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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
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Insights by Trend Hunter AI

Local Retail
Large retailers incorporate elements of local products or materials into their stores
Trend - In order to help support local economies, some multinational companies are selling locally sourced products, or building their stores with locally sourced materials. This shift comes as small businesses and economies struggle to catch up in a post-pandemic world.
Workshop Question - How could your brand help support its local economy?
7.5
Score
Popularity
Activity
Freshness
Patterns
Megatrends
Autonomous Hub
Unstaffed retailers are popping up in densely populated areas
Trend - Retail hubs like hotels, offices and malls are increasingly featuring unstaffed stores in order to speed up consumers' shopping times. These stores allow for smart detection and automatic charges for products that consumers purchase.
Workshop Question - How could your brand better prioritize convenience within its purchase journey?
8
Score
Popularity
Activity
Freshness
Patterns
Megatrends
Custom Supplements
Brands arrange for customized vitamin and supplements for consumers
Trend - Health brands are prioritizing customization by offering supplements that are specific to individual customers' needs and preferences. These specifications occur in everything from branding to formulas.
Workshop Question - What change would help your brand better compete in its market?
5.9
Score
Popularity
Activity
Freshness
Patterns
Megatrends
IoT Retail
Platforms that monitor, gather data and form insights enhance retail experiences
Trend - IoT platforms are being used to determine the best options for a range of retail processes and issues. These connected solutions help brands do everything from ensuring that COVID-19 safety standards are being met to enhancing digital experiences for customers.
Workshop Question - How is your brand prioritizing in-person shopping experiences?
6.9
Score
Popularity
Activity
Freshness
Patterns
Megatrends
Experimental Display
Tech-based retail displays offer interaction with specific products
Trend - Interactive tech-based displayed are increasingly common as brands look for unique ways to draw in customers. These interactive displays include everything from miniature smart home setups in-store to educational makeup displays.
Workshop Question - What creative retail display solutions is your brand prioritizing?
7.8
Score
Popularity
Activity
Freshness
Patterns
Megatrends
Virtual Changing
Virtual fitting rooms are growing in popularity amidst the pandemic
Trend - Virtual fitting rooms are becoming an increasingly popular alternative to in-person fitting rooms, particularly as the ongoing pandemic has put restrictions on in-person shopping. Now, consumers are able to see how clothing may look on them without having to worry about hygiene or being inconvenienced.
Workshop Question - What long-term pandemic-related changes could your brand better adapt to?
6.8
Score
Popularity
Activity
Freshness
Patterns
Megatrends
Solar-Powered Retail
Solar energy is increasingly utilized by the retail and restaurant industries
Trend - Retail and dining establishments are moving brick-and-mortar spaces that are fully powered by solar energy. In doing so, companies are successful in minimizing harmful energy use, while simultaneously catering to the concerns of the eco consumer.
Workshop Question - How can your brand better cater to the eco consumer?
6
Score
Popularity
Activity
Freshness
Patterns
Megatrends
Specialty DTC
Consumers interested in specialty grocery goods do so through direct channels
Trend - Consumer groups with more disposable income, specifically Boomers and members of Generation X, have shown an increased interest in specialty grocery recently. Ordering these items through DTC channels allows access to these goods while adhering to the social distancing rules in many parts of the world.
Workshop Question - How can you position your product or service as more exclusive?
4.5
Score
Popularity
Activity
Freshness
Patterns
Megatrends
Airport Retail
Airport retailers are turning to digital solutions to adapt to COVID-19 rules
Trend - With businesses continuing to adapt to the changes that COVID-19 has brought on, airport retailers are turning to digital solutions that allow people to shop in a way that's safe. These solutions include everything from in-airport food deliveries to augmented product sampling.
Workshop Question - How is your brand going to continue prioritizing customer or employee safety?
5.9
Score
Popularity
Activity
Freshness
Patterns
Megatrends
One-to-One Retail
Stores serve one customer at a time to give safe, ultra-custom experiences
Trend - The retail industry has seen a lot of transformation in light of the pandemic. One recent development is the growth of storefronts or services dedicated to limiting the shopping experience to two people: the retail worker and the customer. This is being executed virtually as well as in person and has the benefits of both safety and full personalization.
Workshop Question - How will you satisfy the opposing consumer need for experience and safety in the new normal?
4.6
Score
Popularity
Activity
Freshness
Patterns
Megatrends