Brick-and-mortar retail turns to cost-effective in-store practices
Implications - It's become increasingly difficult for brick-and-mortar retailers to compete with e-commerce in terms of cost-effectiveness and convenience. As a result, economical store features no longer focus on merely reducing costs, but also simultaneously augmenting experience. Spatial strategy will become instrumental in boosting value as the distinction between online and offline continues to blur.
Workshop Question - What is one aspect of your industry that creates a barrier for consumers and how can you alleviate that obstacle?
Trend Themes
1. Spatial Strategy - Spatial strategy is becoming instrumental in boosting value as the distinction between online and offline continues to blur.
2. Multipurpose Spaces - Multipurpose spaces are being embraced to get the most value out of a single shop.
3. Intuitive Inventory Platforms - Intuitive inventory platforms make physical stores better than online outlets.
Industry Implications
1. Retail - Retail industry is turning to cost-effective in-store practices.
2. Home Improvement - Home improvement industry is using thoughtful retail arrangements and more stations for consumer engagement to become a destination for homeowners.
3. Smart Shops - Smart shops are increasingly using eco-friendly appliances, installing solar panels and a battery to store surplus energy generated by the store.
