusive and equitable pledges but integrating these initiatives into their business model on a permanent basis. By tying social impact...
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