TrendSights Analysis: Next-Generation Shopping – Creating next-generation retail experiences in the digital age

2017-05-12
Price :
Published : May-2017
No. of Pages : 34

TrendSights Analysis: Next-Generation Shopping – Creating next-generation retail experiences in the digital age

Summary

Consumer desire for convenience has driven rapid technological change in the FMCG retail space, where self-service checkout systems and contactless payment technology provide consumers with a “seamless” shopping experience. The search for immersive consumption experiences, however, threatens to disrupt the primacy of convenience by challenging bricks-and-mortar retailers to create tangible in-store experiences for consumers to enjoy. Convenience is a basic expectation, and retailers must embrace the latest digital technology in an overhaul of existing store formats, thereby ensuring the continued relevance of bricks-and-mortar retailers in the digital age.

Trend drivers
– Digital lifestyles are leading consumers to seek tangible, physical experiences.
– Consumer’s research food purchases in-store – technology can enhance this.
– Bricks-and-mortar stores must differentiate themselves from online retailers.

Consumer targets
– Millennial consumers are digital natives, seamlessly integrating technology into their everyday lives.
– Older and minority consumers should not be overlooked.

Majority of consumers in developed markets have experienced in some form the benefits of in-store and digital technology. Self-checkout systems, contactless payment technology, online delivery and price comparison tools – consumers are more empowered than ever before, benefiting from greater convenience and increased autonomy. It is, however, millennial consumers who stand to gain most from the latest technology.

Younger consumers are comfortable in digital environments, seamlessly integrating the latest technology into their daily lives. They conduct more research on products before purchasing and seek engagement at multiple touchpoints, sharing their experiences with others online and expressing their views on products. Retailers must offer a seamless omni-channel experience to engage this group.

The next 10 years will be crucial for bricks-and-mortar retailers as they attempt to balance competing consumer demands for convenience and enhanced in-store consumption experiences. This will require retailers to identify their shortcomings and forego influence in some areas while reformatting stores to play to their strengths in others. Combining the convenience and efficiency of online models with the authentic sensory experience of shopping in local food markets offers a solid starting point. It is important that retailers recognize the subtlety of next-generation consumption habits, and attempt to reconcile them with each other.

The report “TrendSights Analysis: Next-Generation Shopping” explores the new and emerging concept of next-generation shopping in the FMCG industry, explaining what it is and asking why it is important. The report also considers the various actors involved and the impact of the trend on consumers, retailers, and supply chains. The conclusions reached are underpinned by our unique blend of proprietary consumer insight and innovation knowledge.

Companies mentioned in this report: Sephora, Fitbit, Amazon, Amazon Go, Carlo Ratti Associati, Chop Chop, Target, Hiku, Sainsbury’s, UberEATS

Scope

– Digital lifestyles are leading consumers to seek tangible, physical experiences.
– The next 10 years will be crucial for bricks-and-mortar retailers as they attempt to balance competing consumer demands for convenience and enhanced in-store consumption experiences.
– Next-Generation Shoppers are likely to be digitally minded and experience-seekers.
– Food is experience-driven, and consumers enjoy researching it – not only with digital devices but with their senses also – preparing it, and using it for social occasions and moments of indulgence. This explains why online retailers account for only 15% of food and grocery shopping.

Reasons to buy

– Understand which audiences are most affected by the Next-Generation Shopping trend and adjust core value proposition to suit.
– Compare the presence of this trend in each industry across the FMCG space, and learn what the key opportunities are.
– See the steps that key industry actors are taking to meet the demands of next-generation shoppers.

Filed in: Consumer Goods, Retail
Publisher : GlobalData
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