This afternoon at OmniShopper International in Paris, France, James Llewellyn, UK Head of Shopper, GfK, shared four predictions for the future of shopping that has come out of their recent research. “Sometimes it can feel chaotic to understand shoppers in the real world,” he began.
According to Llewellyn, some key insights include:
1. Nothing has changed: Execution has changed dramatically, but retail fundamentals are unchanged.
2. But you need to get faster: When retailing you need to be fitter, more agile.
3. Loyalty is dead: Loyalty. If it ever existed in a pure form, has been left behind.
In the last 2,200 years there have been four retail innovations. The first is the creation of the first chain of stores in China called Lo Kass. Next, came catalogue based mail order in Europe. Third, the first department store opened in Paris, France called Le Bon Marche. Finally, self-service was created in the U.S. known as groceteria.
“Retailing is not about inventing new stuff,” said Llewellyn. “Take comfort, the fundamentals remain unchanged.”
So, how should we understand the future consumer? Live in the jungle, ask shoppers, and observe shoppers. Retail is not as it once was. The door is open to experimentation. For example, Amazon selling via Waterstone, Tetely and Nestle collaborating to sell to need states, and stores sneaking to communicate through entertainment.
Convenience, choice, price, and experience are the four pillars of retail that haven’t changed, but now the new retail battlegrounds have been added to the mix. Is it the end of the queue? There are many new mobile apps that are accelerating the queue.
“My mobile device is quickly becoming my most important shopping tool,” said the majority of the world in a recent GfK survey.
Being convenient has been essential since retail began. To create attraction from the moment of trigger you must be continuously available, according to Llewellyn.
About the Author: Amanda Ciccatelli is a Social Media Strategist at IIR USA where she manages social marketing strategy and content marketing across the business. She a background in digital and print journalism, covering a variety of topics in business strategy, life sciences, innovation, law, marketing, and technology. Amanda is the Editor at Large for several of IIR’s blogs including Next Big Design, Front End of Innovation and The Market Research Blogs. She previously worked at Technology Marketing Corporation as a Web Editor where she covered breaking news and feature stories in the technology industry. She can be reached at firstname.lastname@example.org. Follow her at @AmandaCicc.