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The Future of Retail

A combination of advances in technology and a continuing climate of austerity has created a new breed of shopper. These shoppers are Connected Consumers. Glued to their smartphones, price aware and shopping as much for an experience as for a product, they are on a mission – and it’s a retailer’s job to help them fulfil it. Through our global study FutureBuy, we have gained unique insights into the future of retail.

Choice, price, convenience, and experience remain the four key factors to success in retail, but new battlegrounds are also emerging. We offer retailers fresh insights into how to win the battle for the connected shopper of the future. 

Redefining choice: Time to collaborate with your competitors
We examine what choice means to today’s shoppers. If categories are dead and consumers are bored of negotiating their way through multiple categories to find their desired product, how should retailers and manufacturers respond? In 2016 and beyond, choice means offering consumers product and service bundles that meet and connect with their need states. We reveal how.

One product, one price
Prices must be standardized. Retailers and manufacturers have trained shoppers to be price savvy. So how can you win on price? We know from our work with shoppers that retailers now have three options: upsell, price match or trade down. Which strategy will be the right one for your business?

Convenience: The end of the queue?
Digital has added a new dimension to retail and changed shoppers’ perceptions of convenience. Mobile is the obvious way to become more convenient today, but what will it mean in the future? How can retailers be omnipresent at all points along the path to purchase and keep pace with an increasingly technology-forward shopper?

Think experiences, not transactions
Healthy sales figures are not enough to win the battle for the shopper of the future. Retailers need consumers to buy into their brand as much as they buy their products. How can you create the right environment and memorable experiences to inspire shoppers to return?

 

 

Download the Future of Retail report

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