Retail, consumerism and how we buy has changed in the past few years, like never before. How we buy has so fundamentally changed, that it’s not uncommon to hear the question: “do shopping centers have a future?” It’s important to understand the new retail landscape. When e-commerce first kicked in, it was clunky (some would argue that it’s still a little clunky). Dynamic merchandising is a challenge online. Consumers are mostly looking at products in a thumbnail-like photo and the process lacks a brand experience where serendipity meets exploration. Online, we tend to shop for the things we’ve indentified, while retail outlets can suck consumers in by surrounding the products we went to the store for with other opportunities. Yes, the e-commerce world has countless stories of brands who have both optimized and perfected the experience (think Amazon, Zappos, Fab, etc…) while retail has continued to evolve their physical experiences in an attempt to make them more engaging to the consumer (think Apple LEGO, Lululemon, etc…).
There are five new movements that have changed business forever and yet, the vast majority of brands are doing nothing about it. The next five years of business will be about the convergence of these five major movements that will require companies to adapt like never before. Adapt or die? Some will struggle with this shift while others will simply roll along as the adoption incurs. The trick is in capitalizing on this moment in time, understanding these movements and being ready for your future (a future that will move at a much quicker pace). We have the technology. We have the data. We have the new media channels and platforms. We have the opportunity to publish whatever we want – in text, images, audio and video – instantly (and for free) to the world. What we do with this moment will be telling. It will also set the pace for everything that flows out of our brands for the next decade. The opportunity is now. Take charge of your future. This is your reboot.
