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11 Trends in the Future of Retail According to Brian Solis

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Brian Solis Keynotes Acosta Leadership Symposium 2015: The concept of future retail is constantly evolving. But what isn't evolving as quickly is the understanding and widespread experimentation to bring the future to life today by mainstream retailers. Leading digital analyst, futurist and author Brian Solis shares his most important trends for retailers to embrace now. And, the good news is that no matter the date on this video, his words are as true today as they were then. Video Here:

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11 Trends in the Future of Retail According to Brian Solis

  3. Gift of Perspective: Consumer behavior and expectations break legacy processes and systems. Customer experience takes architecture and fresh perspective to design the future and everything starts with #empathy
  4. …or what this thing is.
  5. The State of Retail and Commerce in 1 Picture
  6. Digital transformation represents the quest to understand how disruptive technology affects the digital customer experience.
  7. You are now trying to capture the attention of an audience with an audience of audiences. MEET GENERATION-C
  9. Connected customers see the world differently. They’re “always on.” THINK.LIKE.THE. CUSTOMER
  10. New Supply New Demand New Behavior TRUST REPUTATIO N CURATION
  11. Master Total Re-CXing People look at their phones 1,500x each week. They spend 177 minutes on their phone per day. Facebook, Instagram, et al. is second nature. SnapChat is a marketplace for human emoticons. Youtube is the new Google.
  12. On-Demand Economy: Retail and e-tail will plug into the on-demand economy.
  13. Customer Experience: Retailers will need to compete through customer experience in addition to technology.
  14. CX = Customer experience is the sum of all engagements a customer has with you during the customer lifecycle.
  15. Forrester
  16. 82% of shoppers will complete their online purchase with e-tailers that offer free return shipping or in-store returns. Customers who could ship items back for free boosted their purchases at that store by 58%-to- 357%. Customers who were charged for return shipping dropped their purchase activity by 74%-to-100%. Only 49 of the merchants in its Top 500 Guide offered free return shipping as of last January
  17. Customer Loyalty is Getting a Makeover Loyalty cards are on their way out and will be replaced by targeted, data-driven, personalized rewards derived through:  Transactional data  Demographic data  Social data  CRM data  Existing loyalty data  Proprietary data  Sensor data  Supply chain data  Location data
  18. 60% of consumers use their smartphones to pay because of the loyalty benefits that they get when they do.
  19. Payments: Payment options lead to retailer confusion but open door to new forms of insight and engagement.
  21. Nearly 15% of Starbucks customers already pay with their phones
  22. Wearables help bring multiple features to mobile payment, make payment process even more seamless
  23. New Payment Companies Bring eCommerce to a New Generation of Disruptors
  24. Re-Engineering Payments, Checkouts and CRM
  25. Social Commerce: Social networks become the new e- commerce platform.
  26. Merchants will continue to chase mobile customers with ads as well as sites optimized for those mobile viewers
  27. The Trust Economy: The trust economy encourages peer-to- peer influence (social proof), forces transparency and pushes retailers to market utility and usefulness to guide decision making (reciprocity).
  28. eCommerce further fueled by the trust economy. Airbnb travelers contributed 14 million new reviews over a 12 month period, a year over year rise of 140%.
  29. 90%of smartphone users are not absolutely certain of the specific brand they want to buy when they begin looking for information online.
  30. 65%of smartphone users look for the most relevant information regardless of the company providing the information.
  31. Combine Content + Commerce Birchbox creates high- quality content to generate repeat business. Its blog is packed with “how- to” guides and style tips that rival Cosmo and GQ. You can buy any of the items featured.
  32. Double Down on Video According to Cisco, by 2017, video will account for 69% of all consumer internet traffic. As shoppers grow more responsive to visual presentation and seek responsive layouts, video will become a front-and-center asset to convey product details -- not just demos -- and facilitate improved webrooming.
  33. Within one week of launching, Viking received nearly 1,000 high-resolution photos and videos from guests showcasing their travel experiences. Content covered 100%of Viking’s itineraries; 98% was linkable to the itinerary page for a specific cruise, with an average of over 40 photos and/or videos per itinerary.
  34. The future of the receipt…a new publishing and engagement medium? E-tailers and retailers are now able to tailor the receipt to enhance the customer experience post transaction. Companies can also feed insights and analyticss to empower affiliate networks.
  35. Webrooming and Showrooming: Retailers invest in technology and experiences to promote webrooming and showrooming to their advantage.
