Social Commerce Speed Summaries

Speed Summary: The Future of Retail – PSFK Report [Download]

Establishing itself as the Bible of Retail Trends, PSFK has released its third annual survey of retail innovation – The Future of Retail – crammed with insights and inspiration.

As you’d guess, mobile and social technology figure prominently, as do responses to the disruptive trend of ‘showrooming‘ and retail’s perennial sword of Damocles – otherwise known as Amazon.

The  100+ page full report can be purchased for here for $495 – and the good guys of PSFK are offering a free downloadable 37MB – 38 page summary here.

But for the time pressed, here’s what you need to know:

There are two key disruptive meta-trands transforming retail:

1. RETAIL ON DEMAND – in-store, at home or one the go, the emerging expectation to buy what you want, wherever you want, when you want and how you want – at the point of desire – through a seamless, contextual and connected experience

    • Service with an Opt-in “Give me personal attention and better service” – retailers ask shoppers to trade personal data to receive better level of service: Example: Nieman Marcus NM Service app (by Signature)- location-aware app provides sales staff with customers’ preferences
    • Shopper Coaching “Teach me how to use this” – brands makes education a key component of the the shopper experience both before and after a purchase is made. Example: Motomethod DIY motorcycle repair shop lets customers work on the bikes in-store
    • Auto-Curated Shopping “Let me shop what I like” retailers leverage shoppers’ social data and purchase history to create customised browsing experiences: Example: Glimpse (by thefind) social shopping channel uses Facebook ‘likes’ to build custom catalogues
    • Bespoke At Scale “Let me design the perfect one for me” Brands create scalable solutions that allow their shoppers to pick the perfect product. Example: Evolvex – customising modular furniture online at an affordable price
    • Fit With A Click “Help me choose the perfect fit” – Retailers provide digital tools to online shoppers to ensure they find the perfect fit. Example: UPcload webcam enabled algorithm ensures shoppers find the best fit online

THE NEW BRAND CHAMPION – connecting and collaborating with the digitally empowered consumer to drive demand with digitally amplified and accelerated word of mouth

    • Shopper As Affiliate “Let me sell on your behalf” – People engage with other shoppers on social platforms to sell on behalf of brands. Example – commission fees earned from influencing online purchases
    • Crowdsourced Product Range “Let me help decide what’s sold” – Customers provide input into what products are made and sold and what new services are offered. Example Barclaycard Ring community powered credit card involves cardholders in card management and profits.
    • Shopper-To-Shopper Service “Help me decide which one to buy” Brand fans share their expertise and provide one-on-one advice to fellow shoppers. Example: service pairs brand experts with customers for real-time product consultation
    • Shopper Designed Deals “Let me name my price” Shoppers set the price they are willing to pay for products and services. Example: Bagthat group-buying website secures best available deal

Pen Portrait: The New Shopper

  • Sophistication Based On Personal Knowledge
  • Prepared To Trade Data For A Better Experience
  • Instant Access To Expertise
  • Takes Advantage Of Technology
  • Wants To Be Offered A Perfect Match
  • Wants to Have A Say On What Is Produced
  • Enjoys Lending A Hand To Fellow Shoppers
  • Will Gather People Around To Get A Better Price
  • Wants To Be Rewarded For Sharing Shopper Expertise

Chartered psychologist specialising in consumer behaviour, wellbeing and technology. Certified CX professional experienced in Design Thinking. A researcher, writer and speaker, Paul is head of Digital Insight at SYZYGY.

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