6 Trends For Retail in 2015
Summary
TLDRThe video script explores the future of retail in the age of smart home appliances and mobile shopping, where consumption becomes unconscious and shopping transforms into entertainment and self-expression. It discusses the concept of 'experience per square foot' as a new metric for success in retail, beyond traditional sales. The script also touches on the importance of visual strategy in merchandising, the potential of audio in retail experiences, and the balance between high-tech and high-touch in customer service. It emphasizes the need for strategic use of technology to enhance customer experience without overwhelming them.
Takeaways
- 🏠 Smart home appliances are becoming capable of making purchases on our behalf, potentially leading to unconscious consumption.
- 🛍️ The concept of shopping is evolving from a utility to a form of entertainment and self-expression.
- 📈 Rachel Sheepman from 'story' suggests measuring 'experience per square foot' alongside traditional sales metrics.
- 🎨 'story' uses retail as media, reinventing its 2,000 sq ft space in Chelsea every 4 to 8 weeks like a gallery.
- 📱 The visual aspect of shopping is becoming increasingly important, especially with the rise of mobile shopping.
- 🎥 The idea of scoring retail experiences like films is proposed, with mobile apps enhancing the in-store experience.
- 📱 Mobile apps are competing for consumer attention, but there's a risk of overwhelming customers with personalized messaging.
- 📊 Technologies like heat mapping, beacons, and predictive shipping are available, but retailers must choose wisely to maintain a balance between high-tech and high-touch.
- ⚖️ There's a need for equilibrium between high-tech solutions and the human touch in retail experiences.
- 💡 Innovation in retail is not just about technology; it's also about business models, services, and experiences that serve the customer better.
Q & A
What is the concept of 'unconscious consumption' mentioned in the script?
-Unconscious consumption refers to a state where people are unaware of the act of shopping itself due to appliances in their homes being connected to the internet and making purchases on their behalf. This shifts the focus from the utility of shopping to considering it as entertainment, activity, and a form of self-expression.
How does Rachel Sheepman measure the success of a retail store?
-Rachel Sheepman prefers to measure the success of a retail store not only by traditional sales per square foot but also by 'experience per square foot', emphasizing the importance of customer experience in retail.
What is the concept behind the 'Story' store in Chelsea?
-The 'Story' store in Chelsea operates as a concept store that uses retail as media. It reinvents its 2,000 square foot space every 4 to 8 weeks like a gallery, selling items like a store, and leverages the space for community engagement beyond just content creation and sales transactions.
What is the role of visual strategy in retail according to the script?
-Visual strategy plays a crucial role in retail, especially with the increase in mobile shopping. The script suggests that brands are focusing on creating compelling visual experiences, as the picture is 'King' in the digital age, and this visual focus is now becoming part of in-store merchandising.
How does the script describe the Kate Spade Saturday store in SoHo?
-The Kate Spade Saturday store in SoHo is described as a wonderful retail environment that has embraced visual trends by not only displaying them in the windows but also incorporating them on the walls, creating a visually engaging shopping experience.
What opportunities does audio represent in retail according to the script?
-The script suggests that audio represents tremendous opportunities in retail, envisioning a future where the retail experience could be scored like a film, with personalized audio experiences enhancing the shopping journey as customers move through the store.
What is the concern regarding the use of mobile apps and personalized messaging in retail?
-The script expresses concern that as retailers, manufacturers, and third parties compete for consumer attention with mobile apps and personalized messaging, there is a risk of impairing the overall shopping experience with incessant and potentially overwhelming messaging.
What does the script suggest about the use of technology in retail?
-The script suggests that while there is a wide array of technologies available to retailers today, such as heat mapping, beacons, and predictive shipping, the smartest brands are making strategic decisions by balancing high-tech with high-touch, ensuring that technology serves the customer better without losing the human touch.
What is the significance of the 'rule of high-tech versus high touch' mentioned in the script?
-The 'rule of high-tech versus high touch' refers to the need for a balance between technological advancements and personal, human interactions in retail. As technology levels increase, there is a corresponding demand for a counterbalance of personal touch to maintain a connection with the customers' humanity.
How does the script differentiate between technological innovations and other types of innovations in retail?
-The script differentiates by stating that the majority of innovations involved are not technological but rather business model, service, and experience innovations. It emphasizes that the focus should be on how to serve the customer better, rather than just adopting the latest technology for its own sake.
