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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.
Featured Trends
- Shared Resources
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 with organizations, from big box retailers to eCommerce giants and transportation companies, to leverage their networks and share resources.
- 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 initiatives to their revenue outlook, retailers can not only meet real needs, but also ensure initiatives are sustainable and continue to grow.
Featured Case Studies
- Supply Chain Disruptor Quiet Platforms Wants To Be An Amazon Killer
American Eagle believes brands who compete for shoppers in similar product categories shouldn’t also be competing over quicker delivery times and fulfillment logistics.
- Beyond The Store, Petco Is Meeting a New Host of Pet Owner Needs
Over the last two years, families around the country have welcomed millions of new pets into their homes.
- Smart App Pretzel Facilitates Purchases & Returns
Pretzel is an online shopping assistant designed explicitly for best-in-class post-purchase experiences, working on behalf of shoppers to fill needs and keep track of everything from item sizes to return windows, all in one platform.
What’s inside
- 6 strategies focused on how to facilitate digital transformation through innovation.
- 24 best-in-class examples of how leading organizations are utilizing technology, data capture and collaboration tools to deliver better, more innovative customer experiences.
- Case studies from Timberland, Amazon, Instacart, McDonald's, Kroger and more.
Prophet is a consultancy that helps clients unlock uncommon growth by developing new business models, reimagining brands and experiences, driving demand and customer engagement and empowering people to transform their organizations. Prophet brings a unique blend of strategy and creative to help identify paths to purposeful, transformative and sustainable growth. Based in San Francisco, with 12 global offices and more than 600 strategists, data analysts, marketers, digital experts and creatives, Prophet has worked with the world’s most successful companies, including CVS Health, Home Depot, Marriott, T-Mobile, and UBS, partnering with them from ideation to in-market execution. Prophet’s teams take a human-first approach and are committed to developing solutions that help move society forward.