A collection of TED Talks on ideas and strategies to help retailers improve the customer experience.
“When we think of the next generation of retail design, we think about storytelling,” says Rachel Shechtman, the founder of Manhattan retail space STORY, launched in December of 2011. Story is a boutique in Chelsea that rotates its theme and product every four to eight weeks. The store was profitable in its first year! In this presentation, Rachel talks about the innovative ways that she is breaking the retail mold and making retail exciting again. This is a revolutionary type of retail with the concept of product as content. “Why are people going to brick and mortars at all? For the experience.” In an interview, Martha Stewart compared Ms. Shechtman’s passion to that of Ralph Lauren and Millard S. Drexler, the chief executive of J. Crew. (Changing the Retail Story)
Shopping is really about decision making! Inmar’s Senior Director of Retail Insights, Devora Rogers discusses the Science of Shopping and Future of Retail. In her speech, Rogers discussed the decision making process that a consumer goes through before purchasing an item. Her company conducted a four year study of shopping which involved between fifty and sixty thousand subjects. The findings concluded that consumers use an average of 10.4 sources before they make their final purchasing decision. The study also found that low consideration buying no longer exists. Multiple sources contributed to even the smallest purchasing decisions of customers. Devora also talks about a shift in customer expectations of service. She says people don’t want ‘new’ shopping experiences they want ‘better’ shopping experiences. Devora concludes by stating that in the future retailers will be moving from the place of manipulation and gimmicks to a relationship of listening, removing any guess work as to the customer’s needs and enabling more appropriate responses. (The Science of Shopping and Future of Retail)
90% of shoppers say they know what they will buy before getting to the store and 75% say they are smarter shoppers than they were a year ago. Technology advancements have dramatically changed how shoppers make their buying decisions. Catherine Roe, the Head of CPG at Google, delivers an insightful smartphone consumer presentation that offers statistical evidence of the modern day customer and discusses the evolving landscape of marketing and advertising. She talks about how there is an increase in the number of devices on which people consume media today and argues that a shift this monumental has not been witnessed since the 1950’s when the television was invented and it is crucial that retailers take this into consideration. The mobile phone is now moving into the spotlight as 90% of Google’s revenue is driven by mobile ads. With 93% of consumers using their smartphones to access the Internet each day and 20% using mobile devices to search for something, advertisers need to adapt. (Consumer Behaviors)