7 Tips For Retail Innovation & Understanding New Consumer Behavior

Lucie Greene, worldwide director of The Innovation Group, J. Walter Thompson, took the FN Summit stage on Monday in New York to talk about her firm’s retail research — everything from the fast-paced technology updates to creating an experiential shopping experience for consumers.

Her presentation was titled “Frontier(less) Retail: Innovation, New Consumer Behaviors and Retail in the Networked Age.” Here, Greene shares seven key tips and takeaways from the research to help retailers adjust their business and succeed in the market today.

1. “The future face of retail is borderless, instant, cognitive, conversational, personalized and augmented by VR, AI and the pavements we walk on.”

2. “Deliveries are the next frontier of competition. Are you ready to go same day?”

3. “Beyond millennials, generation Z will introduce its own set of priorities. Are you prepared?”

4. “New models of commerce are appearing, from subscriptions to new kinds of shopable media — could you rethink your approach?”

5. “The notion of product is in flux. Could your product be an experience, or a service, or even loaned?

6. “Consumers are prioritizing experiences. How could you deliver compelling, transformative and immersive experiences in stores?”

7. “China is the world’s largest e-commerce market: Do your strategies suit China’s increasingly sophisticated shoppers?”

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