Gregg S. Lipman, Managing Partner, CBX and Joe Bona, President of Branded Environments, CBX, spoke about how retail is changing.
The fundamentals of retail today are the same as they were 2,000 years ago. It's only the way brands go to market and communicate with consumers that have changed.
In today's "always on" market, it's more dynamic and every one is communicating at once. We've moved to multi-channel, to hyper-channel to omni-channel. The brand needs to communicate on each channel without losing its essence.
Everything is retail because of digital.
Products will exist in a cloud that will aggregate data, provide insights, customer service, etc, the internet of things is coming, if not already on its way.
What will drive and motivate consumers to drive to a brick and mortar store in this age?
Create 3D experiences that 2D cannot achieve, stimulate all the physical senses.
People still seek experiences. That entertain, inspire & delight. Provide consumers with a "special treat."
Guest experience: community, product, service, shared values/experiences
3 Case Studies were examined:
Duane Reade: Reinvented themselves around Pharmacy, beauty needs, and daily living/convenience needs expressly for New Yorkers.
Philabundace: Wanted to offer happy, fresh, approachable foods to food desert communities.
Terpel/Copec: Wanted to make the motor oil pump experience very different, branding itself as the leader, future of fuel.
Experience, design, and physical rich experience is what will lead vibrant retail in the future.
About the Author
Valerie M. Russo, Social Innovation Lead, Senior Strategist at IIR USA, has a background in technology, anthropology, marketing and publishing. Russo has worked in a variety of digital media roles at Hachette Book Group, Aol, and Thomson Reuters. She is a published poet and maintains a literary blog. She may be reached at vrusso@iirusa.com. Follow her @Literanista.
