PSFK reached third annual survey of shopper trends. This Future or Retail report from the PSFK Consulting team captures and contextualizes early stages of a seismic shift that is changing the face of the retail landscape.
Big box retailers like Best Buy and Walmart are beginning to feel the heat as sales decline in the face of stiffer competition from e-commerce giants like Amazon. ‘Showrooming’ is the new reality. Shoppers are more educated than ever before and the ability to check prices on the fly has resulted in increased commoditization and a rethinking of how brands and retailers go about providing a differentiated offering. The pressures that companies like Amazon and Alice.com are exerting on the marketplace have forced traditional retailers to contemplate a multi-channel approach to online, mobile, and bricks-and-mortar sales.
A hallmark of this changing retail environment is the savvier shopper who takes advantage of technology, is prepared to offer their personal data for a better experience, and has come to expect contextually relevant recommendations. They are actively engaged, want a say in what products get made, will evangelize offerings to get a better price for themselves and their friends, and want to be rewarded for sharing their knowledge and expertise.
Please read the latest version of the Future of Retail report here.