Article · January 1, 2024

Future of Retail: ShopTalk 2019 Highlights - Chute Gerdeman

ShopTalk 2019 lived up to the hype, proving to be the best retail conference for what’s really happening in retail today and how to shape its future.

Future of Retail: ShopTalk 2019 Highlights [vc_row][vc_column][vc_column_text]ShopTalk 2019 lived up to the hype, proving to be the best retail conference for what’s really happening in retail today and how to shape its future. The week was a content focused whirlwind – 3 1/2 days of retail sessions covering a variety of topics from AI and technology to brick & mortar to start-ups and category leaders. Top CEOs, visionaries, and business strategists showed up to share insights and what they believe is changing retail.

Walking from session to session, you could feel the buzz and excitement in the conversations happening between attendees, peers, and colleagues. The Gist: Reinventing retail is more alive now than ever before. As Millennials move into management positions, and Gen Z filling the majority of the workforce within the next 10 years, there will be a dramatic retail shift.

Incremental innovation is required constantly and those that are late to the party will find themselves not meeting customer’s needs. As retail and restaurant experience designers focused on the future of stores, we took a lot away from the content and put together a few highlights we found valuable.[/vc_column_text][/vc_column][/vc_row][vc_row columns_gap=”10″][vc_column width=”1/2″][movedo_single_image image=”28113″ retina_image=”28113″ image_full_column=”yes”][/vc_column][vc_column width=”1/2″][movedo_single_image image=”28114″ retina_image=”28114″ image_full_column=”yes”][/vc_column][/vc_row][vc_row equal_column_height=”middle-content”][vc_column width=”2/3″][movedo_title heading=”h2″ line_type=”line”]Shopping Vs. Commerce[/movedo_title][vc_column_text]The customer doesn’t think in digital and physical realms, so why are you?

Online is not killing traditional stores, (Can we all stop saying this now, please?) it’s merely changing how retail reacts to customers. To start, retailers need to pull teams out of the old school mindset and start connecting those department silos. Integrated teams should consist of traditional retail, e-commerce, IT, merchandising, marketing, stores, product, visual and so on.

Speak the same language, set common KPIs, and map them across the customer journey.[/vc_column_text][/vc_column][vc_column width=”1/3″][movedo_single_image image=”28115″ retina_image=”28115″ image_full_column=”yes”][/vc_column][/vc_row][vc_row padding_top_multiplier=””][vc_column][vc_column_text]Brands like Nordstrom know this all too well, “It’s impossible to separate out the physical journey from the digital one,” said Eric Nordstrom. Though 30% of the business is from online sales they don’t operate that way. They understand that if they create an exceptional customer service strategy at every touchpoint they will be successful.

Nordstrom is doubling down on this and opening smaller footprint stores that focus on services–not merchandise–like alterations, returns to store, and BOPUIS. When determining what services are right for these locations Nordstrom says, “It’s all about the market you’re in, or looking to strategically step into, and how your brand services that customer.” As it became apparently clear throughout ShopTalk sessions, Shopping is not linear–brands that are thinking differently about the sales process and the brand experience will stay ahead in this rapidly changing retail game. Pinterest has become not only a community for inspiration, but also a personal mindset that connects products to the lives users want to live.

Every recommendation needs to feel like it’s been handpicked for the user and the more the application is used, the more custom it becomes. Pinterest Co-Founder & CEO, Ben Silbermann, says, “Shopping is emotional, fun, and inspirational.” We should be looking at the ROI of Experience. (Chute’s rallying cry…btw) We all see the importance in Commerce, but it’s ultimately a commodity and transactional based.

Look at your customers’ lifetime value. Every brand experience should delight, engage, educate, inspire, and reduce pain points to successfully convert to sales and build loyalty.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][movedo_title heading=”h2″ line_type=”line”]Make an Influence[/movedo_title][vc_column_text]There is power in everyday people and their followers. But how do you create buzz without being fake or forcing content that shapes inauthenticity?

Influencers, or Creators as Ipsy likes to call them, are in full force and not slowing down anytime soon. The key to finding the best influencers; don’t support pretenders and find those who really love the product. Give them the tools, like access to special events, travel budgets, and (of course) product, so they can keep up with the demand that brand representation requires.

Billabong put a focus on finding the most authentic women they could find that are already living a lifestyle that best aligns with their brand. The success of influencers can be seen in engagement. Brands often see higher engagement, sometimes 3x more, from influencers than models.