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FuturistU > Retail > Rewriting the Rules of Retail > Module 1 / 4

Intro to Consumer Centric Retail

Instructor: Ady Floyd
Rewriting the Rules of Retail
Download the Rewriting the Rules of Retail Trend Report
In this module, Trend Hunter's Director of Client Success Ady Floyd discusses what the future of retail looks like by examining consumer desires and preferences. In order to determine where retail is headed over the next 1, 5, or even 10 years it's important to assess what today's consumers want and need from their retailers. To create a better path to purchase for tomorrow's consumers, we must start by looking at consumers today.

This module is rooted in 3 of Trend Hunter's 18 Megatrends: Naturality, Curation and Artificial Intelligence. Throughout the session, you will gain insights and trends about the future of retail that will showcase what you can do today, in order to obtain tomorrow's consumer.
Related Trend Report: Rewriting the Rules of Retail
Jeremy Gutsche Keynote Speaker

Insights by Trend Hunter AI

Employee-Free Retailer
Brick and mortar stores are turning to AI to mitigate labor costs
Trend - Retailers and grocers are testing fully automated locations to lower costs. By saving on the many complications associated with labor, these retailers are able to offer reduced prices for the benefit of the consumer. These often begin as solo test locations before expanding based on demand.
Workshop Question - How could your brand alter its operations to reduce costs of its products or services for consumers?
8.3
Score
Popularity
Activity
Freshness
Patterns
Megatrends
Retail Lounge
Retailers are launching experiential events to enhance connections to consumers
Trend - Retailers in various industries, such as department stores, luxury brands, and more, are launching in-store lounges and experiential events. These events are designed to enhance the comfort of shoppers while deepening the connection between the shoppers and the brand.
Workshop Question - How can we create experiential in-store events that enhance consumer engagement and strengthen their connection to our brand?
8.9
Score
Popularity
Activity
Freshness
Patterns
Megatrends
AI Kiosk
Smart kiosks that provide recommendations and point-of-sale support are being deployed
Trend - Retailers are deploying in-store kiosks powered by artificial intelligence (AI). These AI kiosks interpret and make recommendations for consumers interacting with them, thus streamlining the retail process. The advent of AI kiosks also reduces the required staff and, thus, costs for retailers.
Workshop Question - How could your brand improve its consumers' experiences by employing artificial intelligence, or other, smart features?
8.2
Score
Popularity
Activity
Freshness
Patterns
Megatrends
Gamified Storefront
Brands are gamifying brick and mortar stores for the retailtainment trend
Trend - Brick-and-mortar storefronts are adding elements of gamification and entertainment to improve the in-store shopping experience. These 'retailtainment' initiatives add immersive experiences and interactive elements to increase consumer engagement and pull the focus away from simply spending money.
Workshop Question - How can we integrate gamification and entertainment into our physical spaces to create a more engaging and immersive experience for our customers?
8.4
Score
Popularity
Activity
Freshness
Patterns
Megatrends
Barcode-Free Checkout
Artificial intelligence is used to identify barcode-less items at checkout
Trend - Artificial intelligence has been adapted to enable barcode-less product scanning, facilitated by algorithms that analyze images and videos of objects to identify unique features. This technology accurately accounts for retail items in real time, providing shoppers with seamless checkout experiences.
Workshop Question - How can your brand use automation to appeal to consumer's demand for convenience?
8.4
Score
Popularity
Activity
Freshness
Patterns
Megatrends
GLP-1 Response
Food brands are adjusting portion sizes as weight management drugs gain popularity
Trend - As GLP-1 weight management drugs gain popularity, food companies are responding by adjusting the ingredients and portions in their products. Particularly in the CPG market, retailers are offering smaller products richer in proteins and fibers, as there are more in-line with consumer needs.
Workshop Question - How could your company adjust its products or services in response to the growing popularity of GLP-1-related drugs?
8.4
Score
Popularity
Activity
Freshness
Patterns
Megatrends
Small-Format Retail
More retailers are rolling out small-format stores with curated offerings
Trend - Retail is entering a "less-is-more" era, driven by consumer desire for curated shopping experiences that simplify decision-making. Consumers, overwhelmed by past excess, now value well-edited selections that simplify decision-making. This trend prioritizes quality and guidance over sheer quantity.
Workshop Question - How can your brand refocus its approach to retail by becoming a trusted curator of products, simplifying decision-making for consumers?
6.5
Score
Popularity
Activity
Freshness
Patterns
Megatrends
Retail Ad
Smart retail shelves are being used to provide customizable in-store marketing
Trend - Brick-and-mortar retailers are implementing smart retail shelf displays to market to consumers at the point of sale. These displays are eye-catching and provide helpful information or video advertisements–enhancing in-store immersion for nearby consumers.
Workshop Question - How might your brand benefit from offering immersive experiences or events to attract new and existing customers to return?
6.7
Score
Popularity
Activity
Freshness
Patterns
Megatrends
P2P Return
E-commerce marketplaces are facilitating direct peer-to-peer returns for efficiency
Trend - E-commerce networks are implementing peer-to-peer (P2P) returns networks that directly connect returned products to consumers purchasing used or previously-owned products. These systems save on items being shipped twice, saving both money and environmental impact for the parties involved.
Workshop Question - How could your brand leverage peer-to-peer systems to improve aspects of its business?
5
Score
Popularity
Activity
Freshness
Patterns
Megatrends
Informed Restaurant
Restaurants are using AI forecasting tools to determine future menu items
Trend - Restaurants are using artificial intelligence (AI) analytics and forecasting tools to determine demand for each menu item. These tools use restaurant-specific and market-wide data to determine future-facing consumer interests, helping determine menu item creation and sales numbers.
Workshop Question - How could your company leverage its data with AI to improve its existing and upcoming services?
8
Score
Popularity
Activity
Freshness
Patterns
Megatrends