Welcome to MJV’s first edition of the Retail Snapshot, our new bi-monthly newsletter meant to cover all things technology, innovation, and retail! And what better way to kick off our first Snapshot than with NRF 2023: Retail’s Big Show?
Envisioning the future of retail
Transformation is happening so fast in retail that, at any moment, we could witness huge game-changing innovations. For this reason, MJV is bringing its strategic foresight approach to NRF 2023, helping companies future-proof their businesses against risks.
We'd like to present to you The Journey of The Future Consumer, so you can envision how we expect customer experience might look like in the near future.
Meet us in person @ NRF 2023
As we mentioned, the biggest retail event of the year is imminent, and MJV will be there to take part in the festivities. So, swing by our booth and register to have the chance to win an exclusive strategic foresight workshop!
If you’re already coming to NRF 2023, you’ll be in for a treat when you join us on a tour of a few of Brooklyn's and Williamsburg's most select tech-savvy retail stores. MJV is sponsoring all this, and our CEO, Mauricio Vianna, was quoted by Retail Store Tours on why Brooklyn and MJV is such a great match.
Bed, Bath and Beyond has never ruled over the home goods retail scene, but they are by no means a small franchise. The retail chain is but one in a long line of companies that have recently fallen on hard times due to the perfect storm that hit brick-and-mortar retailers in recent years.
While online giants like Amazon made a great deal of profit due to the lack of mobility caused by quarantine and the remote work transition, retailers that relied heavily on foot traffic to move their stock have unsurprisingly been hit hard.
You might think that things have since returned to a semblance of normalcy as of late, but the way that customers are shopping has changed for good.
40% of people say that they have decreased their consumption – an 8.5-point increase from last year. With the cost of living on the rise and wages holding steady, more consumers are looking to second-hand stores for their clothing, accessories, and appliances.
This combination of factors is making it harder for physical stores to stay afloat, but that doesn’t mean that brick-and-mortar is dead.
Online and Offline Experience Strategies for Brick-and-Mortar Stores
But the reality for physical stores isn’t as grim as you might believe. The truth of the matter is that the physical shopping experience is still in high demand, but in order to adapt to modern times, brick-and-mortar stores need to change.
Customers aren’t window shopping anymore. They know what they want to buy, and how much each of your competitors is selling it for. That means that if you’re not online, you might as well not exist to them.
Having a physical location can be a good thing for retailers, but it isn’t just about going to see what you’re buying in person. It’s about the experience surrounding the consumer journey
83% of consumers admit paying as much attention to how brands treat them as to the product they sell.
In-store experience is definitely a game changer. Make sure your physical marketplace is ready to deliver what customers are actually looking for: a seamless customer experience.
