The Augmented Retail Vision. I used to think that the Future-store was all about technology, but that is wrong. The Crisis in Retailing: Closures and Job Losses, Business Rates and the Future of the High Street, Royal Events: Births and Marriages and UK Shopping, Sport: international football and shopping. They visit one another’s stores and copy what they like most. The e-commerce giant purchased Whole Foods in 2017. 12-Jul-2019 at 09:54 GMT. Given retail’s steady migration to mobile and e-commerce, you may be wondering what retail will look like in the future. However it is true that technology costs normally fall with mass production so that a product like a virtual 3D mirror (which shows you what the garment looks like from every direction and can even change the garment’s colour without the customer needing to put a fresh garment on physically) may potentially become very common. https://www.cmo.com/features/articles/2018/1/5/5-companies-offering-a-glimpse-into-the-store-of-the-future.html#gs.sc9wie, If you need more information about Centre of Retail research please us our contact form to send us a message. “The combination of these two formats has made them a retailer that can really do both – a well-built experience…and a social experience. The reasons are probably partly technical (they are very clunky and slow to use) and partly psychological (they are not private enough). The future of big retail needs to be friction-free and focused 100% on the customers' experience. Stores have got bigger and bigger: in 1965 the UK definition of a supermarket was a 3,000+ square feet store with self-service. Retailers were already under pressure prior to the pandemic, struggling to adapt to a growing online world and facing lower margins amid a plethora of … “We believe [the store of the future] will need to be fundamentally underpinned by technology,” ​said author of the firm’s Store of the Future ​report and Edge by Ascential analyst, Ioli Macridi. But also one that is very much powered by technology,” ​said Macridi. CCTV can actually count customers, estimate the breakdown by sex and age group and show overall customer flows (routes taken) through the stores. He produced Farfetch’s Store of the Future, an augmented retail solution that “links the online and offline worlds, using data to enhance the retail experience.” In its retail store in London, Farfetch provided connected clothing racks, touch-screen-enhanced mirrors and sign-in stations that pulled data collected online to use in-store. November 14, 2019. Learn More. These include ‘experimential’ projects such as shop-in-shops partnership with FnacDarty in France, and with Gome in China; social elements with its ‘Art For Food’ programme and in-store cafes; its ‘curated’ products covering private label free-from brands, Carrefour baby range, and Carrefour Selection. Moreover, technology-intensive stores will have much higher costs than other stores and this probably means they will be confined to major shopping destinations. Robert Williams. 2020 has given retailers the chance to rethink the role of the brick-and-mortar store. Learn what's new in the world of retail, and keep up to date with retail disruption, crisis, challanges, events and crime. }); Copyright - Unless otherwise stated all contents of this web site are © 2021 - William Reed Business Media Ltd - All Rights Reserved - Full details for the use of materials on this site can be found in the Terms & Conditions, Related topics: contact, 11-Jul-2019 Probably. This looks at five new technologies for retailers including facial recognition, robots, RFID, interactive displays and faster payment systems. Recent Posts. “Are you using automation to lower your costs elsewhere so that you can improve other parts of the store?​, “This is the key element underpinning all of these operations.”​. Initially a method of buying books and music in the early 1990s, which has moved the retail store from the mall or high street into the customer’s own front room. Er hilft Ihnen gerne weiter! The social ​element of future retail stores will also be key, according to the insight firm. The title of this article has nothing to do with the Canadian electronics shop chain. van Hooijdonk looks at the major innovations being introduced by retailers designed to create the supermarket of the future. Farfetch Store of the Future (SoF) was unveiled, announcing Farfetch’s new retail innovation division and vision for what we call ‘Augmented Retail’. Produkteinführung im Handel. Amazon came in behind Carrefour, thanks to not only its Amazon Go checkout-less locations, but also its Whole Foods stores. 2019 comes at a time when the retail industry has just enjoyed a record-breaking holiday buying season at the end of 2018. It is not uncommon to see retail stores that are so out-of-date they look like backdrops to old films, but generally retailers have always been passionately interested in finding out what will be the next best thing in shopping. In terms of being ‘frictionless’, Carrefour offers a delivery and drive through service, and ‘Carrefour Pay’. These four elements will ‘elevate your store’, but they need to be executed in a sustainable and cost effective way, the company stressed. Retailing has certainly not stood still in the last 50 years. morgenmacher.com. With high street retail struggling in the face of numerous factors, technology holds the key to its survival. We have not been paid to recommend any of these videos. By Installation Staff Published: June 24, 2019 . This cross-cultural video argues that the future is not the death of the retail store, but the benefits of retail digitalisation. The music is execrable and can be switched off. We’ve shared a lot about what customers are expecting of stores, and what retailers like yourself are putting in place now and in future to address new expectations. How will physical stores change in that time? googletag.cmd.push(function () Subscribe, By Flora Southey