Industries Insights Retail What’s the Future of Retail? 47 Experts Share Their Insights 15 June 2019 Sam Mire It doesn't take an industry insider to recognize the big-picture trends shaping the future of retail. Most shoppers are aware of the convenience of e-commerce, flaws with shopper-derived data security, and new forms of marketing and advertisement. But a closer look reveals far more about the future of retail than the average consumer knows. These experts are helping shape the future of retail. Here's how they see that future unfolding. 1. Jaime Bettencourt, SVP of Business Development at Mood Media “The future of retail is a custom-made customer experience, which enables an immersion at the heart of the brand, fostering a community and offering convenience to its customers. We’ll see digital transformation take center stage where technology enables smarter, real-time decision making by retailers that resonates with customers and connects them to brands on a deeper level. The human touch and a holistic brand experience regardless of channel will be more important than ever.” Ivan Kruk/123RF 6/17/2019 What's the Future of Retail? 47 Experts Share Their Insights - Disruptor Daily
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Industries Insights Retail
What’s the Future of Retail? 47 Experts Share Their Insights
15 June 2019 Sam Mire
It doesn't take an industry insider to recognize the big-picture trends
shaping the future of retail. Most shoppers are aware of the
convenience of e-commerce, flaws with shopper-derived data security,
and new forms of marketing and advertisement.
But a closer look reveals far more about the future of retail than the
average consumer knows. These experts are helping shape the future
of retail. Here's how they see that future unfolding.
1. Jaime Bettencourt, SVP of Business Development at Mood Media
“The future of retail is a custom-made
customer experience, which enables
an immersion at the heart of the
brand, fostering a community and
offering convenience to its
customers. We’ll see digital
transformation take center stage
where technology enables smarter,
real-time decision making by retailers that resonates with
customers and connects them to brands on a deeper level. The
human touch and a holistic brand experience regardless of
channel will be more important than ever.”
Ivan Kruk/123RF
6/17/2019What's the Future of Retail? 47 Experts Share Their Insights - Disruptor Daily
2. Nikki Baird, Vice President of Retail Innovation at Aptos Retail
“A very distinct split between
transactional and experiential. For
purchases that are transactional, that
is being entirely commoditized. We’ve
seen the early impact from
eCommerce, but the rise of voice
shopping and visual product search
will further commoditize, so that for
purchases where consumers have already “selected” a brand or
a product, breaking them out of that choice will be very difficult
– it’ll be on the brand to lose that sale, rather than up for anyone
else to win the customer away.
At the other end of the spectrum is experiential retail, where
the services around the products are almost more important
than the products themselves. When the actual transaction is
so commoditized, retailers aren’t going to differentiate on ease
of purchase – they will have to either make the purchase
experience itself much more experiential, or they will have to
make sure that they focus more on the experiences that the
products enable.”
6/17/2019What's the Future of Retail? 47 Experts Share Their Insights - Disruptor Daily
3. Doug Stephens, Founder of Retail Prophet
“In terms of the broad changes, we're
going to see the roles of stores and
media reversed. Media has always
been a mechanism to develop brand
awareness and drive consumers to
stores. Conversely, stores have
traditionally been merely a
mechanism to distribute products. However, media is
increasingly going to become the point of purchase. Online
sales are growing at +20 percent globally each year. Whether
it's my connected refrigerator ordering more milk, my car
booking its own oil change or buying a car on my mobile device,
media will no longer be a call out to visit a store. Media will be
the store.”
4. Antonia Hock, Global Head of the Ritz-Carlton Leadership Center
“There is no longer a traditional retail
segment. Every brand is in retail in
some way because now brands all sell
some type of product or experience
that requires an immersive,
personalized, real-time consumer
offering. The future requires brands
to wrap experience into everything
they do, and one of the biggest future trends is the immediacy
of response & personalization that consumers expect through
any channel. It's a 24/7, 365 extremely personalized world. All
brands must remember me, anticipate my needs accurately,
and personally respond immediately to every contact. That
sounds simple, but it's hard to execute at scale.”
6/17/2019What's the Future of Retail? 47 Experts Share Their Insights - Disruptor Daily
5. Cate Trotter, Founder and Head of Trends at Insider Trends
“There is no single ‘future’ for retail.
There will always be different models
that work for different retailers.
