Retail Shake-Up

The retail industry is undergoing a radical shake-up with new ways of doing business, much more focused on customer experience. We can definitely expect much more entertainment and convenience. The future is bright!

Business as usual won’t survive the challenges laid out by the pandemic. This became clear while attending the virtual launch of Resurrecting Retail, The Future of Business in a Post-Pandemic World by Doug Stephens.

It featured pre-recorded interviews with renowned speakers, such as Cristina Fontana, head of fashion and luxury at Alibaba, who spoke about a fusion between technology and physical retail.

Access points spread throughout the store lead to further information directly on our mobile, from tutorials to product sourcing.

This could have a strong impact on mapping sustainability credentials and brand transparency, enabling us to make much more informed decisions.

Traditional shopping is definitely on the way out. Other exciting avenues include 3-D virtual stores, and physical boutiques used for recreational purposes to foster engagement or completely staff-free.

And let’s not forget virtual fashion, specifically tailored for those who just want to look good on their social media feed, much like skins in video games, without the need of producing anything real.

Physical retail spaces and eCommerce sites do need to step up their game to remain relevant, it’s no longer enough to function as a product catalogue.

Rachel Shechtman, founder and story and board member at Camp, spoke to Dough Stephens about the importance of appointing a Chief Experience Officer. If you’re not familiar with the term, this is someone who ensures positive interactions between a company and its customers.

Camp is all about experiential retail, reimagining customer experience with innovative solutions such as running multiple in-store activities and hiring staff with an alternative and more artistic background.

The dynamic relationship between brands and customers is always evolving, it’s not a coincidence that Selfridges has developed Project Earth. This is a response to the growing concern about sustainability.

We do have tremendous power to change retail in a way that fits our lifestyle and values. Neha Singh, founder of Obsess, spoke about the need to create immersive environments. These need to be translated across the board, not just virtually.