What will the store of the future look like?
Today’s luxury consumers are constantly connected, time-poor and understand that the quickest, cheapest, most convenient way to shop is, increasingly, online. When it comes to fashion, they crave newness — new products, new images and new experiences at the speed of Facebook.
So where does this leave the physical store? Can retailers that have traditionally relied upon product to drive footfall transition embrace a world where stores must also deliver new services and experiences to every shopper who walks through the door? What will the store of the future look like?
Physical retailers must stage experiences, embrace omnichannel and harness data to meet the needs and desires of today’s constantly connected, time-poor luxury consumers.
Goods and services are no longer enough — stores must deliver personal, memorable experiences, argues B. Joseph Pine II.