Having recently returned from Inside Retail Live 2020, we’ve been reflecting on what we learned, the people we met and the things we saw.
As a service provider to retailers, we thought we would do what we do best and provide more service, specifically to all those of you who weren’t at the expo.
So for anyone with a vested interest in the retail industry and its overall health and wellbeing, we’re going to take you inside Inside Retail Live 2020 for a brief look at the future of the industry. Fear not – you will be glad to read it is alive and well.
Jon Bird of VMLY+R offered the notion that while traditionally brands may have been built on Esteem and Knowledge, the changing landscape of retail and the digitisation or the industry has rendered these factors less relevant.
Brands must now build themselves on differentiation and relevance if they wish to succeed in the current climate.
While the concept of brands finding their unique differentiator is nothing new. What is interesting, is the way in which brands are differentiating themselves in the modern age of retail.
See Love, Bonito’s AR Walkway for a great case study.
It’s clear that the best brands are using data collection to innovate. But whether you’re using data or not, personalising the customer experience keeps you relevant to your customers’ lives.
Amazon’s new GoGrocery stores are a shining example of this. Click here to see how their ‘Just Walk Out’ technology offers customers a revolutionary new shopping experience using deep learning algorithms.
Convenience + Flexibility.
Not surprising, we say. We’ve been flying this flag for 5 years, but in truth, convenience couldn’t be more vital for retailers.
Jessica Ip from Couriers Please urged the Inside Retail Live audience to ‘keep consumer lifestyles in mind’ when taking control of the last mile, noting that ‘they want convenience and flexibility.’
This is somewhat of a speciality area for us and it’s never been more important to give customers the choice over how and when they receive their products. We care about giving customers more optionality when it comes to retail purchases and if you are a retailer in this day and age, you should too.
So there you have it. Though it looks, feels and sounds a bit different (for the better, we might add), the retail industry is alive and kicking. To remain part of it, it’s important to understand what it looks like to be a retailer in today’s world. We hope these 3 key takeaways give you something to think about.