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Retail Transformation Through Innovation

This PSFK guide is a special report for brands and retailers that focuses on transforming the retail experience by providing new value to consumers, creating purposeful changes and adopting new business models.

Executive Summary

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.

Report Overview

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.

What You Will Learn From This Millennial Parent Report

  • How retailers are layering AI and machine learning across connected data streams to optimize services and drive operational efficiencies across production systems, digital platforms and physical footprints.
  • How retailers are are leveraging new technology and models to speak, listen, and market to consumers in more personalized ways than ever.
  • How retailers are evolving the omnichannel experience for today’s hyper-connected consumer by designing models that tap into virtual selling experiences and provide an expanded service offering.
  • How retailers are centering purpose-led strategies across their organizations, and driving measurable impact by directly tying ESG initiatives to their operations, culture, and product offerings.