Global Retail Trends

In a session about the global retail trends that looks to be quite good. They're talking about 5 trends today and I'll try to cover them best I can!

Value driven retail to values driven retail. Timberland gives "nutritional label" on their products to show their impact on environment. Ethical fashion shows, green, organic, "dirty" diamonds and gold all top issues. Ric West from Sears said being green is just the price of entry today and that probably too many people are giving it lip service. Audience member asked about green accreditation, so that we know when companies are just green washing.

Retail Theater, the role of experience. Loved that Ric started by saying that it had to be about relevant experiences, not just about experiences for experience sake. Concerned about how you sustain these experiences in the long run. Gunender Kapur from Reliance Retail in India discussed how the experience must not be threatening. Can't make the retail experience too clinical -- needs to have social engagement! Another good comment from the audience that the experience has to start with the very basics. Treat the customers well and then worry about the theater elements next.

Key drivers of customer loyalty. Ric discussed that it once again about relevance to me the consumer. But he also talked about it becoming attached to solution, not necessarily the brand.

Redefining luxury. Partial ownership of high end cars, brands targeting the "almost rich." Ultimate luxury, slowing down. i.e. -- The Art of Shaving

Mix & Match mindset. Top designers working with mass merchants. Mass customization. Gunender -- mass & class distinctions are getting more distinct.

New models of innovation. In future, shopping will be more proactive and considered. Ric suggested that somethings considered innovations are now becoming baseline consumer expectations.

I'll try to get some copies of presentations that I see here and post them if I do.

Smart stores.

Comments

[Ralph]

"In future, shopping will be more proactive and considered. Ric suggested that somethings considered innovations are now becoming baseline consumer expectations."

From our installs we are seeing the value of end-to-end retail/wholesale management systems; integration of sales operations with a web store (ProStores, eBay store), eBay express and eBay auction with a single database for sales and inventory reconciliation. This trend to “BricknClick” (http://www.mtiretail.com) opens the door for small and medium retailers to distinguish themselves and compete against the big box stores…