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PSFK's Future of Retail 2012: Intense Business Innovation

Posted by Christine B. Whittemore on Jul 23, 2012 9:45:00 AM

This is a 2 minute read.

PSFK future retail 2012Do you ever wonder about the future of retail? Especially given the collision of technology - digital and mobile - with the intense time-poor lives of shoppers in control who trust peers over stores. I do.

I get excited when PSFK issues its Future of Retail report. PSFK tracks trends and innovation around the world; it produces reports on the future of several categories [including the future of health] and a newsletter worth subscribing to. 

The 2012 Future of Retail report identifies two themes: New Brand Champion which relates to the "power of peer-based interactions" and Retail on Demand, "an early expression of an evolved way of buying and selling."

Needless to say, both themes require that brands and retailers adapt.

About the New Brand Champion, the report explains that the Modern Shopper wants to have a say on what is produced, enjoys lending a hand to fellow shoppers, wll gather people around for a better price and wants to be rewarded for sharing shopper expertise.

It offers examples to illustrate: 

  • Shopper as affiliate to sell on your behalf
  • Crowdsourced product range
  • Shopper to shopper service
  • Shopper designed deals

About Retail on Demand, the report describes the Modern Shopper as having sophistication based on personal knowledge, is prepared to trade data for a better experience, has instant access to expertise, takes advantage of technology and wants to be offered a perfect match.

It offers examples to illustrate:

  • Service with an opt-in
  • Shopper coaching
  • Auto-curated shopping
  • Bespoke at scale
  • Fit with a click

By the way, you'll notice video clips included throughout the examples.

Here is the Slideshare presentation for PSFK's Future of Retail 2012 report:

 

For perspective, I suggest that you check out the article I wrote last year about PSFK's Future of Retail Report 2011 Details Evolving Retail Experience. Also, explore PSFK's detail on retail ideas.

Reactions, comments, ideas? I'd love to hear your thoughts. Have you noticed signs of these trends during your customer interactions? 

Topics: retail experience, innovation

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