7 MUST-HAVES FOR RETAIL STORES OF THE FUTURE

© 2014. All Rights Reserved.

> 7 MUST-HAVES FOR RETAILS STORES OF THE FUTURE

Most retail analysts agree that the “big box” retailer of today, with massive square footage, copious products on display, and underpaid, poorly trained customer service reps, is an endangered species. The retail store of the future will look a lot more like an Apple Store than a Best Buy: Fully multi-channel, with transparent pricing, value-added services, and a re-focus on building relationships through recognition and reward. Take a closer look at an electronics retailer circa 2023.

1 // LOCATION-BASED RECOGNITION

When a customer walks into Big Box, NFC technology detects the Big Box app running on her smart phone. Because Big Box’s database has flagged her as a high-value customer, her name and picture pop up on a sale’s associate’s tablet computer, enabling the associate to greet her by name.

2 // MANUFACTURER-LEASED DISPLAYS

Manufacturers like Google, Microsoft, and Samsung lease space from Big Box to display their wares. Big Box gets a piece of every purchase made in-store or online.

3 // REAL-TIME PRICING

Hot products appear on digital displays around the store, promoted with how-to videos, in-store commercials, and real-time pricing—from both Big Box and its competitors.

4 // REWARD PROGRAM OFFERS

If a customer finds a lower price online, the sales associate pitches instant price matching if the customer joins the Big Box reward program. The fee-based program also offers free shipping and advance notice of sales for high-value customers.

5 // MOBILE PURCHASES

Customers pay for in-store purchases with mobile wallet-enabled smart phones. Data analytics allow Big Box to offer variable pricing on accessories and peripherals based on customer value.

6 // IN-STORE PICK UP

Customers who order online can choose to pick up their purchase in-store to save on shipping charges. Reward program members get free home shipping, but can reserve hot new products in advance for in-store pickup.

7 // NERD BAR

The Apple Genius Bar concept becomes de rigueur for electronics retailers, who attract loyal customers with superior service. Reward program members receive preferred appointments and warranty extensions.

To learn more about new direction that will drive loyalty for retail, read “Through

the Looking Glass: Building Relationships With Retail Showroomers” at www.aimiainstitute.com

© 2014. All Rights Reserved.