We are living through a time of unprecedented technological advancement.
At the same time retail continues to evolve, being drive by the forces of Personalization, Digitalisation and the sheer Proliferation Of Choice in terms of channel and format. None the less, Shoppers’ fundamental basic needs remain constant, but their expectations as to how their needs should be meet. The challenge for Retail is continuously evolve and progress while ensuring that they are meeting shoppers’ needs and not changing for the sake of it – ‘shoppercentricity’.
Shoppers are human, just like you and I, who need a little help from time to time. “We are not thinking machines that feel; rather we are feeling machines that think”. Understanding our inherent human biases that we use to make decisions can help to create nudges at the moment of choice and help shoppers to choose better – be it value, health, indulgence, sustainability or environmental reasons.
The future of shopper will remain people centric, with a seamless integration between online and bricks’n’mortar.
While Amazon will continue to grab headlines, Alibaba shows that the future is already here, New Retail.