10 Trajectories that Will Transform Retail
Carol Spieckerman, a global expert on retail trajectories and transmedia brand platforms, gave a presentation at Do it Best’s Fall Market in October. What follows are 10 trajectories she predicts will transform retail.
- Kill With Convenience—Convenience has emerged as a top consumer decision-driver, one that often surpasses price. Deliver DIY convenience through text notifications, in-store kiosks, same-day delivery, pick-up spaces and easy access to frequently purchased items.
- Go Mad for Multi-Tasking—The days of tweaking are over. You have options to explore and permission to make it your own. Gather data, scrap what doesn’t work, scale what does. Stores are your multi-testing playgrounds.
- Prosperity Through Proximity—Having a competitor land in your backyard can be a gift if you play it right. Drive differentiation with proprietary and private brands. Shift the focus from fast to frequent. Category picks can drive the trips and sales for high-ticket items.
- The Store is Still the Core—The rumors of the death of brick and mortar have been greatly exaggerated. Digital didn’t take over the world. Stores aren’t dead, just different. Bring new tricks to your bricks. New generations of shoppers love shopping in stores.
- Crush it on Content—The merging of content, products and services is retail’s new frontier—content is your weapon of mass engagement. Make your content shareable and connectable to pump up the path to engagement. User-generated content is the gold standard—51 percent of consumers trust it more than national advertising.
- Let Your Flagship Fly—Small formats are all the rage, but flagships are also flying. Create a killer combo with experimentation, newness and localization.
- High Touch (Not Just High-Tech)—High touch comes to life in stores. No wonder digital natives are coming down to earth. Hit the differentiation sweet spot with data plus high touch. Share your data with associates and let them tackle your knottiest goals.
- Embrace the Aliens—New faces are coming from strange places. Retail will never look the same, and that’s a good thing. Build bridges to new customers through diversity. Make hiring practices a retail hack.
- Digital Drives Discovery—Digital isn’t just for e-commerce—it’s critical to store success. Combine bricks and clicks to amp up awareness. Don’t sell search short.
- Rise of the RTR (Retailer to Retailer)—Retailer-to-retailer deals (RTRs) have the potential to become a far greater menace than direct-to-retail brand deals, as retailers become more determined to see their private brands proliferate and their owned brand investments pay off. Forge platform partnerships to accelerate customer acquisition.
For more information on Spieckerman’s retail insights, click here.