DAY 2 of FOST - How Retail Evolved From XL to CX to ME
Our current surrounding is even just the starting point as augmented reality is around the corner waiting to exponentially pimp how we try and buy.
Now is the time to craft your story. If you don't write it starting from your customer, you won't be able to survive in the tech-driven world of ME. No success story has been built on strategies only. Ideas are good but also require rock solid execution. Technology and the data it generates fuel a new elevated standard of execution. A standard where you as a retailer have the ability to know your customer and engage with him on a 1 to 1 level.
Gen Y and older might still be tolerant in this period of transformation but Gen Z won't be. This next buying generation is in a constant state of partial attention so you better grab your time to shine. Nevertheless, it's not the only group where opportunities are. Wholefoods is sexy but less than 1% of all Americans ever buy something there. Differences in ethnicity, age, lifestyle, ... will remain relevant to craft your strategy to, but whichever demographic you chose, you'll need to execute it on their personal ME level and use the technologies that are available today to do so.
Once upon a time...shopping was about personal contact and having an authentic experience. A 'me' moment. Today, for some people it seems like fairy tales do not last as technologies blend in too visibly. This Future of Shopping week however shows a bright next chapter. The story will continue, but powered by technologies that became invisible but which make sure the good guy wins at the end.