As retail continues to evolve, the one constant is change. With the latest technology, fad or craze making incessant noise, it is all too easy to lose sight of the constants that remain true regardless of the ever present disruptors. Rather than endeavoring to predict which trends will ignite, and which will fade away, efforts should be focused on the consumer, and the factors that have, and will always, impact their purchasing behaviour. We’re calling these factors, the Retail Truths.
Consumers will always want solutions and services that provide convenience, value, and great experiences. Amongst the constant disruption facing retail, these three things remain true.
- Convenience (saving time): make it easy, seamless, friction free, and fast
- Value (saving money): provide quality at good and consistent prices, deliver the right promotions, resonate with values and life-style
- Experience (engaging emotions): be enticing, relevant, personal, provide appropriate experiences before, during and after the transaction.
Focusing on the retail truths, and how they evolve, ensures greater consumer and shopper centricity, enabling us to reveal the forceful trends set to truly impact brands, and what they should do about them.
Building true consumer / shopper centricity, is the biggest challenge facing FMCG brands. Focusing on the disruptors and enablers of change - such as voice or artificial intelligence, while important in revealing the relative strengths or weaknesses of a brand’s ability to accommodate them, distracts from the need to work backwards from consumers’ drivers and barriers. With shoppers in ever greater control of their shopping experiences, the retail age is giving way to the consumer age. An age where consumers are creating their own retail ecosystems filled with those best able to deliver against the retail truths - provision of convenience, value, and great experiences.
Remaining competitive requires brands to assemble a shopper centric ecosystem that ensures expectations around fulfilment, pricing and loyalty are constantly exceeded. In doing so, they’ll earn a place within consumer’s personal retail ecosystem. Understanding what is impacting each retail truth, and how they’re evolving, will help determine what is required to win the hearts and minds of consumers now and in the future.
In our new half yearly report - EVOLUTION OF RETAIL TRUTHS: IDENTIFYING THE FORCEFUL TRENDS BEHIND SHOPPER CENTRICITY, we look at the latest manifestation of these retail truths, identifying how they’re evolving, and what the implications are for brands.