Retaining a sense of identity while crowning consumers with ownership By Pratiksha Kapoor
There longed a saying “In every triumph there is a lot of try”. Well, the time has gone, we live in an era where most of the things thought are possible. Armed with little more than a laptop and a good idea, retailers are changing the rules of the game. Innovations that used to take months or even years can now be in place almost overnight – the speed of change is accelerating, and the scale of the impact is growing.
Customers become designers
The time it takes for a new product to go from concept to customer is speeding up. Technology has made the process much easier and faster. And along the way, consumers are acquiring more control over the end result.
Companies are capturing every chance they get to ask for an input and thus company on soothing grounds only re-manufactures what their customers love. Inputs via social media channels, online surveys have enthralled the market and omni-channel retailers.
For instance, Coca-Cola collaborated with will.i.am to develop the EKOCYCLE Cube 3D printer, a device that lets consumers create small objects from recycled soda bottles. As per the sources even Nestle is getting in on the 3D printing craze with sculptural chocolate designs generated
The Changing World of Luxury Retailing
“The Changing World of Luxury Retailing,” adjudged the contemporary state of consumers and their ways to interact with retailers and brands Today’s luxury consumers can’t be classified under an umbrella. They are a varied bunch, ranging widely in ethnicity, attitudes and preferences. But new trends in Luxury Retail provide an enormous opportunity for engaging those who want the lifestyle but still can’t make the investment. In the luxury car market, for example, 50 percent of vehicles are now being leased rather than purchased. The global luxury market continues to grow by 10 million people annually.
Convenience, the expeditive track to the shopoholics
With consumers able to summon a car ride with a few taps on a smartphone, the expectation that everything should be fluid and frictionless is growing. Companies that save shoppers time, simplify routine tasks and remove friction are capitalizing: Uber, Apple Pay, Groffers, Instacart and Amazon Prime. We shall expect same-day delivery to move closer to the masses in 2016 as more companies emerge serving an increasing number of markets. While some contemplate the substantiality, they continue to punch the clock— promising to simplify everything from the delivery of tomatoes to one touch cab availability.
“Try” to “buy” buttons on social sites
With buy buttons on some of the fastest-growing social networks retailers have created a frictionless market that has empowered shoppers in a way that they no longer have to ask where to buy. Today markets are all about user generated content. People post ads, write their own stories, sell and buy products online etc. Social networks have moved way beyond their origins. Twitter, Facebook and Pinterest have all introduced buy buttons. According to Economic Times, with Narendra Modi government’s focus on new media, the Indian Information and Broadcasting Ministry is looking for firms which can provide it services ranging from creating content to tracking sentiment on social media platforms like blogs, Twitter, Facebook, YouTube etc. Expect fringe platforms such as Snapchat, Instagram for a slug.
The challenge of retail innovation
With omnichannel retailing innovation isn’t optional, it’s required. Well with trending consumers and exfoliating markets retailers don’t have a choice. They need to innovate. But in a bigger company it gets harder to innovate. It isn’t easy to have a culture that hangs tough with failures. Innovation slows when businesses are doing well. Setting up separate innovation centers is another asset to the prodigy of retail realm. Even if you are not an enthused plugged in shopper and would not consider a leap into online social shopping,
don’t overlook the power of these networks for marketing;
• Facebook will drive growth and capture nearly 65% of social network ad revenues by the end of 2015.
• Instagram’s advertising revenue is expected to exceed $1 billion in 2016
The conflagrant booming social sites marketing and consumer crownship questions the endurance of retailers; how they retain a sense of identity and branding while leaving room for customers to claim some ownership over product design.