Accenture Interactive Dishes Up The Seven Shapes of Retail

Accenture Interactive Dishes Up The Seven Shapes of Retail
SHARE
THIS



In a session onboard its M/Y Accama yacht this morning, Accenture-owned Fjord’s General Manager for Europe, Africa, Latin America, Thomas Mueller, led a presentation on current retail trends via an interactive experimental food tasting experience.

Mueller opened the session by stating that physical retail is in a state of flux. While the headlines told us that 10,168 brick and mortar stores closed in the US in 2017, what they neglect to say, in fact, is that 14,248 opened.

Physical retail is not dying, as 67% of eCommerce stores have now opened physical stores. And physical retail is also providing 30% uplift in conversion. More importantly, digital natives have also expressed a preference for physical stores.

Mueller then paired the seven current retail trends with a seven-course menu, each designed to demonstrate the trend at hand.

1 Shrinking the thinking – the ruthless route to ultimate convenience

This trend is about taking out the friction of every part of the retail journey in order to eliminate barriers to purchase. Case studies like Amazon Go, eBay and Rebecca Minkoff were used to demonstrate that retail is now a time and effort saving business.

2 Personal curator – knowing you better than you know yourself

Personalisation in retail is now done via informed data sets. Companies, such as VITL, is now creation personalised product based on their clientele’s DNA sample, lifestyle and personal preference. Retail is now in the filtering business, where what you know about your customer is more valuable than what you sell.

3 Indulgent dwell – savouring time for slow shopping

When it comes to physical retail, customers are now choosing to spend the time in exchange for a unique experience. Jeans store Dish & DU/ER allows customers to watch their jeans being produced in-store, as well as offering them to test the durability of its products via an in-store playground. Another example is the Adidas ‘Knit for You’ offer, which sees customers fork out €250 for a bespoke sweater, which is created in-store while you wait.

By finding out what fascinates customers about your products and offering unique experiences, retail has become an education business.

4 Theatre – telling astonishing stories that provoke the senses

Brands are now producing entertaining experience for customers to tell their brand story, rather than only to transact. By making customers feel something, Fjord argues that retail is moving towards in becoming an entertainment business.

5 Me & we – elevated collective experiences powered by fans

Co-creating and the building of communities is proving to be a success model for brands. Take Lego Ideas for example, a pilot product which invites Lego aficionados to submit new design ideas for Lego sets. Those ideas are then voted on by its community, leading to a winning design being manufactured for market.

6 The decoy – adjacent offers that fuel the shopping experience

Using the example of Amazon Prime, Muller demonstrated that businesses are now creating adjacent businesses that, not only provide a second revenue stream, but are also designed to keep customers coming back for more. Or Costco, with its free samples now reaching legendary status – adjacent offerings can distract customers from their original intent and create demand for them to buy more.

7 The challenger – leapfrogging expectations with a new paradigm

This is the crazy group of new concepts that are purposely designed to surprise customers. Examples include the Moby Mart – a mobile grocery store that roams the street to look for customers to visit. And the Alibaba and Ford vehicle vending machine – the name says it all. Not surprisingly, both examples came from the Chinese market, where new ideas are often embraced.

Please login with linkedin to comment

Accenture Interactive Cannes Lions 2018 Retail

Latest News

Wavemaker Snares L’Oréal’s $70 Million Media Account Away From Carat
  • Media

Wavemaker Snares L’Oréal’s $70 Million Media Account Away From Carat

As part of L’Oréal’s global corporate governance process, which sees a media review completed every four years, L’Oréal Australia and New Zealand have appointed GroupM agency Wavemaker as its new media agency from 1st October 2021. The review process was overseen by Ebiquity, an independent advisor to manage the process on behalf of L’Oréal Australia and […]

BrandCrowd Creates Shareable Logo For Government’s ‘Arm Yourself’ Campaign
  • Advertising

BrandCrowd Creates Shareable Logo For Government’s ‘Arm Yourself’ Campaign

Logo designer BrandCrowd has created its own logo to align with the federal government’s ‘Arm Yourself’ vaccine campaign. Taking inspiration from the iconic World War Two image of Rosie the Riveter, the logo was created by a network of designers. According to BrandCrowd, “with the Australian government’s COVID-19 vaccination rollout under increasing scrutiny and accompanying […]

Jodie Oddy Makes Return To Radio, Scoring Nova Show
  • Media

Jodie Oddy Makes Return To Radio, Scoring Nova Show

Nova 919 has announced that Jodie Oddy will officially join the station, with The Jodie Oddy Show set to kickstart Nova’s weekends. An Adelaide radio favourite and one of the most enduring and successful female media personalities in SA, Oddy joins Nova with over 13 years breakfast radio experience and is excited to be getting […]

Making A Name For Your Brand In A New Market: Tips For Launching A Campaign Globally
  • Opinion

Making A Name For Your Brand In A New Market: Tips For Launching A Campaign Globally

Jacqueline Gonzales [featured image] is the Head of Global Marketing at Squarespace. In this piece, she shares her best pieces of advice for launching a campaign globally. It’s estimated that we see between 6,000 to 10,000 ads every single day. In today’s digital landscape we’re constantly bombarded by so many different brand messages from every […]

Opinion

by B&T Magazine

B&T Magazine