Published 21. Oct. 2016
Retailtainment: Retail Spaces' Next Frontier
IoT product development challenges existing R&D thinking and enables more impactful product development.
According Jorij Abraham, Director of Research and Advice at Ecommerce Europe, “Consumers today are more aggressive than retailers. It used to be the other way round.”
A study on future consumer behavior by Ecommerce Europe reveals that half of consumer shopping will soon be done online, “I couldn’t have imagined 10 years ago that online shoe shopping will be this big. So now, I wouldn’t be surprised if the same happens to cars and houses. In short, I’m expecting for almost everything to soon be available online.”
This trend has such a huge impact on retail structure that Abraham says, “Shopping centers will cease to exist as actual places for shopping. To survive, they’ve to be transformed into spaces for entertainment and unique experiences.”
Retailers with old legacy infrastructure and equally outdated mindset and process have a lot of work cutout for them, “It’s a must for these old players to quickly adapt, be customer-centric, and embrace new technologies.”
As retail never stops and continuously changes, Abraham has three tips for retailers:
- For retailers thinking of expansion: Take a closer look at the biggest global marketplaces, if you’re planning on doing business abroad. You can, for example, test the markets in China via Alibaba or Brazil via Mercado Libre.
- For merchandisers: Design and develop your own products, and create your own brand, instead of just selling third party products.
- For manufacturers: Build a brand that people will love. Get on their emotional side and avoid turning into a solely rational supply chain like Amazon or Google.
Retail Experience: Views on the Retail Transformation
Jorij Abraham was interviewed at the Pan European StrategyForum Retail event in Spain on the 21st of April 2016. For more on our upcoming events, visit the Event Calendar »
Symbio will be attending 600Minutes Innovation and Product Development in Finland on the 4th of April 2017
Chief Solution Executive, Symbio Finland