The digitization of retail has changed the retail game forever resulting in new approachs to technology, interaction, innovation and execution. Music and video rental stores have all but disappeared in our lifetime and many bookstores are following suit. Does this spell the end of the traditional ‘bricks and mortar’ store? The answer is yes, and no.
THE PHYSICAL STORE IS WHEEZING, BUT NOT DEAD.
*Shanghai Subway Consumer Displays and Advertising
In our rush to change business models to react to the digitizing world, too many of us focus on the digital bling and forget the analogue thing. Remember, Amazon, Apple, Facebook and Google, four of the most innovative companies worldwide have all incorporated analogue concepts in their digital business – Ebay has just opened a concept store in NYC while Amazon is rumoured to be opening one in Seattle, Google uses analogue vouchers to promote its digital advertising business and Apple generates more than 20% of its revenues in store.
*Hong Kong Apple Store at IFC
Given the disruptive waves of change, retailers need to address key challenges in order to adapt and stay relevant today and into the next decade.
– AS TRADITIONAL BRICKS & MORTAR RETAILERS FACE AN EROSION OF FOOT TRAFFIC AND SALES, THE ECONOMICS OF THE STORE COMES INTO QUESTION MORE THAN EVER. RETAILERS NEED TO RE-THINK THE ROLE OF THEIR STORE, AWAY FROM THE IDEA OF SALES TRANSACTIONS AS THE PRIMARY GOAL. IT’S ALL ABOUT BRANDS USING THEPHYSICAL STORE AS A VEHICLE TO TELL A COMPELLING BRAND STORY, PERSONALISE THE SHOPPING EXPERIENCE AND DELIVER ‘DIGILOGUE’ EXPERIENCES THAT CAN’T BE MATCHED ONLINE.
– CONSUMERS ARE BECOMING ARE INCREASINGLY SAVVY, SKEPTICAL, AWARE AND DEMANDING. WITH SEAMLESS AND UBIQUITOUS ACCESS TO THE INTERNET, HOW WILL BRICK-AND-MORTAR RETAILERS FIND WAYS TO DIFFERENTIATE THEMSELVES ON MORE THAN JUST PRICE, SINCE THEY TEND TO BE AT A COST DISADVANTAGE AGAINST PURE E-TAILERS IN MANY PRODUCT CATEGORIES?
– BECAUSE OF THE GROWING MARKET COMPLEXITY AND HEIGHTENED CONSUMER EXPECTATIONS, RETAILERS MUST HAVE A STRONG, DYNAMIC MULTICHANNEL STRATEGY.WITH THE EXPLOSION OF TOUCH POINTS AND DATA, IN WHAT NEW WAYS WILL YOU REACH SHOPPERS MOST EFFECTIVELY AND DELIVER THE BEST EXPERIENCE?
Anders elaborated with Asian examples including Shiseido, Homeplus, Adidas, and a couple more on his DIGILOGUE’ EXPERIENCES.
Contact us today to engage Anders to inspire your team on thinking the future of business!