Retail stores of the future

Author: Graeme Codrington

Categories: Customer Engagement, Future of Retail, Online Shopping
Tags: Amazon, International Barcode Registry, TomorrowToday
GRAEME CODRINGTON: "Retail stores of the future are only going to need one item of each of the products they sell because people still want to go and feel and smell and touch and maybe even try on various objects.  But you don’t need to have a whole warehouse and a whole storage facility because people will do that, make the purchase and then obviously have it home delivered.  This happening all the time, I see it with the younger generation where they go into a store, they’re browsing but while they’re browsing they’ve got their smartphone and they’re double-checking comparative prices.  They might even be ordering from Amazon while they’re standing in your store.  They are certainly checking quality and they are bypassing your entire sales mechanism as a retail store because they just take a photograph of the barcode and download all the information from the International Barcode Registry.  And so they don’t need to speak to your salesperson.  In addition, they’re looking at online reviews and looking at 100 other peoples’ opinions on the product in their store.  And that’s while they’re standing in your store.  So even if you can get people into your retail environment you have no guarantee that they’ll buy from you or in any way be loyal to you.  And just those two thoughts, online we’ve known for a long time is going to threaten the retail store itself.  But what people actually do while they’re physically in your store is dramatically changing with smartphones now.  And retailers are going to have to get their heads around it.  They’re going to have to give people a new reason for coming to the store, that reason is not about buying your products, it has to be something else.  You have to be giving them an experience and engagement and interaction, something more than just a purchasing opportunity."  
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