LBi and bigmouthmedia release their Innovations in Retail whitepaper
Today LBi and bigmouthmedia release their Innovations in Retail whitepaper, covering the impact of digital technologies on retailers in 2011. Full disclosure – I contributed towards the paper, but it is worth blogging about because it highlights how rapidly the internet is changing expectations within the retail sector. It also provides a really strong summary of some of the opportunities that exist for those able to rapidly innovate.
Just yesterday Apple celebrated their tenth year in retail with a store makeover that put the iPad 2 at the forefront of the shopping experience, acting as the product price label and spec sheets. What’s more, the iPad’s enable you to hail an Apple Specialist and compare products as well as enabling Apple to centrally update prices worldwide instantly. It isn’t an option yet it will be would be much of a surprise to see if the iPads offering ‘I want this!’ style social sharing, direct from a traditional retail environment.
Of course, the LBi and bigmouthmedia whitepaper contains plenty of talk about smart phones, tablet devices and internet connected TVs but what is interesting is that the paper steers clear of the standard ‘more people are buying stuff on a mobile’ vernacular and highlights some of the less obvious behaviours such technologies create amongst consumers.
I myself am what is now dubbed a ‘digital shoplifter’. I enjoy the ability to browse a real physical retail environment yet when I find something I want to buy my first reaction is to check the price online via my iPhone. If the price difference is greater than my perceived ‘instant gratification’ value, then I’ll just leave the shop and order online.
This clearly represents a challenge for bricks and mortar retailers, but it also suggests a shortcoming amongst online retailers too – they still are not able compete with the feeling of holding a product in your hands. And cruciually, outside of entertainments and media where digital downloads get you close enough, no-one can get delivery times down to zero. There will always be a desire to get things sooner!
Also as important for retail is the impact of technologies that bridge the physical and the digital. Much more than allowing consumers to pay for items by flashing their phones, the impact of mobile technology within a retail environment could be huge. Imagine offering users instant in store recommendations based on their online purchase habits or instant credit via QR or NFC (Near Field Communication) for checking in via social platforms.
Social media is also becoming hugely disruptive within retail, as the paper points out. The move towards customer service within a social environment will almost certainly have its winners and losers - only by sharing customer service and support tasks with their most engaged customers will retailers truly get the most from social channels.
It is clear that consumers’ expectations are on the rise and that retailers will need to continue to search for ways to reward loyal, engaged customers with unique and surprising experiences. Take a look at the full paper to find out how – it is available for free online now.
Tags: apple, bigmouthmedia, innovation, innovations in retail, ipad, LBi, Lost Boys International, mobile, nfc, qr, research, retail, Social Media, white paper, whitepaper