Outlines
🛒 The Future of Shopping: Unconscious Consumption and Retail Innovation
The script discusses the evolution of shopping with the increasing connectivity of household appliances to the internet. It suggests that this could lead to a state of unconscious consumption where shopping becomes an automated activity. The focus shifts from the utility of shopping to viewing it as a form of entertainment and self-expression. The concept of 'experience per square foot' is introduced as a new metric for retail success, alongside traditional sales metrics. The 'Story' store in Chelsea is highlighted as an example of a retail space that reinvents itself like a magazine every 4 to 8 weeks, blending content creation, sales transactions, and community engagement. The script also touches on the importance of visual strategy in retail, especially with the rise of mobile shopping, and the potential for audio to enhance the retail experience, envisioning a future where the shopping experience is scored like a film.
Mindmap
Keywords
💡Unconscious Consumption
💡Utility of Shopping
💡Entertainment
💡Self-Expression
💡Experience Per Square Foot
💡Retail as Media
💡Community
💡Visual Strategy
💡Audio Opportunities
💡High-Tech vs High-Touch
💡Business Model Innovations
Highlights
Connected appliances could lead to unconscious consumption, changing our relationship with shopping.
Shopping may evolve into a form of entertainment and self-expression.
Rachel Sheepman discusses measuring 'experience per square foot' in retail spaces.
The concept store 'Story' in Chelsea reinvents its retail space every 4 to 8 weeks like a gallery.
Retail as media is a new approach, leveraging spaces for community engagement beyond sales.
The future envisions community post offices as centers for experiencing new products.
Visuals are crucial in the mobile shopping era, with 'picture' being king.
Brands are focusing on visual strategy, influenced by internet trends.
The Kate Spade Saturday store in SoHo exemplifies innovative retail environments.
Audio offers tremendous opportunities in retail, potentially enhancing the shopping experience.
Retailers, manufacturers, and third parties are competing for consumer attention with mobile apps.
There's a risk of overwhelming consumers with incessant personalized messaging.
Technologies like heat mapping, beacons, and predictive shipping are being strategically chosen by retailers.
The 'high-tech versus high touch' rule is guiding strategic decisions in balancing technology with human touch.
97% of innovations are not technological but focus on business, service, and experience.
The focus should be on serving the customer better rather than just adopting new technologies.
Transcripts
as more appliances in our houses connect
to the internet they'll be able to shop
on our behalf putting us in a state of
unconscious consumption where we una
aware of the act of shopping itself the
result is that we move away from the
utility of shopping and we start to
consider shopping in new ways as
entertainment as activity and almost as
a new form of self-expression let's take
the nasty bits out and focus on the fun
the experience in
shopping in this next evolution of brick
and water what would the metrics of a
success be Rachel Sheepman found of a
really interesting concept store called
story told us about how she prefers to
measure experience per square foot in
addition to the more traditional sales
per square foot the concept of story
very quickly is using retail as media
it's a 2,000t space in Chelsea that has
the point of view of a magazine we
reinvent it entirely every 4 to 8 weeks
like a gallery and we sell things like a
store this idea of using it Beyond
content creation and Beyond sales
transaction and Beyond brand Impressions
and to kind of Leverage it for Community
is something that's amazing we have this
Grand idea that in the future uh
Community post offices should be the
center of communities they should be
places where you can experience a new
coffee products they should be a place
where you could maybe showroom new
furniture humans have always been very
visually oriented and as more and more
consumers are shopping Via Mobile the
picture really is King and actually lots
of brands are thinking very hard about
their visual strategy this is a thing
that started on the internet and is now
becoming part of merchandising because
it's what we're used to seeing so this
is the Kate Spade Saturday store in SoHo
which is a wonderful retail environment
I'm very very tun into these kind of
Trends so they've not only done this in
the window they've done it on the
walls as aias constant toas told us
during the big shopping popup in London
audio represents tremendous
opportunities in retail I'm dreaming
about a world where the kind of retail
experience will be scored almost like a
film what about you have your phone and
you've got your earbud in and as you
move around the store you feel like
you're actually part of your own retail
movie
mobile apps by retailers manufacturers
and third parties like shopkick are
vying for Consumer attention but as this
competition ramps up we're in danger of
impairing the overall experience as
consumers become the potential targets
of incessant messaging I dread the
thought of like competing personalized
messaging deeping me to high heaven you
know when I go through a store I want to
make sure that we don't bring old habits
back in the name of customization
from heat mapping to ey beacons to
predictive shipping choosing from all
the Technologies available today can be
a really overwhelming task for retailers
as Andy Murray mentioned at our
conference the smartest brands are
making strategic Decisions by using the
rule of high-tech versus high touch as
we get to this higher levels of
Technology there's a demand for this
equilibrium counterbalance of of high
touch in our lives we're still human
beings that make decisions uh based on
our Humanity 97% of the Innovations I'm
involved in are not technological they
are business model Innovations their
service Innovations their experience
Innovations and too often the focus is
on hey there's a cool new technology I
Beacon what can we do with that
technology no we have to think about how
can we serve the customer better
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