The retail industry has been disrupted over the last year with ecommerce growth accelerated by the global pandemic and an evolution to the way consumers engage with traditional bricks and mortar stores.
In a new report by TBWA\Worldwide's cultural intelligence unit Backslash there are a number of opportunities retail marketers can take advantage of to fuel growth in their brands.
This includes by addressing the lifecycle of retail, adoption of new technology, or disrupting the traditional buyer-to-seller relationship.
“We believe a new chapter of retail is upon us," TBWA\Worldwide chief strategy officer Agathe Guerrier says.
"As we reckon with the impact of excess and thoughtless convenience, retailers have the opportunity to carve out a better way forward. It's an exciting time."
The Future of Retail report leverages cultural intelligence to unlock four opportunities for disruptive growth in retail and outlines specific ways for brands to take action:
- Flex Retail: A new era of retail requires physical spaces that serve a purpose beyond shopping. The stores of the future will revitalize cities, uplift local communities, and promote circularity.
- Retail’s Tech Tightrope: Next-gen retail technology will work behind the scenes to enable a seamless shopping experience. Companies can choose a more meaningful way forward through phantom tech, intelligent ordering, and sensory stores.
- Networked Commerce: To survive increasingly communal commerce, brands will need to make everyone in their network an active player. Tomorrow’s retailers will strengthen relationships by engaging in direct dialogue, pivoting from influencers to educators.
- Lifecycle Luxury: A richer kind of luxury will put product life cycles in center focus. Looking forward, upscale eco-materials, authenticity trackers, and functionality will define the new premium.
As well as the four opportunities, content within Future of Retail confronts the cultural tensions at play and offers tactical solutions for a healthier era of consumption.
“As we enter the next roaring ‘20s era, the retail industry is being forced swiftly into its next iteration. Sharp pivots are required for brands to meet the new consumer mindset, that continue to shift at a faster pace than ever before,” TBWA\Sydney strategist Renata Yannoulis says.
“This report was born from months of research, observation, ideation and collaboration amongst our global network of spotters and specialists, to provide a rounded and truly global perspective on the future state of the category.
"The four growth opportunities within this report confront the cultural tensions at play, and offer tactical solutions and provocations for brands to harness now, and into the future.”
The Future of Retail report involved 300 Cultural Spotters across the TBWA collective. Spotters are TBWA strategists and business leads who bring expertise from their work on a range of retail companies.
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