The Future of Retail - Cogent Elliott and Mintel
4th May 2012
Our latest event, focused on the dynamic changes happening in the retail landscape.
Despite a bombscare in Walsall and driving rain paralysing the M6, the evening was a great success and we've received fantastic feedback.
Tim Pile, Chief Executive of Cogent Elliott introduced the evening and asked the room to participate in the now famous, "PileMoodO'Meter TM" designed to gauge a view on the economic recovery and when confidence would return to consumers.
The presentations both managed to avoid the negative effects of the economy on our retailers and instead looked at positive, proactive strategies that can be employed to revitalise retail.
Lee Jackson, Cogent's Senior Planner started the presentation with a brief precis of how and why consumer behaviour has changed and why this affects retail. He then took the audience through some broad strategies brand owners and retailers can employ to drive footfall and sales.
Lee argued that there has been a fundamental shift in how consumers interact with brands and are no longer engaged. Lee proposed that to connect with consumers brands need to stand out and stand for something, stand for something that isn't just price.
Lee explained why we should:
- Show some love - add value, enhance and reward.
- Offer Style AND Substance
- Create an Experience - create memories and entertain
- Embrace social connectivity - both on and offline.
Richard then took a more detailed look at similar strategies and innovative solutions that brand and retailers have been using.
Sharing examples of innovations that retailers around the world have been using to generate footfall and increase sales, much of Mintel's trend analysis focused on the worlds of leisure and retail are becoming blurred.
Richard showed fantastic examples such as Manland in Australia's IKEA, or rollerskating events in New York's TopShop.
The presentation also highlighted the new phenomenon of 'StreE-tail(!)and how retailers are embracing the use of mobile devices and tablets in store.
We also learnt about the 'Transumer' and how an increasingly on the move population are being catered for by forward thinking brands. From Tesco's shopping wall in Korea to interactive and entertaining vending machines.
But the presentation also focused on more traditional strategies that can be employed. And the focus on good, and personalised service will be just as important in the future as any advances made in technology.
Mintel's presentation finished with a top 10 of recommendations, which highlighted key strategies - to be local and not generic, to make stores more sensory and make shopping a social phenomenon.
The evening closed with some great questions and then a chance to all enjoy time together over refreshments discussing how these insights can be applied and adapted.
The Future of Retail with Mintel is the latest in our own series of events held at Heath Farm. You can read more about our previous events on Social Media, Behavioural Economics and Consumers and The Economic Outlook throughout this website and see footage on our YouTube channel .