That did … As we move into 2021, … Der Real Future Store in Tönisvorst bei Krefeld ist die Zukunftswerkstatt des Handels. morgenmacher.com. Some people think that the Future-store is only about using new technologies, although our view is that this is mistaken. “The store is not dead – but will need to be reinvented to remain relevant for the future,” ​according to data insight firm Edge by Ascential. The future of retail stores will be driven by technologies to provide a safe shopping experience. Even Amazon Go stores, which have received tremendous favourable publicity a year ago, have a limited range of goods and the average customer spend is currently very low, suggesting that technology alone is not the answer. In an effort to meet more demanding consumer expectations, offline players are adopting new technologies and convenience-driven systems. Obviously the most important type of Future-store at present is online retailing. The problem that many multiples now have is that their stores are too large. Augmented Retail is about venturing beyond online e-commerce and addressing the key needs for the luxury fashion industry in the brick-and-mortar space, connecting the two worlds together. But actually, that is just reallocating [the burden], and the shopper is more wise that that.”​. This is an online text article with embedded videos. You may need to register. Retail: stores of the future. - Last updated on What Farfetch’s ‘Store of the Future’ means for the luxury industry? Analytics is also core to their attempts to win and retain traffic, both online and in-store. Are there classes where people can interact with the local community, are there charity activities that the retailer is bringing to the store?” ​asked Macridi. The Future of retail. By . Rob Lane investigates. New technology probably will be an important element of the Store of the Future. “Carrefour came out on top, and the reason for that is that they have a very comprehensive strategy. Credit: Pierre Metivier Robotic shopping assistants like chatbots are already a standard feature of many online retailers, but as the border between online and offline is blurring, shoppers can expect to see robots that interact with customers to answer questions in brick-and-mortar stores in the nearer future. “There have been some cases where retailers ask consumers to scan [the products] themselves, put it in the basket, and pay for it. Above all, retailers need a different type of scale to thrive in the future. Future Proof Watch again | loading video duration... With a lens on the future, retailers are re-imagining stores for the digital age – using technology to create new experiences from product discovery to checkout. Every CEO, senior executive, CMO and CIO is obsessed. Online retail sales in 2016 grew 10.1% compared to 1.4% for total retail sales, or 7.4 times more. In the last 50 years the next best thing of course has changed a great deal. Retail Stores of the Future: Key trends for reinventing the grocery industry with “Supermarket 2020” Symphony RetailAI has identified key trends for reinventing the grocery industry with “Supermarket 2020” findings. If physical stores are to survive they need to add something different to the shopper’s experience – something they cannot get online, but if the new stores are too slow, inefficient or too expensive they probably won’t be the Store of the Future for very long. STEPHENS: In the future, all but the most convenience-based retailers will begin to use their stores as media to acquire customers and their media platforms as stores to transact sales. “Are you really looking at the latest trends so that the products in-store reflect what the shopper wants to see?” ​Macridi asked delegates. Author: Elliott Jacobs. This trend might remind some of similar past trends, such as those in the news industry when it seemed online might be their future. Search. Customer self-scanning is still seen as problematic five years after the major push to get shoppers to use them. Defining the ‘store of the future’ Retailers should focus on four key elements – as identified by Edge by Ascential – to transition into the store of the future, suggested Macridi. BLOG. The leading characteristic is curation​ – in order to build a differentiated proposition for consumers. Retail Week discusses several innovations with pretty ancient pedigrees. Future Shop: 10 Innovations in the Retail Store of the Future. So how do retailers use stores to connect with consumers, and what does the future store look like? Making the shopping experience frictionless ​is another crucial aspect – and one that is increasing in importance as time-poor shoppers opt for convenience. The choice is not the prime driver, but the best way to … They visit one another’s stores and copy what they like most. It’s forced us to be innovative, so that has … Retail stores are using technology to improve the shopping experience, but this requires having a reliable network. Stiff competition from online operators is shaking up the brick and mortar retail model. Past the holidays and changes in consumer behavior, however, may either be a boon or an obstacle, depending on how quickly the retailer can adapt. Market Trends, They must ensure the same customer is treated in the same way by each part of the business. The self-promotion of Alibaba grates a bit, but it is fascinating. Experiential ​is another key characteristic of future brick and mortar outlets. Designed to help shoppers connect with a brand or a retailer, enhanced experiences could include events, education, value-adding services, or ‘shop-in-shops’ – whereby a brand take space in another retailer’s store. A new report from CBRE showcases what the store of the future looks like. Store of the Future continues After a successful year, Q&A decided to continue the concept of Store of the Future. Now things have started to return to normal (for the moment at least) the retailer has refocused its vision for