Innovate Service Centric 2022
The 9th edition “BRAND TO BE ALIVE” of the Innovate Service Centric conference has taken place on November 17, 2022 from 9am to 11am. Once again this year, Echangeur’s experts Elisabeth Menant and Matthieu Jolly discussed current and future changes in retail to enlighten you on consumer trends and best practices to adopt for retail of tomorrow.
While the short term is causing a crisis, AN ELECTRIC BUDGET, the outcome of which is uncertain for many people, the consumer is continuing its transformation, which is increasingly demanding, forcing retailers not to slow down and to continue to innovate. How? By optimizing customer journeys to meet the expectations of a buyer – HOMO CONVENIENCE – seeking convenience. But be careful, treating the pain points is not enough. We must recreate the flow at the point of sale but also tomorrow on the Internet. Making (re)come the shopper – HOMO SHOPPING – is to rethink the pleasure of consuming. At the heart of these transformations, human beings take their rightful place to reassure, discuss and also play. These friendships – A TRUSTED FRIEND – federated an audience that structured the long-term relationship. In fact, the future is for brands – ONLY BRANDS MATTER – who have managed to create, on the basis of their current model, a strong customer preference.
TEASER ISC 2022
THE 2022 EDITION RESUME
As a result, retailers are going back to “survival mode” in the short term. It’s time to make budget cuts, with one objective: getting through the winter while continuing to sell as much as possible. This makes sense at a time when consumers need to make tough choices between buying basic essentials and shopping for pleasure. It’s time to abandon or postpone certain plans. Brands and retailers are therefore launching more promotional campaigns to dissuade customers from cutting out all their spending, particularly on items such as clothes or cultural products.
Whatever lies ahead for brands and retailers over the coming months, the greatest risk is focusing only on a short-term vision and exclusively on survival. By definition, any crisis is temporary. So making too many assumptions about the future can be risky. With the pandemic, a part of the consumer’s journey has become digitized, with e-commerce having lifted some of the barriers to purchase. But that’s not all. This continuous drive for simplicity, practicality – and specifically, convenience – is not limited to digital technology.
The e-commerce market has exploded over the last two years, but it should be noted that signs of a slowdown are already being seen in the United States, China, and even in Europe. This is the logical outcome! Once consumers start doing all their shopping online, where’s the growth potential in the internet market when procurement costs are rising rapidly at the same time? In the medium-term, e-commerce will face the same problem as physical stores: a drop in visitor traffic.
When combining Convenience and Shopping, connecting with both the buyer and the shopper can be a challenge. It’s clear that to achieve this goal, businesses must rely on a network of ambassadors and fans. It’s emotion and not reason that comes into play in this business model. The internet has rendered sellers outdated and obsolete. With brands struggling to recruit, employees wield considerable power over their future.
ONLY BRANDS MATTER
As you can see, many issues are at stake and a new form of commerce is emerging. The transaction is taking second stage, retailers must be at their customers’ side, providing support and solutions to make their life easier, whether directly associated with their purchase or not. Service platforms, focused on the customer’s life, continue to gain in popularity.
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