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.
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