the future store. Below is a list of videos with some new ideas. Email address: Leave this field empty if you're human: Search. Online retailer Farfetch is bringing technology to the shop floor to blend internet and in-store experiences. Even industry giants are closing hundreds of stores. The future of retail is shaped at the Real Future Store in Tönisvorst near Krefeld, [...] Germany, where the METRO GROUP Future [...] Store Initiative tests the feasibility of new applications, such as Pay by Fingerprint or Pay by Wireless. Die 10 Handels-Trends 2021; Verbandsmarken, die heiße Hassliebe. Was Hersteller oft übersehen. There, in front of 200 fashion industry insiders and partners, José Neves, the founder of Farfetch, unveiled “The Store of the Future,” a suite of new technologies developed … Newsletter Auswahl Future Of Retail. https://www.retail-week.com/stores/analysis-seven-ways-retail-is-going-back-to-the-future/7032501.article?authent=1. Subscribe Jan kontaktieren. Bain's Marc-André Kamel and Suzanne Tager discuss how the rapidly shifting retail environment is changing the rules of the game. EPoS has provided customers with an itemised receipt and retailers with accurate information about stock and detailed information about who buys what and what time of day. Self-service and self-selection is the norm these days in virtually every store. “They have experimented with a lot of technology in-store, they have a lot of partnerships with shop-in-shops, all the things that make shoppers come back.”​. However people don’t necessarily embrace technology warmly. Offers and recommendations are made to her mobile using AI, depending on what he or she looks at in the store. As you might expect, there is some repetition. Shoppers can be encouraged to interact in meeting hub areas and by being prompted to engage with social media in-store. They'll engage the customer's senses, cater to convenience and … Hence the approach to remodel stores, making them smaller, to add services such as dry cleaning, clothing repair, cafes, and gaming studios, to invite competitors to open concessions, or to partition the stores to make three stores where there was once one. As they adopt new business practices and models, retailers will have to turn to technology to meet changing demand in this new … 10 Future Retail Trends & Forecasts for 2021/2022 – A Look Into What’s Next. Traditional retailers are focusing on their digital strategies, fretful of the ‘retail apocalypse’ and ‘death of the high street’. The brand and retail-focused analyst predicts that as growth in physical outlets continues to slow, a transformation towards ‘the store of the future’ will boost efficiencies, and ultimately, market share. The shift towards digital in retail is inevitable. Organizations want to build the retail store of the future and enable digital transformation. Store shopping for grocery will be integrated into home devices (including Smart Glasses) that communicate with the store, the customer’s replenishment of regularly-purchased goods is done automatically while the shopper walks round the front-of-store looking at offers and different items the consumer wants to try. Based on these four pillars, Edge by Ascential conducted a global benchmarking study to evaluate retailers based on their ‘store of the future journey’. Retail has long been segregated into binary men's and women's sections, a system that is both outdated and exclusionary. Everyone. “We also looked at how they were doing as a general operation in terms of [innovation]”, ​said Macridi. Some ideas are terrible (facial recognition), some practical (refills or subscription services) and others involve high tech that is worth considering (shop and Go and automatic RFID-based no-wait scanning). Alibaba is the largest online retailer in China. “What types of technologies are you using in-store to interact with the shopper and to make the payment process easier or faster?” ​Macridi asked delegates. We can't blame anyone for thinking that most things are being digitalized and that digital stores will dominate the future. 1 or 2 will still have a solid base for competition, for sure. “We think that data will be used in order to inform, very specifically, where each item needs to be placed; what type of route consumers should take in the store; how the store should be allocated; what types of services should be [offered] based on the location of the store; and what consumers in [specific] areas want to see in-store.” ​. There is no need to watch every single one. Sign up to our free newsletter and get the latest news sent direct to your inbox. “How can [retailers] add services that can really enhance the experience, how can they add things like cooking classes or [ways for consumers to] learn things in-store?” ​Macridi continued. We’re obsessed with the future of retail. and . French supermarket Carrefour scored the highest, thanks to its range of ‘store of the future’ initiatives. It is not uncommon to see retail stores that are so out-of-date they look like backdrops to old films, but generally retailers have always been passionately interested in finding out what will be the next best thing in shopping. To succeed in the increasingly competitive retail industry, stores should be underpinned by technology, stock carefully curated products, provide areas for socialising, and enhance the consumer experience, says analyst. This week, Farfetch, a global e-commerce marketplace for independent luxury boutiques, unveiled its “Store of the Future” concept, which is designed to have data and technology augment the physical retail experience, allowing shoppers to move seamlessly between the online and offline worlds. Some of the merchandise that used to help fill the sales area, such as music, videos, CDs, small electrical goods, homeware, kitchenware goods, clothing and babyware, are now bought from discounters or online. Jeremy Kahn. 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