The Roaring Twenties of Retail

23 Oct 2021 | Retail Marketing

Universe of Realities

Every new year brings with it new resolutions. With the start of a new decade, everything sounds better. You can plan and forecast for a new decade, but ultimately, it’s not just any decade. It’s the twenties. Every decade is steeped in history, and a hundred years ago Germany experienced the legendary decade known as, “the Roaring Twenties”.

As it was a hundred years ago, we are once again in a period of transition. Ground-breaking innovations in information technology and digitisation have already changed industry and society in recent years and this trend is set to continue. Artificial intelligence (AI) is THE buzzword of today. It is eagerly anticipated that well-programmed AI will make our lives more comfortable, more efficient and altogether smarter.

The Transparent Customer – Omni-Channel and AI

If we take a look at the possible innovations in retail for the coming 20s, we find that they are somewhat visionary and allow us to imagine the perfect shopping experience through omni-channel capture of customer data in combination with artificial intelligence. The personalisation of the shopping experience is a fundamental principle for the future. Thus, precisely those products which match the individual customer’s portfolio will be offered initially. The portfolio comprises all cross-sector notes on the customer’s interests and purchases.

As for how exactly the changes will look, we will find out at the latest at the transformation plan presentation, which is expected to take place on 26/03/2020 [2]. Previous statements speak primarily of a change in the store retail space and the range, however, a centralisation process has already taken place within the group. In addition to a central pricing strategy, this concerned the product range and retail space management [3].

In the interest of offering the best customer experience, stores should be designed in a uniform way, including a reduction in the total retail space, the concentration of the product range and a modern, appealing atmosphere. In addition, the omni-channel concept is being developed and strengthened. Faster website download times and an in-house app [4], for customers as well as for employees, will make the group competitive in online trading [5].

Photo: Alex Knight | Pexels

Vision: 20s Customer Journey

Product purchasing is planned, starting with targeted advertising for products within the customer’s range of interests, according to the availability of suitable products in the customer’s store of choice, through to precise information about collection and delivery possibilities. Specific online or offline advice on the product offered, or a product comparable in price and performance, can be provided at any time at the customer’s request. The collection from the store or the desired delivery is structured in detail and perfectly matched to the customer’s daily routine. Delivery times and locations provide convenience, as does collection from the store. The store becomes a showroom through which customers are guided to their desired product and informed about it via augmented/virtual reality. Payment is contactless and if the customer is not satisfied with the product, an exchange is possible at any time.

As for how exactly the changes will look, we will find out at the latest at the transformation plan presentation, which is expected to take place on 26/03/2020 [2]. Previous statements speak primarily of a change in the store retail space and the range, however, a centralisation process has already taken place within the group. In addition to a central pricing strategy, this concerned the product range and retail space management [3].

In the interest of offering the best customer experience, stores should be designed in a uniform way, including a reduction in the total retail space, the concentration of the product range and a modern, appealing atmosphere. In addition, the omni-channel concept is being developed and strengthened. Faster website download times and an in-house app [4], for customers as well as for employees, will make the group competitive in online trading [5].

Digital Retail & Mixed Realities

Naturally, a competitive customer experience at POS is inconceivable without comprehensive e-mobility and broadband expansion. More and more retailers and brands will offer apps, which guarantee the omni-channel shopping experience and show the availability of the desired products to the customer in real time. The shop will become a place of inspiration once more, away from the overfilled or empty shelves through which consumers desperately rummage for the desired goods to the point of exhaustion, and disenchanted, order the product online instead. No more dirty, smelly changing rooms and frustratingly long queues at the tills. This is what we all wish for. Instead, we will be able to leisurely seek advice on POS and [1] try on our favourite new outfit in the virtual changing room without acrobatic contortions and disillusioning lighting. Countless disruptive moments in retail from recent years prove that these scenarios are not merely utopian. The need for transformation processes in retail is evident. The game is quickly up for anybody who misses out on digitisation. Touchpoints, cashless payments and shop-on, pick-off models for connecting physical and online retail have been around for a long time now. We are prepared for this world of retail and are already able to offer the next generation of digital advice. We will happily inform you individually how you can train on POS to meet the expectations of the modern customer. With you, we want to write the Roaring Twenties of the twentieth century. Let’s get to it!
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Sources:

Cover picture by Annalise Batista on Pixabay [1] n-tv, “So techt Deutschland – Einkaufen mit Avataren ist die Zukunft”, 19th FEBRUARY 2020

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