Some of the following tips or methods are mentioned during the questions-and-answers session:
Amazon is the logistics expert. They also invest in physical stores and in the Amazon Go concept, which is a new grocery chain. Unmanned stores or partially automated stores where you use facial reconnection and cameras recording what you do, or RFID tags on the products. There are players in China using the unmanned store technique, for home electronics, for sports and for fashion. And there is a Korean jeans store, for example, that is totally unmanned, where you do it all by yourself.
What Amazon can't do is a relevant business strategy, because as fantastic as they are they can't be all local, they can't be too niched, and this is a business opportunity for many national retailers and even independent stores, in order to compete with the big four.
When you open a new store, you will automatically get more online traffic from that specific area. You increase your brand awareness because people see you as they are passing by. It has been shown that opening a physical store creates a better online sale. And it also makes recruiting new customers cheaper.
The luxury industry took a hard beating with sales dropping 80-90 percent in for example China and Italy. To grow they need to become more available, have a more effective direct-to-consumer sales, online, for example, live shopping. They need to build a stronger brand and a stronger relationship online, and we’ll see a lot of experimenting here, probably with good examples to follow. Keep your eyes open.
If you could create an online experience with a better last mile experience, then online shopping might become even more convenient than the physical retailer. The last mile is where the consumer meets the merchandise. It’s the point where the proof of concept of the entire shopping process is shown. If you have to stand in the queue in a shopping centre in order to get the package you ordered, the online experience is probably not so good.
Before the pandemic many local stores closed down, due to the existence of the big malls. And now the big malls have the empty space. It seems that there will be a big transition in the retail real estate industry. For an out-of-city shopping centre, the survival factor is to be very attractive. You will need to create new experiences and mixed use, between traditional retail, food and beverage, and services like doctors and dentists, so that people have more reasons to go there. And workplaces need to be connected to the shopping centre in order to get traffic all day around. It has to offer a very attractive environment.
If you have a weak brand, if you don't know why the customer is coming, it's logical that you can't offer a good experience. So, it always starts with the brand, defining and showing what you stand for - and why.
Brand building vs sales activation, media and channel strategies. How can you grow market shares?Watch seminar 1
Drawing up the next new normal retail landscape. We tap into the minds of the decision-makers.Watch seminar 2
We show and discuss different winning and losing strategies in these times of transformation.Watch seminar 3