Convenience and experience will
underpin all of it though. Customers
shop in different ways according to
their wants and needs at the time and
this will guide the retail models of the
future. They are not separate values though – an experiential
store should still offer convenience, while a streamlined store
can make convenience an experience in its own right. I think
we’ll also see more physical stores being used as e-commerce
fulfillment spaces that also make money by letting people visit
them.”
6. Bryan Eisenberg, Co-Founder of Buyer Legends
“Amazon launched Amazon Go
technology, new advertising
technology and Buy Online Pickup in
Store (BOPIS) in their app for Whole
Foods purchases. They will launch
more “services” technology to enable
rapid digitalization of physical retail as
well as a “local” marketplace. The
local marketplace will allow customers to search for, purchase
and fulfill by delivery or pick up from retailers/restaurants “near
me.” They have seen the “near me” searches grow
exponentially on Google and want to own that slice of retail as
well.”
6/17/2019What's the Future of Retail? 47 Experts Share Their Insights - Disruptor Daily
7. Bryan Roberts, Global Insight Director at TCC Global
“There’s a clear distinction to be
made between food and non-
food retail. Most grocery retail is still
essentially the same as it was 50 years
ago, despite technological advances
in check-outs, payments and behind
the scenes operations. In non-food
however, e-commerce has become
much more meaningful and the role of the store is being
revolutionised – we need fewer, better and more experiential
stores that support online ordering, collection and returns. In
general, retail is moving into overcapacity in physical terms in
many countries and malls, high streets and retail parks will need
to be reimagined.”
8. Kasey Lobaugh, Chief Retail Innovation Officer at Deloitte
“There is no shortage of conjecture
about the future of retail.
Unfortunately, most projections are
flawed. Many are prophecy-based
rather than based on hard data, and
most provide fuzzy time horizons for
realization. Others are largely self-
serving, with tech companies
promoting specific visions in order to sell their services. We
believe that the future of retail is not defined by one model;
rather, it hinges upon changes to a competitive environment
that will be shaped by a series of disruptive forces. Retailers
must make strategic choices to compete in the future, but
those choices will be unique to each company.”
6/17/2019What's the Future of Retail? 47 Experts Share Their Insights - Disruptor Daily
9. Brian Kilcourse, Managing Partner at RSR Research LLC
“The “Retail Apocalypse” was a click-
bait headline; while the industry is
undeniably culling old stores from the
marketplace, retailers have been
closing and opening stores “forever”
as store concepts change and
markets move – so that’s not news.
What is news is that former pure-plays are discovering the value
of physical stores in the context of a complete digital+physical
selling environment. Shopping is a human behavior – there’s
definitely an entertainment component to it. So look at how
people entertain themselves today – with digital content. Retail
has a bright, digitally enabled future.”
10. Miya Knights, Head of Industry Insight at Eagle Eye Solutions Limited
“The future of retail is bright. People
will always need to buy stuff. But how
they do this has changed. While tech
has also enabled retailers to automate
and scale the ways they do business,
the weakest are struggling to adapt
and modernize how they sell what
they sell. This exposes those with an
ill-defined and mediocre offer. Understanding customers, as
the driving force of any retail business or brand, and building an
agile, fully integrated, digitally enabled and data-driven
customer proposition is what will separate the winners from the
losers going forward.”
6/17/2019What's the Future of Retail? 47 Experts Share Their Insights - Disruptor Daily
11. John Rampton, Founder of Due
“The future of retail will move more
toward an online service but will still
include in-person shopping
experiences. There will be more on-
demand service offerings, including
delivery within the hour via drone or
some robotic delivery service so that
consumers can feel like trying things
at home rather than in a store. In this way, the retail experience
will come to them through physical, augmented, or virtual
interaction. “
12. Steve Dennis, President and Founder of SageBerry Consulting
“For years retailers could get away
with just being good enough. But
good enough no longer is as the
customer is more in charge. We are
seeing what I call the boring middle
collapse and retails need to choose to
be either more remarkable at the
value end of the spectrum or more
remarkable at the more premium experiential side. Either way,
the distinction between online and physical channels is going
away. Retailers need to work to deliver a more harmonized
experience regardless of how the customers choose to shop.
The customer is the channel.”
