Roland Berger: Reinventing fashion #retail (2015) 

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Stationary fashion retailers are not meeting their customer’s needs according to our recent study Reinventing Retail.

This is just one of the contributing factors in the ever increasing trend towards online shopping.

More than 5000 people were surveyed for the study, with almost one fifth revealing they turn to the internet when it comes to shopping for the latest fashions.

Furthermore, at least half of shoppers say their needs are not being met by visiting physical stores to make their purchases.

At least one in ten stationary shoppers indicated they plan to do more of their shopping online in the near future.

It is clear good service has not lost its shine, with 62 percent of shoppers saying they have on at least one occasion spontaneously spent more than they had planned, after receiving friendly and helpful service in a store. The study reveals five insights into the digital change (read the paper)

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Fast Company: This Is How You’ll Shop In 2020 #retail #customerexperience

If you want to be happy, recent research suggests, you should spend your money on experiences, not things.

It’s a wise sentiment, with income being a limited resource and all. You work hard for your paycheck. You want to get the most out of it.

On the other hand: Shopping is fun!

Thanks to the Internet, consumers can make a conscious decision to shop smarter and make more-informed purchases that aren’t based solely on whatever the lowest price point is.

And in a few years, it’s only going to get better.

We asked a few of our Most Innovative Companies in Retail for predictions about what the future of buying stuff looks like. Here’s what shopping—both online and off—will look like in five short years.

THE RETURN OF THE MALL RAT

The mall is practically a rite of passage for cool teens cultivating a social life. But with brick-and-mortar on a decline, malls will need to look beyond the RadioShacks, Aeropostales, and Cinnabons to stay busy.

Enter Westfield Labs, a San Francisco-based entity that is working to rethink what malls are capable of, often with a sprinkle of digital savvy. “Brick and mortar provides a place for brands to interact and connect with their customers in a way not always possible online,” Westfield Labs’ chief digital officer Kevin McKenzie wrote in an email. “It allows them to give a physical face and presence to their brand and to be a part of local communities.

While sometimes a shopper just wants to make a purchase, other times they want to see, touch, and experience a product before making a purchasing decision, or maybe even just be inspired.” (It’s that sort of thinking that’s powered subscription box services like Birchbox—and our country’s growing obsession with such retail experiences.)

Part of that in-real-life retailing requires taking pressure off the shops—and minimizing risks like expensive rent.

Read all: This Is How You’ll Shop In 2020 | Fast Company | Business + Innovation

My point of view: Once icons of the ‘American Dream’,  malls have become empty spaces and dirty halls. Abandoned malls are symbols of the economic transformation and it is a true indication of what happens when people prefer digital and experiences in stead of buying goods.

2017 CIO Agenda: A Retail Perspective – Robert Hetu

Every year, Gartner surveys CIOs and IT executives drawn from the membership of its executive program and other sources to identify key priorities, opportunities and issues.

The 2017 Gartner CIO Survey includes responses from 2,598 overall participants.

This research examines the specifics of the retail segment of the 2017 CIO survey results from 133 retail participants from 33 countries accounting for $513 billion in revenue and $11 billion in IT spending.

My latest research outlines the priorities for retail CIOs as they address digital transformation.

One important finding is just how retailers’ high expectations for digital initiatives depend on addressing lack of Skills, funding and leadership.

This chart shows the breakdown of success barriers seen by retail CIOs:

Skills and funding are the top 2 barriers for success in retail and mirror the greater survey population. Lack of leadership is the third highest barrier for retail CIOs at 10%, indicating that this is seen as a larger issue in retail.

Gartner’s interactions with retailers confirm that leadership can be a significant impediment. This may be driven by the complexity of the retail organization structure, as well as turnover in key positions such as the chief marketing officer (CMO) or chief merchant. The impact of digital on traditional retail business models is so pervasive that success is improbable without strong, long-term leadership.

Source: 2017 CIO Agenda: A Retail Perspective – Robert Hetu