The world is increasingly complex, instrumented and virtual. There’s vast amounts of information about consumers and the factors that influence their behavior that simply didn’t exist in the data warehouse era. Here, we take a closer look at how all this data will affect retail when it comes together with recent technology trends.
What causes a consumer to pull a product into their lives? Simply put, we bring a product into our lives because it meets a need or desire. That’s the crux of Jobs Theory: doing a job that needs to be done.
In order to keep up with busy consumers, retailers are increasingly finding that they need to innovate in ways that make it easier and more convenient for their customers to get what they need and not miss a beat in the process. Channel and format are the stand-out examples of innovation in retail, but they’re certainly not the only ones.
Shoppers never stop shopping, and retailers must evolve to stay ahead of the pack and keep consumers engaged. And today, brick-and-mortar stores need to innovate continually to compete with e-commerce's growing appeal and loosen consumers still firm grip on on their wallets.
The need to differentiate from the competition is as great as it has ever been. For stores to stay ahead, they need to encourage consumers to increase the number of trips, grow the size of their basket, or both.