  36. • Webrooming more common than showrooming (69% to 46% respectively), according to Harris poll • Millennials prefer webrooming • Amazon remains #1 for both showrooming and webrooming
  37. Reverse Engineering etail and Webrooming/Showrooming to Improve Retail Experiences
  38. Reasons for Webrooming vs. Showrooming: 47% don't want to pay for shipping 23% didn't want to wait for the product to delivered 46% like to go to a store to touch and feel a product before they buy 36% will ask the store to price match a better price found online 37% like the option of being able to return the item to the store if needed Source: Merchant Warehouse 2014
  39. The Future of Retail: 3d printing, IoT, virtual displays and personalization technology creates dymamic shelves and racks unique to each user and redesigns inventory and supply chain in the process.
  40. Big Data & Beacons: Connecting online, in-app, and in-store experiences • Footfall, visits online, visits through apps • Regency and frequency of visits, behaviors and transactions • Brand affinities • Favorite products • Demographics • Location • Loyalty program utilization • Service quality, queue and abandonment • Capacity planning and resource utilization Beacons provide businesses with endless opportunities to collect massive amounts of untapped data, such as the number of beacon hits and customer dwell time at a particular location within a specified time and date range, busiest hours throughout the day or week, number of people who walk by a location each day, etc. This data then allows retailers to accordingly make improvements to products, staff allocation in various departments and services, and so on.
  41. At the end of my session, the mirror gave me the option to check out right from my stall." The smart room recognized the shirt, recommend clothes to pair with it, and sent instructions to a sales clerk — if I needed another size or color, for example.
  42. The Shopper Journey: Online apps and experiences influence decision-making and journeys. Retailers will eliminate friction and re-design the online/offline journey.
  43. Customers consult 11 information sources on average before making a purchase.
  44. Is it true mobile search has overtaken desktop search?
  45. 66% of all time spent on ecommerce sites is done on mobile. 91% of ecommerce sites that are not responsive. 61% of customers leave a site if it isn’t mobile-friendly
  46. Smartphone users will immediately switch to another site or app if it doesn’t satisfy their needs (your site is too slow).
  47. Micro-moments unfold through a variety of common “I want” scenarios that help people take steps or make decisions I want to learn… I want to buy… I want to know… I want to go… I want to do…
  48. Customer expectations are influenced by experiences engaging with other industries.
  49. Businesses that focus on micro-moments, human- centered behaviors and expectations and related tech, will naturally re- imagine the customer journey, upgrade their experience and modernize the brand for the digital economy.
  50. Social Objects 1. Data 2. Personalization 3. Engag`ement 4. Relationship Identify Driven Marketing Starts Here
  51. Innovation begins with us
  52. Innovation Centers: Retailers get into the innovation game to test new tech and better understand digital customers.
  53. “IT and digital is pervasive in people’s lives now. So the advice I would give somebody starting it now is, think of yourself like a consumer technology company.” - Starbucks
  54. Innovation Takes Many Shapes
  55. “A lot of work Labs is doing is focused on understanding the shopper, the actual consumer, relationship with the brand. It's about how we facilitate the ability for any kind of engagement, anywhere, anytime, any way. ‘Shop my way.’ - Andy Hedges, Director of Shopping Centre Management and Marketing, Westfield
  56. “When we think about ourselves, we think about constantly innovating and staying ahead of the curve,” says Bridget Dolan, vice president, Sephora Innovation Lab. “The mission is to make sure we are listening to our clients’ needs, our internal employees and the ideas they have, and keeping a finger on the pulse of trends, all the while competing with ourselves to make sure we’re always innovating.”
  57. Space 2.0: Retail space is a blank canvas for re-imaging the shopper experience.
  58. “Telstra will remain relevant forever,” said David Thodey, CEO of Telstra as it shifted its focus toward digital growth. Speaking at the Australian Digital Summit, he pointed to Sony as a company that had not moved with the times. “You need to be bold, and you need people who are going to test you and drive you forward,” he said.
  59. Designed to blur the lines between digital and physical worlds and to provide customers with a personalized experience. The price tags in the store have been printed from digital ink, meaning prices can be adjusted centrally and instantly. “We've got to make that seamless experience. It doesn't matter where you touch us – anywhere in Australia, online, any retail presence, or when you call us.”
  60. Vision + Empowerment New Models, Processes, Systems to Support a Unified Digital Customer Experience Understand the New Customer Design the Digital Customer Experience
  61. Behind every screen, every expression and impression, is a human being…not a consumer.
  62. Txt “Experience” to 33444 For This Presentation | Altimeter Group, a Prophet Co. | @briansolis