Retail stores of the Future
SketchNotes from a talk by Aniruddha Deswandikar during NASSCOM product conclave 2018 at Bangalore, India.
Even as online shopping is taking the world by storm, Retail brick and mortar store are there to stay. The experience, however, will be transformed to suit the changing needs and lifestyle patterns of the consumer. An extension of digital life will be seen in these physical stores.
There is a huge transformation in the way products are displayed, the creation of a customized environment around the set of product, digital displays for showing prices, self-checkout counters, management of inventory to reduce in-store warehouse storage.
there are 60% more chance of people buying if music is played in store
Retail stores of the Future should have the following characteristics
- Experiential — It will allow the buyers to experience the stuff before buying them virtually. Be it apparel, furniture, decor, car or Food!
- Frictionless — Buyers today do not have a seamless experience of buying from the time they enter the store till they make the final payment and carry it to their home. The home buying experience is limited to phone apps. However, in-store buying has a lot more to offer.
- FUN — It’s not just about buying. Buyers tend to enjoy the process of going through different options and finally making the selection. Making this process FUN will make the buying process enjoyable and memorable. Reducing comparative cognitive load, ease in finding information about a product, customized offering are sure shot ways of making it FUN.
- Social — Social experiences allow people to gain validations and status enhancements. Today people share their buying journey by clicking photos/videos and posting them to social media. Future retail stores these will be embedded in the product and stall itself.
- Inspiring — Purchase of a product elevates buyers sense of ownership. However, the process of purchase itself should inspire buyer of making the right choice for the self.
Back to the Supermarket of Future provides a good glimpse of what the future has to offer.