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The disruption of retail was set in motion years ago with direct to consumer and e-commerce. However, this year has been one of rapid change – from the way we connect to how we shop and what we shop for, our world is now almost entirely virtual. This begs the question – will the future of shopping be hardwired in algorithm, analytics and auto-purchases? Or will we see a return to the emotional and human experience of shopping?
Jesse Lipscombe hosted a conversation with retail, marketing and consumer behavior experts Melissa Gonzalez, Dr. Chris Gray and Eric Bogart, who debated this question.
Their conclusion: Shopping needs both technology and a human touch
Read on for some takeaways from their discussion:
THE GOOD THE BAD AND THE UGLY OF ALGORITHMS
THE BOTTOM LINE: The real opportunity lies in balancing the power of data and algorithms with human insights and behavior. The future is about hardwired and human elements working in tandem to inform a better experience.
TREND OR TRUTH?
Our experts debated whether or not certain fads in retail are here to stay – their answers may surprise you!
There is immense potential for this technology with the right application. AR/VR needs to be helpful to making a purchase decision, not just entertaining if it is to add value for the shopper.
This space is ripe for innovation as consumers get more comfortable with using smart speakers. The shopping experience needs to be elevated before more consumers adopt shopping this way.
Auto replenish is best suited to low involvement categories. Brands need to be careful not to take away the shopper’s sense of control when it come to more emotional or high involvement categories.
While customer acquisition may be more challenging than traditional retail, the ability to have full control on the consumer experience remains lucrative.
While gaining popularity given the cultural context, our experts expect it to normalize and become part of how a brand activates when it makes sense.
Pop up has become mainstream but looking forward the use cases will continue to broaden from product launches to test markets, test layouts and the like.
DESIGNING FOR THE SHOPPER OF TOMORROW
THE BOTTOM LINE: Emotion drives behavior. According to Harvard Professor Gerald Zaltman, 90-95% of the decisions we make are based on emotion. Brands that strategically design for emotional engagement at each step on a shopper’s path to purchase are poised to win the sale.
We’ve seen a lot of changes this year, which requires looking at things a little differently. We hope that Mosaic OneEighty has taught you how to flip the script and think outside the box to innovate – in business, marketing and life.
Is there a topic you’d love to see us explore as part of our series? Think you’d make a great panelist? Email us at email@example.com.