SPACE FOR SUCCESS
Last week I was immersed in the future of retail at Euroshop 2020. Store design, store concepts, customer journeys, the use of digital screens and monitors, AI, AR, customer behaviours and experiences and much more.
My big take away; there’s enough space for every retailer, brand and agency to create something new and different at retail. Because, we’re in it, we’re in the middle of creating the what’s new.
I listened to several presentations about the future of retail from retail experts, all with their own philosophy and formula. Some quote analytics and are data-driven, others more scientific, there are shop-fitters and store designers that focus on environmental issues. And then the more heart-centred approach. Where we, as individuals, are the connectors. People connect to real emotions. Tapping into how someone might feel is no longer considered out there or woo-woo. It’s real and tangible. How do you/we want to feel when we’re in retail stores?
People post their very real experiences and lives all over the internet daily. There are more truths and reality on social media than ever before. We are truth seekers.
Distilling all of this information and insights, I conclude there are many ways to engage and connect with people in commercial spaces. There isn’t one prescribed formula that every retailer and brand should adopt. It’s open for everybody to test and learn. We are all lining up on the measures of success as we see many great brands build their latest flagship store with their latest technology.
No longer is revenue and turn over the benchmark of success. The currency of 2020 is far more complicated than in 2000. Brands and retailers need to sell products to keep the lights on and create experiences, memories and real connections to earn the trust of a new generation of shoppers.
Where the magic happens is somewhere between what I saw, what I experienced, what I can post on social, and how I felt as I made my transaction, these are becoming the new currencies of retail success.
How do you measure success?