PERSONAL, ADAPTIVE, VALUABLE: THREE PRINCIPLES DRIVING THE FUTURE OF RETAIL | 1 |
ADAPTIVE
PERSONAL
VA LUA BLE
Three Principles
Driving the
Future of Retail
| 2 |
Driving Digital Performance
PERSONAL, ADAPTIVE, VALUABLE: THREE PRINCIPLES DRIVING THE FUTURE OF RETAIL | 3 |
hen Harry Gordon Selfridge, founder of London’s famous
Selfridge’s department store, popularized this famous customer
service mantra in the early 1900s, he was certainly not anti-
cipating the digital age. Though communication mediums have
changed, the heart of the principle stands. Serving customers in ways that add
value and provide solutions in the day’s modern context (whatever that is) will
always be the most critical ingredient for retail success.
In September 2014, iProspect released findings from its custom, proprietary
consumer research study that identified the three non-negotiable principles of
retail. These principles are the determining factors for retail success today and in
the future.
In this executive summary, iProspect’s industry knowledge of digital strategy in-
tersects with the trajectory of consumer preference to reveal the future of retail.
Success relies on listening to customers and taking action. Brands have to infuse
their consumer insights into core strategies and tactics while consistently striving
to be personal, adaptive and valuble. It’s a tall order. And since the customer is
always right, brands must figure out how to give people what they want.
Proactive brands that boldly invest in the new retail realities will prevail.
w
MAKE YOUR CONSUMER’S
RETAIL EXPERIENCE
Personal
1
MAKE YOUR CONSUMER’S
RETAIL EXPERIENCE
Adaptive
2
MAKE YOUR CONSUMER’S
RETAIL EXPERIENCE
Valuable
3
THE CUSTOMER
IS ALWAYS RIGHT
Harry Gordon Selfridge
“
LET CONSUMER PREFERENCES AND BEHAVIORS LEAD YOU
iProspect’s latest proprietary consumer research analyzed the shopping behavior
and digital footprint of 6,220 consumers, male and female, ages 21–74, with
mass affluent and upper class household incomes and a taste for quality.* A
single universal truth emerged from the research: consumers want to shop on
their terms and they all use digital connectivity to find information, enhance
convenience and gain choice.
While some groups index slightly lower or higher in certain categories, all
segments demonstrated a digital fluency in line with advanced users. As a result,
the majority now require a personal, adaptive and valuable brand experience.
PRINCIPLE #1:
MAKE YOUR CONSUMER’S RETAIL EXPERIENCE PERSONAL
THE FUTURE OF
RETAIL BEGINS
WITH AND DEPENDS
ON UNDERSTANDING
PEOPLE
“
Sam Huston
CHIEF STRATEGY OFFICER, iPROSPECT
