The Future of the Retail

  As Wally Ollins writes in his book Brand New "...the problem starts when you rely on research to try to tell what will happen in the future. For the most part, people don’t know what they want until they see it, and many are not even sure then."
When you think, only 10 years ago Facebook didn't exist and we didn't need it before, we could live with desktop computers perfectly well until 4 years ago when the iPad appeared in our lives. The forecast predicts that at the end of 2015 there will be more people using mobile internet than desktop computers. Therefore, the web retailing is shooting faster than ever with it's sales figures. There were pessimistic thoughts from experts at the beginning that fashion retail will never perform on line as well as it does at the brick and mortar shops. Well, it grows by 10% every year. During the recession, surprisingly, luxury brands were outperforming while many low value ones went bankrupt.
Where is the secret then?

When retail competition now is becoming global brands need to adjust quickly and those that spot this go "glocal". Another point to consider is that pricing is just a permission to play and no longer an advantage. A great example is a furniture retail giant IKEA. To each and every country it goes with it's swedishness as a foundation, but at the same time local needs are highly important and adhered to. Also, when in the early 2000 the "you do your part we do ours and together we save money" was a very popular tag now picking and delivering services are an important part of a usual IKEA business.

As the figures show, it cost 6-7 times more to acquire a new customer then retain an existing one.

These days more and more companies are taking a new approach in reaching out to consumers. A consumer experience based shops are becoming not a novelty in a retail world any more.  Regardless of the type of product, stores have become multi-functioning places that not only offer customers a great shopping experience but also provide them with a space to relax, enjoy beverages and meals, admire works of art and be entertained. All of these additional activities are aligned with brand concepts, so they reinforce brand values.

      
A well known UK brand Lush is now not only selling handmade cosmetics but operates spa centres. This way visitors can fully immerse themselves in the brand concept and retain loyal for a long time.

An essential component of a shop where customer experience is a top strategy, an attractive visual merchandising display is crucial. Most of the time it is embedded in the foundation of every luxury brand strategy. 

And to finish, it is a notable behavioural change when pressing a door bell in generation Y (what Generation am I?) apparently due to thicker developed thumbs. And it is likely to stay like this. Just check this video to find out what changes the Z generation we will encounter when the Big Data will pick up a full speed.