6/17/2019What's the Future of Retail? 47 Experts Share Their Insights - Disruptor Daily
13. Nicole Leinbach Reyhle, Founder and Publisher of Retail Minded
“The future of retail continues to
evolve. How it will look in even one
year is impossible to predict entirely,
but I believe that customers will only
be in more control of their path to
purchase. This means retailers —
either online, offline or both — need
to embrace what modern customers
expect from them and be more proactive in supporting them
during their path to purchase. Using AI and ML in particular,
retailers will be better positioned to be more precise and
proactive in their customer support, inventory management,
and overall retail operations.”
14. Shep Hyken, Author of The Convenience Revolution
“Customers continue to be smarter.
Year after year their expectations
increase, especially in the areas of
customer service and customer
experience. Customers no longer
compare a retailer to its direct
competition. Now they compare
that retailer to the best service they
have had from anyone. That means the bar is raised. If
the retailer has what the customer wants, customer experience
(which includes service) will be a big differentiator. While this
has been going on for a number of years, it is more important
than ever.”
6/17/2019What's the Future of Retail? 47 Experts Share Their Insights - Disruptor Daily
15. Bob Phibbs, CEO at The Retail Doctor, a New York Consultancy
“Retail will continue to evolve with
shoppers increasingly moving basics,
renewables, and disposables to online
while boutique brick and mortar
retailers will thrive.”
16. Kevin Sterneckert, Chief Marketing Officer at Symphony RetailAI
“Consumers will continue migrating
to the paths of lowest resistance and
highest value, which means retailers
that provide the best experience with
the lowest points of frustration will
win a greater share of wallet.
I see an increase in direct-to-consumer
transactions between manufacturers and consumers, expanding
the definition of retailer to now include suppliers. However,
manufacturers are not organized to accommodate all
transaction types of a full-service retailer. Hints of what retail in
the U.S. will look like can be seen in the reflection of retail in
western Europe: high service and more frequent purchases with
smaller transaction sizes.”
6/17/2019What's the Future of Retail? 47 Experts Share Their Insights - Disruptor Daily
17. Richard Heyes, Managing Director at Tecmark
“A lot of people say that the high
street is dying, but I don't believe that
to be the case. I think what the future
holds is linking online with high street
experience. The retailers must know
where they sit in the market and offer
either value for money or luxury
alongside a first-class experience. It's
never been more important to be clear on who your target
audience is and where you sit in the market. The key thing is to
then work to drive traffic into the store from online searches
(there are many made on mobiles) in addition to passing
footfall. I believe high street retail stores will likely become
more akin to ‘showrooms' where people can touch and feel the
products before purchasing. I think that's something that
online retail will never be able to replace, so offline retailers
should evolve to fit this.”
6/17/2019What's the Future of Retail? 47 Experts Share Their Insights - Disruptor Daily
18. Dennis Wakabayashi, VP of Digital and Integrated Marketing at The Integer Group
“2020 will be known as the “Rebirth
of Retail” across every industry as
shoppers take control of their data
and rush to subscribe to their favorite
brands virtually and in-person. Stores
will proliferate as “instant” retail
experiences pop-up, and big footprint
retail centers will become the
playgrounds of real-life customer engagement and
experimentation.
Consultancies and agencies will start taking bold leaps of faith
to break down the physical geography of shopping, and
adventurous brands will help them along with reaping huge
rewards. We've all seen this coming for a long time, and this is
the year it's finally happening. The combination of 5G and
augmented reality means instead of ditching math class to
catch the next Supreme drop 11 am on your cell phone, you
might hunt for the next Supreme VR pop-up in Central Park.
Alternatively, Nike may decide to launch their newest Jordan's
at VR pop-up stores exclusively in neighborhood basketball
courts across the world.”
19. Keith Anderson, SVP, Strategy and Insight at Profitero
“More personalized, experiential, and
circular.”‘
6/17/2019What's the Future of Retail? 47 Experts Share Their Insights - Disruptor Daily
20. Stephen Rector, Founder and President of Bakertown Consulting
“The future of retail is strong for
those brands that recognize that the
customer should be the #1 focus — in
terms of product development &
design, user experience both in-store
and online & logistics on how to get
the product to the customer as
quickly as possible. For those
companies that fail to be customer focused, they will
disappear.”
21. Dr. Lucas Lu, CEO of 5Miles
“Today’s high-tech, urbanized
environment favors big-box retailers
like Walmart and e-commerce giants
like Amazon. Centralized operations,
though efficient, tend to focus on
selling new, standardized products,
leading to less durability and more
waste. However, we’re starting to see
a return to decentralized, localized commerce.”
