Salesman Eye ||??||Retail next...

It's all like a definite consequences of the Business World..Industrial revolution.4 :Digital Disruption :Disruptive Global business : Massive Disruption in Global Retail : Shift of Growth in Global Geography : Raises of "Global Middle Class" : Booming of Shared Economy : Shared Communities shifting towards a global " Human Community"...it's all happening...will continue to happen for sure. Paradigm shift of Global Economy will continue evolving towards Emerging markets in Asia & then, Watch Out "Africa"- the next growth stage getting prepared..

What's a Climax.. The Big Brands like J.C.Penny-shutting down physical stores where The Big Tech Companies like Amazon opening-new physical stores ..it's truly disruption

PRODUCT vs EXPERIENCE : Again, being a Salesman, we feel the heat first as the reality bites. Many global brands are still a " PRODUCT "- declining sales growth will definitely lead to the reasons of non-existence in future. Driving digital in retail innovation is the mandatory steps so far my take even being the least knowledgeable person. Many upcoming new Brands are launching " EXPERIENCE"-which is leading towards sales of the 'Product '..this is the current global reality & every day what we are looking at the media to know the increasing Closures list of so many Brands specially in Global Retail Sectors considered all sort of products segments. Retail stores of the past won't excite upcoming generations...yes, brick and mortar stores are in deep trouble globally coz of rapid disruption of technology which converting our existing & upcoming generation from Products to Experience. We have to accept the reality that physical retail stores is not the same at the era of digital disruption what is used to be. Consumers have become more and more demanding. The Future of Retail is different,,

Digitisation created a complex of Generation 'X','Y','Z' segments for the retail brands & existence of brands will depend how the traditional stores reshaping as 'Experience Zone' which will provide the Vertual Reality as 'experience' and making them understand the intangible benefits of the Product

Mobile..Mobile..Mobile

The unlimited growth of mobiles are continuously creating connected communities & disrupting the whole ecosystem of the Retail business starting from information + selection (changing behaviour of consumer having too many choices)+ satisfaction(Product, include delivery ??)+ experience..it's better to accept the new insights to cater up to Gen Z'. Just saw a report on "Marketing to Millennials:5 Massive trends that are Leading the Way (www.shopify.com) revealed a report on US market scenario which shown By the year 2020, Millenials will spend a whopping $1.4 trillion annually- or 30% of all Retail sales in the United States alone. Worldwide, 69% millennial wants business to better facilitate customers getting involved in social issues which is a huge opportunity for business to start stepping in and helping out. In fact, this segment will be tomorrow's decision makers for our brands & it's getting already late to transform our Products to Experience, digitisation of process of our sales & marketing dept where productivity and efficiency will be improved, creating insight driven category extension, review existing categories whether changes require to cater this upcoming mobile generations. Our stores must be reshape from traditional looking to 'Digitally Equipped Experience Zone', where people will purchase Experience not the Product,, a stronger Customer Engagement process improvements is a must situation for us.

Bonobos ..a great example of how intelligent today's retail should be..quite innovative and just taken way customers emotion with exceptional communication which add values to the consumers emotions and certainly this innovative strategy of touching transforming the consumer experience towards the Retail brands & will continue evolve in multiple dimensions in coming days. Retail need Innovative way to go ahead in future..it's not tough to know what to do, it's happening somewhere..every day news are in all online platforms..only need our cultural change to accept & acceleration of digital transformation. Deloitte research on " The Future Digital Dive"- The Future of Digital Influence in Retail is a fascinating insight towards the needs of " Customers Journey Mapping " to strategises the experiences factors of the fast evolving biggest customer base to rightly stated "A focus on where to look and how to better understand this information can significantly accelerate the journey to digital effectiveness". In Conclusion Deloitte' research suggests;

As the growth of digital slows, recognize that market share needs to be pursued more surgically. Retailers should focus on under- standing where share gains will come from and speci cally on what experiences they will need to focus on to be able to win customers. 

Most importantly, to drive sales growth, Retailers should refocus on innovating around product offerings and the customer experience. The Deloitte researchers concluded by saying;

Brick-and-mortar retail companies face formidable competition from e-commerce players; yet traditional retailers need not give up the battle for growth. By seeking an in-depth understanding of their own customers and by using their physical assets to their advantage, retailers can put in place strategies for customer engagement that allow them to thrive. 

Finally, Wherever possible, use digital to enable customers to lead their own journey rather than making them step through your store layout or merchandise hierarchy to find and buy products. My take to enable this transformation converting into tomorrow's strategy as :

Future of Retail Business Model: Insight ?? Innovation ?? Personalisation ?? Experiences through Augmented Reality ?? Virtual Experience Zone ?? Satisfaction = More & Upcoming Customer Engagement through experiences = Profits