It has been said that In the next 10 years retail will change more than in the past 20 years.
A brief summary of a dutch report I’ve just read…
1. Consumers increasingly want custom tailored and more personalization.
They are interested in products with their own style and taste. A personal approach is part of it.
2. Cross Channel Commerce
Because of Internet, consumers are becoming better informed about prices and products. They want more products at any time and through any channel.
3. The Super Digital Consumer
The consumer due to the Internet are more informed and decide their purchases based on reviews, forums and social media.
4. End of the Pyramid
Elderly stay longer young and young people are more mature at an earlier age.
The population in Northen Europe and US is aging rapidly and single households will increase significantly.
Consumers want openness and transparency on products and their origin.
6. Priori Time Work and leisure are becoming more mixed.
Consumer needs are changing, sometimes fun shopping, sometimes runshopping.
7. Consumers want transparency and openness from the retailer.
Retailing with more social responsibility gives the retailer an important usp.
8. The New Mid players
Major players at the bottom of the market will move toward the center. Due to low prices but also due to a mixture of a correct product selection, great service and innovative marketing.
9. Consuming less
Retailers are under pressure due to higher raw material costs, and older staff. Consumers are therefore more selective and buying less, but still expect quality.
10. New markets
Emerging markets like India and China mean opportunities for brands and retailers. The Downfall is less investment in Europe, which means existing store concepts must last longer.
Www.retail2020.nl (In dutch I'm afraid)