6/17/2019What's the Future of Retail? 47 Experts Share Their Insights - Disruptor Daily
22. Nate Masterson, Chief Marketing Officer at Maple Holistics
“As social media continues to take
over our lives, there is a rising need for
retailers to move their companies
onto relevant platforms. While brands
are already able to let consumers buy
products directly from their posts,
many people still leave the platform
to make a purchase from the site
itself. This has the potential to change with considering the
consistent rise of social media usage. As this becomes the
primary form of communication, it will eventually be the only
way to reach consumers.”
23. Kosta Popov, Founder and CEO of Cappasity
“We are now living in a time when
customer expectations are changing
particularly fast, and retailers that
can't keep up get left behind. A
consumer who enjoys the online
shopping experience at an e-store
automatically begins to expect the
same level of service from every
virtual point of sale.
Thus, the expectation loop is born, and the only thing for
retailers to do to get ahead of the curve is to innovate, innovate
and innovate.
Emerging 3D technologies are a force poised to drive the
revolution in the online shopping experience.”
6/17/2019What's the Future of Retail? 47 Experts Share Their Insights - Disruptor Daily
24. Carlos Castelán, Managing Director of The Navio Group
“More than ever, a holistic shopping
experience across all customer touch
points is vital for brands. With an
increasingly complex customer
journey and dozens of customer
touch points with brands from apps
to websites to brick-and-mortar
stores, companies need to present a
seamless experience across touch points for customers. As an
example, REI, the camping/outdoors clothing company, does a
tremendous job providing a great online experience and, for
those seeking more information on a product, they’re able to
come into a store and speak with a highly knowledgeable
expert to match the product to their need. The ability to shop
conveniently online complemented by an elevated in-store
experience provides REI customers with the best of both
worlds.”
25. Vivek Kumar, Founder and CEO of Qlicket
“Outside of the well-known changes
coming to the retail industry— such as
the rise of e-commerce — workforce
obstacles will define the future of
retail to a large extent. The Bureau of
Labor Statistics reports that average
employee turnover in the retail
industry was 58% in 2018. In other
words, only 42% of the average firm's
retail workers remained with their employers into 2019. The
solution to this problem is cutting avoidable turnover through
technology and giving employees a voice. By encouraging
workers to provide feedback throughout their workday,
companies can bridge the communication gap between
management and employees.”
6/17/2019What's the Future of Retail? 47 Experts Share Their Insights - Disruptor Daily
26. Jacquie Young-Sterling, Director of Customer Experience at CompiantIA
“Smaller store formats, stores within
stores, exclusive private labels lines,
better customer experiences and
operating in the niches. The future of
retail is broad and exciting for
retailers who can think outside of the
box, listen to their customers and
reinvent themselves without losing
themselves.”
27. Alen Paul Silverstein, CEO of Imagination Park Technologies
“Augmented Reality will allow
shoppers to try on clothes, shoes,
cosmetics in-store prior to purchasing
or online — this is called Virtual Try-on
(VTO). This AR engagement will
excite people and lead up to more
purchases similar to what Nike is
doing for Sneakers, L'Oréal for
cosmetics, and Ikea for furniture purchases. Physical retail
stores will leverage AR to provide a gamification experience for
shoppers to fully engage the space to participate in scavenger
hunts, sweepstakes, and receive on-site purchase coupons for
instant redemption. This mixed experience will activate and
engage consumers and result in increased personalized
shopping experiences.”
6/17/2019What's the Future of Retail? 47 Experts Share Their Insights - Disruptor Daily
28. Robyn M. Bolton, Founder of MileZero
“Shoppers expect a customized and
effortless shopping experience and
that expectation will soon extend to
the products they buy. As more DTC
brands, like MTailor (men’s clothing),
True Gault (women’s shoes), and
Susan Lanci Designs (per products),
go mainstream, shoppers will eschew
the time and hassle of having mass-produced goods altered to
their specifications, and instead opt for tech-enabled fittings at
home that result in custom clothes at their doorstep.”
29. Jon Nordmark, CEO and Co-Founder of Iterate.ai
“The future of retail will be driven by
artificial intelligence and
microservices. How? The holy grail of
online retail is in personalization, and it
requires AI. Retailers are acquiring AI
companies at a faster pace. (Ulta
Beauty, for instance, which invested in
Iterate, recently acquired an AI firm
and an augmented reality startup.) AI is driving personalized