January 10, 2019
Valtech recently completed a comprehensive research study on the “Future of Retail” that included focus groups, surveys, the review of 64 articles, 14 Powerpoint decks, 16 white papers, and 2 additional research studies.
There is a lot of agreement on what the future holds. According to almost everyone, it includes at least the following 8 items:
- “Wow Factor” Store Design & Experiences
- Mobile Apps
- Artificial Intelligence/Big Data
- Mobile Payment
- Augmented/Virtual Reality
It seems that the “Future” is pretty much the same for everyone. And that is a problem.
If everyone is building the same future, how is any retailer going to differentiate, disrupt and eventually win?
The answer: It is all about getting back to the brand promise. Brand promise is the soul of a brand. It’s the one thing that people think of when they hear the company name:
- Patagonia = The Environment
- The Container Store = Organization
- Target = Style & Value
- Disney = Happiness
- American Girl = Girl Empowerment
How do you build a future around that?