Thrive or die—The Future of Retail

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Gone are the days where traditional malls provided convenient, one stop shopping. People’s shopping behaviors have evolved and they aren’t flocking to malls to hang out, eat ice cream, people watch and compare fashion trends like the used to.

The explosion of the digital age and ecommerce has changed how retail operates and our new COVID realities have only served to accelerate this digital revolution. To survive, thought leaders in the retail space are rethinking not only how best to control occupancy costs but how to re-invent the retail value equation.  They realize that to attract consumers, they need to deliver elevated and relevant experiences, giving them new reasons to shop.  Many are already incorporating “retailtainment” elements such as art galleries, farmer’s markets, billiards, spas, go carts and even ski slopes to create shoppable entertainment, giving shoppers a true retail destination experience.    

To create exceptional consumer-centric experiences, retailers and mall owners know they need to deliver seamless, digitally connected experiences that are centralized, insight and behaviour driven and enabled by the latest technologies.  Technologies like augmented and virtual reality, mobile beacons, chatbots, interactive digital displays, smart mirrors, and digital dressing rooms already exist and retailers are wise to adopt go-to-market strategies that embrace them.   

Here are few strategies to consider when re-evaluating your retail business model and its future readiness:

  • Define your retail value proposition. Leverage data driven real-time insights to create a relevant consumer-centric journey from start to finish—and beyond.
  • Build a world class user experience by conducting technology assessments across various partners and synchronizing technologies for centralized and seamless solution delivery.
  • Incorporate technology with online and in-store features for memorable and personalized shopping experiences that engage the consumer so they’ll want to come back for more.
  • Increase ROI by evaluating alternative revenue streams.  Rethink opportunities to create an integrated community in which consumers can live, work and shop.  Then leverage, integrate, and scale technology for efficiency and optimization.
  • Finally, let’s not forget about sustainability.  Shoppers are increasingly concerned about environmental impact. Consider partnering with eco-friendly brands and service providers to leverage technology that reduces the carbon footprint of the traditional point of sale. This social responsibility will be critical in all business operations to drive long term shopper loyalty.

ScriptString can help get your retail business future ready. Contact us for a free consultation. 

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