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The Future of Retail
Transcript of The Future of Retail
design by Dóri Sirály for Prezi
be omnichannel - providing a seamless interaction and experience
be innovative and consumer centric - quick to respond to the needs of the consumer
include brands and wholesale retailers with fewer traditional stores on the high street and more brand beacons in key cities
build single category temporary solutions to reach target audiences
gather and utilise deep consumer data to create personalised experiences and actionable store intelligence
measure success by share of relationships and engagement
Innovation and technology has had a positive impact on sports retail and the redefining of the consumer relationship
The rise of online stores, m-commerce & smartphone adoption
Single channel to Multichannel to Omnichannel retailing
The evolution of traditional high street retailing
What does the future hold?
Sports Retail Today
Fight for global retail dominance from Sports Direct, JD and Decathlon
Evolution of brands selling direct to market on a global level
WHS pressure - retailers driving own brand strategy leads to brands driving own retail strategy
Brands want control of what the consumer sees at retail - pure expression of the brand
Brands need to get closer to the sports consumer to gain insight, build relationships and loyalty
The consumer will always want choice and to shop for the best deal
Wholesalers need the top sports brands in their store
100% brand retail or wholesale retail strategy not an option
Brand Vs Retailer
Sports retail in 2020 will...
By 2016, 75% of the population will be using a Smartphone
By 2020, over a third of consumer purchases are expected to be made online
Search engines, social media/family/friends will continue to be key influencers of shopping behaviour - consumers like to find, like and share information
Consumers demand 24/7 accessibility, speed in response and consistent experience
Face to face service, interaction with products and brand atmosphere cannot be replaced online
The consumer is driving this change
A seamless omnichannel approach to the consumer experience
Create pure expressions of the brand tailored to consumer needs
Build excellent branded space areas in key locations in key wholesale doors
Retail on the move - create branded retail to reach new audiences
Maximise existing consumer data and gain further consumer insight to create a personalised experience wherever they are
Use digital techniques that connect with the consumer and provide transparency of information
Provide excellent 24/7 customer service
Keys to success in 2020..
THE FUTURE OF SPORTS RETAIL
Smartphone enabled environments
SPORTS RETAIL TODAY