As technology continues to drive massive disruption in retail, there’s an interesting briefing at #CES2020 with the author(s) of Edge by Ascential’s Future of Retail Disruption report, which shows how the influences of Technology, Society, Economy, Industry and Policy will continue to disrupt the landscape.
Topic: When Tech Meets Psych: Dissecting the behavior behind a purchase is big business.
When: Wednesday, Jan 8, 2:35 – 3:05 p.m.
Where: LVCC North Hall, N253
Who: Led by Xian Wang and Edge CEO Boren Novakovic
Some of the report’s key points …
- Proximity, speed and convenience are essential. Consumers will be older, less wealthy and live in smaller households, suffering from restricted mobility. At the same time, young urban populations will re-define life priorities, cultivating individualism, cooking less, socializing more, seeking experiences and adopting faster, on-the go lifestyles.
- Loyalty is eroding. As smartphones develop into life management devices and customer touchpoints multiplies, transparency and choice will expand for consumers, undermining traditional levels of shopper loyalty. Yet, smartphone and connected device growth will create unprecedented amounts of shopper data which brands and retailers will leverage to inform real-time product development and personalized targeting in an attempt to restore loyalty.
- Go-to-market flexibility is king. Speed and flexibility in fulfillment are major competitive battlefields, requiring support from brands. New fulfillment methods, the expansion of delivery intermediaries, rising customer expectations of speed and the trend towards warehouse automationall mean that suppliers must prioritise the creation of flexible supply chains to enable on-demand service to on-demand retailers that serve on-demand customers.