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A Look At the Retail Model Of The Future (consumer electronics &…
A Look At the Retail Model Of The Future
consumer electronics & apparel stores as we know them today won't even exist in the near future
stores of the future will emphasize selling experiences&lifestyles over products
ex: Fleet Feet Sports: allowed consumers to run down the street in a pair of shoes to experience the fit&feel
electronics store: f.ex. test out a product on an in-store obstacle course (you wear a fitness tracker f.ex. & you test your performance&wellness) + you get a glimpse into what your experience would be with that product in your day-today live
provide value-added services attached to a product
ex: if a consumer is buying a new phone: in-store classes to train the consumer on the device offered
BUT there's also massive potential for consumer electronics retailers ?
some apparel retailers are light years ahead of the curve
retailers have to adapt their strategies to the changing consumer shopping tastes and expectations if they don't want to go broke
technological innovations and a hyper-connected world have significantly influenced consumer behaviors&expectations
3 seminal consumer expectations
customization
consumers want to ensure products are tailored to their individual lifestyles and preferences
ex: miAdidas
allows customers the ability to create their own shoes online with personal designs, pictures, logos
ability to personnalize products
instant gratification
companies like UBER / Amazon: changed the way consumers think about a service&how they go about their daily lives
people are no longer willing to wait for a taxi on the corner without knowing when it will arrive
consumers want as much information as possible
borrowing
people want to have the ability to quickly exchange an older model
Why buy when you can rent ?
ex: Rent the Runway (designer pieces for special occasions), Zip car
we want to own very little in order to consume more
in the electronics space: mobile device rental programs are skyrocketing
why to pay a big sums of money for the latest device when it's going to become outdated within 12 to 18 months
apps/programms hacked ?
the shopping model of the near future is poised to look radically different from just a decade ago