The retail world is poised for change and JWTIntelligence explores this vital business sector in “Retail Rebooted.” Covering innovative business models, shifting consumer behaviors and recent tech developments, JWT’s latest trend report provides insight into the retail world by discussing 20-plus Things to Watch in Retail and spotlighting three specific trends.
In “Retail Rebooted,” JWT identifies and updates three trends that are changing the retail arena:
- Retail as the Third Space: Brick-and-mortar retail will increasingly serve as a “third space” that’s only partly about transactions—increasingly, it’s as much about experiences, unique environments and customer service. The hard sell is becoming less important than providing something more fun, helpful, satisfying or distinctive than e-commerce can offer.
- Predictive Personalization: As data analysis becomes more cost efficient, the science gets more sophisticated and consumers generate more measurable data than ever, retailers will be able to predict customer behavior, needs or wants—and tailor offers and communications very precisely.
- Everything Is Retail: Shopping is shifting from an activity that takes place in physical stores or online to a value exchange that can play out in multiple new and novel ways. Since almost anything can be a retail channel, thanks largely to mobile technology, brands must get increasingly creative in where and how they sell their goods.
Ann Mack, director of trendspotting at JWT, stresses the importance of these insights and explains, “Retail is undergoing a momentous shift, with brick-and-mortar stores forced to evolve for a digital-commerce age; multiple new ways to buy; the rise of data-based personalization; fast-changing consumer attitudes and habits; and various new technologies continuing to disrupt the status quo.”
The report features input from experts and influencers throughout the retail world, as well as surveys conducted by JWTIntelligence last November in the U.S. and the U.K. using SONAR.