10 Industry Changing Retail Trends - Forrester
posted by Stuart Cumming ~ 11/03/14
Category: Retail
Sucharita Mulpuru is Forrester's Principal Analyst and when she speaks, marketers listen.

At the Bazarrvoice Summit, summarised in the Bazaarvoice:Blog, she listed the 10 omni, social and mobile trends she saw shaping retail:

1. The next big product may be on the fringe - keep your eyes on Etsy, Kickstarter and Ebay.

2. Customer insights might hold the key  - listen to and act on customer insights the way CPG and mass marketing do. A 4 star product review might reveal a potential 5 star product.

3. Video is great for communicating difficult products - 57% of customers say that watching product videos make it less likely to return the product (see related article this issue: Toolbox Ed).

4. Use trends creatively - giving everyone 30% off is expensive. On the other hand, using a gamification strategy to offer 30% off to those Facebook followers who share your content becomes cheap exposure (and great engagement: Toolbox Ed).

5. Native advertising is a smart way to monetise your website (but careful that customers don't feel tricked - be transparent that it is paid-for content:Toolbox Ed).

6. Employee and customer advocates - use this form of crowdsourcing to uncover great ideas for products and marketing.

7. Open, transparent customer service that offers connection with a real person who has a specialisation in the area.

8. Point of Purchase upsell - at this moment of truth, when the customer has actually committed, don't waste the opportunity to sell them something else they might want and value.

9. The e-receipt is a great way to re-open the conversation with your customer all over again - it's almost guaranteed to be opened.

10. Offer Buy Online, Pickup Instore ("BOPI") - instant gratification is a powerful thing.

We thought this list had something for almost everyone. In the main they were practical ideas you could use, but for some, the challenge of supply line might be too much to implement BOPI.

Overall though, for our money, the "Trojan Horse" e-receipt to re-market to customers is a killer.

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