This annual survey of retail trends from the business innovation team at PSFK Labs captures and contextualizes the early stages of a seismic shift that is changing the face of the retail landscape.
Big-box retailers like Best Buy and Walmart are beginning to feel the heat as sales decline in the face of stiffer competition from e-commerce giants like Amazon. 'Showrooming' is the new reality. Shoppers are more educated than ever before and the ability to check prices on the fly has resulted in increased commoditization and a rethinking of how brands and retailers go about providing a differentiated offering. The pressures that companies like Amazon and Alice.com are exerting on the marketplace have forced traditional retailers to contemplate a multi-channel approach to online, mobile and bricks-and-mortar sales.
PSFK's Future of Retail Report shows that a hallmark of this changing retail environment is the savvier shopper, who takes advantage of technology, is prepared to offer their personal data for a better experience, and has come to expect contextually relevant recommendations. They are actively engaged, want a say in what products get made, will evangelize offerings to get a better price for themselves and their friends, and want to be rewarded for sharing their knowledge and expertise.
In our latest version of the Future of Retail report, PSFK explores the new retail reality, taking a deeper look in the trends that are driving the change in shopper behaviors and expectations as defined by Retail on Demand and the New Brand Champion.
To order a full version of the Future of Retail report 2012 please visit: http://www.psfk.com/future-of-retail
5. Modern Shopper’s Expectations
Sophistication Based On Personal
Knowledge
Prepared To Trade Data For ABetter
Experience
Instant Access To Expertise
Takes Advantage Of Technology
Wants To Be Offered A Perfect Match
8. “LET ME SELL ON YOUR BEHALF”
THE NEW BRAND CHAMPION
Setting The Stage
SHOPPER AS
By clearing the air before customers enter a store and calling out targeted
AFFILIAT
moments for valuable interactions, retailers are helping to create the
foundations of a focused and worthwhile interaction
14. “HELP ME DECIDE WHICH ONE TO
BUY”
Meta-Library
By tapping into the wealth of online information by leveraging image
recognition search and augmented reality to present detailed information and
contextual relevance, users are able to use information without being tied to
a specific medium or behavior.
17. “LET ME NAME MY PRICE”
Layered Virtual
Showcase
With a growing level of peer to peer communities that are working together
and searching for service answers, the right information is being rewarded
and being presented in easy formats for large groups of people to use and
share.
A new set of digital services are enabling shoppers to visually experience
and experiment with products before they buy.
20. Modern Shopper’s Expectations
Sophistication Based On Personal
Knowledge
Prepared To Trade Data For ABetter
Experience
Instant Access To Expertise
Takes Advantage Of Technology
Wants To Be Offered A Perfect Match
21.
22.
23. “Give Me Personal Attention And Better Service”
Service With An Opt In
26. “Teach Me How To Use This”
RETAIL ON DEMAND
Subject Specialist
SHOPPER COACHING
Staff members with specialized knowledge bases who can provide smarter
answers and product recommendations to their customers in-store, online
and over the phone.
32. “LET ME BUILD THE PERFECT ONE FOR ME”
Experience Centers
Best-in-class brands are creating experience centers where consumers are
approached, not only as shoppers, but as sophisticated learners who are
eager to engage and create
34. FUJIFILM
3D PRINTING KIOSK ALLOWS RETAILERS TO
OFFER CUSTOMERS PERSONALIZED OBJECTS
35. “HELP ME CHOOSE THE PERFECT FIT”
Reading The Customer
RETAIL ON DEMAND
FIT WITH A CLICK
Opt-in services that allow customers to make their personal data available to
members of staff in exchange for the promise of tailored service, product
recommendations and optimization.
40. CONTACT
WHY PSFK
PSFK is a trends-led innovation company that
provides its clients with ideas and inspiration to
evolve its products, services and marketing
communications. We employ a unique methodology
to deliver trends research together with future
business concepts and user scenarios to a client list
that includes American
Piers Fawkes
Express, BMW, Microsoft, InterContinental Hotels
CEO & Founder
Group, Target and Pepsi.
piers@psfk.com
+1 646.520.4672
Jeff Weiner
Director, Business Development
jeff.weiner@psfk.com
+1 646.520.4665
+1 516.359.3453
42 Bond Street, 6th Floor
New York, NY 10012 USA
www.psfk.com