The future of retail report PSFK 2012 (Summary)

The future of retail report PSFK 2012 (Summary)

The New Brand Champions

Social platforms have changed the way brands and customers interact. The old system has been replaced with a two way dialogue. In order to keep pace, brands need to identify their more influential customers and find ways to get them more deeply involved in delivering on their brand promise

• Shopper as  an affiliate: People are engaging with others on social platforms to sell on behalf of brands e,g, Tesco encourage sharing products on Facebook which doubles consumers loyalty points.
• Crowd led product range: Customers provide input into what products are made and sold and what new services are offered.
• Shopper to shopper experience: 'Brand fans' share their expertise and provide 1:1 advice to fellow shoppers.
• Shopper designed deals: Shoppers set the price they are willing to pay for products and services.

Retail on Demand

The continued growth of online shopping and the anywhere access offered by the mobile phone have contributed to a multi channel retail environment that has changed the way shoppers engage along the purchase path. Retailers must create an experience for every shopper that is seamless, personal and hyper relevant.

• Service with an opt in: Retailers ask shoppers to trade personal data to receive a better level of service.
• Shopper coaching: Brands make education a key component of the shopper experience both before and after a purchase is made.
• Auto-curated shopping: Retailers leverage shoppers social data and purchase history to create customized browsing experiences. e,g 'Glimpse' is a social shopping channel using Facebook 'likes' to build custom catalogues.
• Bespoke at scale: Brands create scalable solutions that allow their shoppers to pick the perfect products.
• Fit with a click: Retailers provide digital tools to online shoppers to ensure they find the perfect fit.