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What is the future of shops?

How will the retail industry evolve with technology?

Shops of the Future came into place for the purpose of collecting, analyzing and sharing new in store initiatives.Our goal is to help retailers create new shopping experiences; they can implement today with existing technologies.

Retail needs a shot of adrenalin

Despite the insisting rumors of online shopping replacing offline shopping in the future, the retail industry didn’t seem to get the memo. Here are a few statistics on that topic. The offline shopping experience is still relevant, and it has several key advantages to the in-store empiricism. Unfortunately, offline retailers sometimes do not see these benefits. Instead, they concentrate on the advantage of offline shopping and try to swim against the current. This leads to strange pilot projects that have no chance of being deployed at scale.

Offline retail is still relevant but needs to evolve and provide more engaging shopping experience. There is no reason to look into the far future or to wait for new, disrupt technology. Technologies are abundant today in this day and age.

Honestly,there is too much technology

There are numerous pieces of technology available today that makes it impossible to count them. This availability of cutting-edge technology generates dozen of start-up initiatives, fueled by investors' money around the globe. How can anybody expect a retail company to follow, analyse, understand, compare and choose the right technology for themselves? This way of looking at the technology landscape does not help retailers.

Source: https://www.venturescanner.com/

Source: https://www.venturescanner.com/ as of 2014

Brands have two primary objectives to achieve to succeed:

  • Create great products,
  • Create great customer experience.

Following the mad technology arms race, implementing the new flavor of the month marketing technique, being on every social media platform, are not part of the key driver of a brand's success.

Get back to your roots, focus on customers

Technology has a way of removing the human factor from the equation; when it is critical to put the human interaction back at the heart of the relationship, between brand and consumer. This is one of the killer features of the offline shopping experience “human interaction”. No matter how good technology makes the machine/human interaction, we will always need and crave human to human interaction.

Shops of the Future is here to excavate new and old ideas brands can test in their stores tomorrow, to offer a new shopping experience. The aim is to look at it from the consumer point of view, how is the experience improved, does it remove friction; offer more choice, guide the product selection.

Then we look at the traffic and sales impact. The goal is not to provide a fun experience that generates cost but no sales. Retailers need to improve the profitability of their physical space. So they need to look at a new shopping experience from a sales driving point of view.

The third criteria we use to look at a new shopping experience is its scale-ability. Some new radically different way of managing a shop, inventory, service, are sometimes implemented as a pilot and remain so. These can generate media coverage, but will not transform the retail industry.

Welcome to our blog. We hope you will enjoy the reading and it will spark some thinking. Please share your comments and insights.

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