1. Retail TrendsEmbracing the Future

2. Aileen Murray Economic development consultant 25+ years helping businesses and communities grow Clients include Municipalities, Counties, BIAs, Workforce Development Councils, Community Colleges, Regional economic development agencies, and for profit organizations Specializing in strategic planning, marketing and communication 3. 100 Years Ago Source: ://www.buzzfeed.com/burnred/predictions-of-what-2011-would-be-like-in-a-1911-n-281t 4. Predictions from 1911 Warm and cold air from spigots Automobiles cheaper than horses, used for all kinds of transportation, hay wagons, snow sleighs and police vehicles Ready cooked meals Coal will not be used for heating or cooking Air ships transporting man and goods Photographs will be telegraphed from a distance Vegetables will be grown by electricity Drugs will be absorbed through the skin Man will see around the world (surveillance) 5. Anticipating the future 6. Whats coming for retail? Technology smart phones, tablets, apps, social media, smarter shoppers Economic Uncertainty Eco Food Ethical Purchases Aging Population High Tech to High Touch Experiences vs. Things 7. Technology 8. Your Smartphone is Your Wallet 9. Amazon 10. Whats Next ? Mobile Loyalty 11. Whats Next ? Screened interactions 12. Whats Next ? Mobile Self-Checkout 13. Smarter Shoppers Smart Phones with answers. Product information will be easier to access, better quality, personalized and contextual. Is this compatible with the camera I bought last year? 14. Whats Next ? Mobile Price Check 15. Whats Next ? Augmented Reality Amazon FLOW 16. Whats keeping retailers up at night? Showrooming 17. Smarter Shoppers Smart Phones with answers. What will this blouse look like on me? 18. Whats Next ? Shopping Anywhere 19. Online groceries 20. Social media Part of the marketing mix Whats next? Facebook , iTunes commerce! 21. The E-Book store & Book Clubs 2.0 22. Technology Takeaways Internet is everything If you dont have a website you dont exist Facebook commerce, iTunes commerce Difficult to compete on price Embrace technology - it is here and will continue to evolve with you or without you. 23. Other Trends 24. Economic Uncertainty Stripped down products Smaller sizes Very price conscious consumers More selective BUT small indulgences to counter High end & low end. 25. Food is the new eco-issue Greater brand and consumer awareness Action & awareness around curbing consumer waste Grocery stores offering more sustainable products Local foods 26. Ethical purchasing (Responsible retail) 27. High Tech to High Touch Countering all the virtual objects in our world Valuing the physical and the tactile (stationery) 28. Authenticity Independent retailers Chain retailers localized look, feel and products Ie. Lululemon The 3/50 project. Visit 3 local independents and spend $50 per month 29. Aging Customers Baby Boomers retiring Wisdom Sophisticated Cool Connected Older staying younger 30. Aging customers Vision Need easy to read information Larger font size Clear, organized product assortment High-quality products at good prices 31. High-quality products at good prices Spend more time in stores Personal attention from friendly, talkative cashiers Rest areas Smaller stores, closer to home Lots of parking Aging Customers 32. Aging Customers New offerings 33. Embracing the future Could these trends Influence your company's vision? Inspire you with a new business concept, new venture, a new brand? Could you add a new product, service or experience for a certain customer segment? Speak the language of those consumers already 'living' a trend. 34. What does the future look like? 35. Looking for Clues Watch for trends Talk to your customers Follow your industry Whats happening in other industries? What can you learn? Step outside your comfort zone Work and learn together 36. Thank you Aileen Murray Ec.D. (F) Mellor Murray Consulting amurray@mellormurray.ca 519-784-7944 mellormurray 37. A final thought Peter Shehan The Gravity of Success Its not just unlearning what we have done, its that you have been successful doing what you have done Fuji vs. Kodak