Retail’s BIG Show, the 3-day annual show dedicated the the world of retail closed this week in New York City.
Below are the updates and innovation proposals collected by our insiders:
• CUSTOMER PROFILE: the final customer is impatient, chameleon, user of technology and on top of trends. Presence of intergenerational dynamics and increased interactions among generations of Baby-boomers, Gen X, Millennials, Gen Z, & Centennials.
• TECHNOLOGY EVOLUTION: ongoing evolution from all points of view (back end & front end): cloud, omnichannel, inventory, VR applied to industrial research, new store openings, digital supply chain. There is a general need for more agile infrastructures.
• COMMUNICATION: having a multi-channel, multi-media strategy is a must, so is having a strong communication direction both physical and digital. Video marketing, influencer, phygital media is the way to go.
• BRAND AWARENESS: the critical factor for success is being a Brand with a good reputation, a brand people can trust, with a purpose, and a strong equity. Without a purpose, a mission, or a vision, there is no possibility to retain customers. The competitive arena raises the expectations every day, it is fundamental for companies to stay on top of them.
• MARKETING: the need to better and more deeply understand the customers’ needs has never been this strong: successful marketing strategies must combine not only analytical skills but also the “right marketing mix”.
• DESIGN THINKING: is a fundamental factor on approaching innovation to ultimately obtain a more in-depth knowledge of the customer’s journey.
• GLOBALIZATION: CHINA EFFECT. China in the next few years will have an impact on the whole world economy. To be seen what happens next!
• GLOBAL ECONOMY: US, in in an economical growth period. China keeps over performing, but is slightly down compared to last year. Europe is a mix of lights and shadows (possible recession for Germany, hard time with Brexit for the United Kingdom).
Digital transformation is an inevitable path. It is necessary to review the business model and integrate it with a digital and organizational system that regenerates the brand equity and brings value for the end consumers.