Thinking about the store as the center of the retail universe is a useful technique when creating retail strategy, especially if the vision it is connected to m-commerce and ultimately all other channels through mobile Internet devices, which, of course, are carried into stores.
Shoppers will opt-in to networks that send them content-rich messages about product information, prices, promotions and special services.
Retailers will bring thief full arsenal of capabilities to the shopper, regardless of location, whether the shopper is in the store, at home or walking in the park.
All Enterprises will integrate distributed order management across the enterprise to provide one view of customer orders regardless of channel.
Talked about since the turn of the century, this trend will be fueled by shopper acceptance, new technologies, increased network bandwidth, and retailer adoption that will increasingly become virtual.
The product lifecycle management process will be integrated with social media feedback to improve relevance, increase speed to market, and reduce cost associated with creating products. Shoppers will be enabled to provide ideas for new product development, create their own products, and help determine how existing products can be improved.
The massive adoption of shopper-friendly technologies forces retailers and other generations to adapt to Generation Y shopping styles.
In order to deal with the dramatic increase in shopper product knowledge, retailers will transform their workforces into knowledge-based workforces, dramatically increasing customer-facing labor hours and increasingly automating back-office tasks.
Retailers will continue to dramatically reduce supplier and SKU counts. Cross-channel order management will enable retailers to rationalize SKU location – shipping slow-moving product into the warehouse or back to suppliers and increasing inventory for key items. Slow moving items will be made available through in-store kiosks or mobile check-out.
A siloed organization drives separate strategies and experiences – and this will be increasingly anathema to generation Y shoppers. Customer service, merchandising, pricing, inventory and supply chain business processes will be seamlessly integrated within the organization
Increasing customer acceptance of out-of-queue check-out and mobile checkout, and the cost benefits associated with it, will enable retailers to finally have an alternative to the tyranny of massive, future POS investments. By-products include reduction of employee-based shrink, lower capital expenditures, increased sales per square foot, and reclaiming premium store space.