Retail takes a customized approach as big brands seek to maintain service
Implications - While expanding on a global scale offers brands greater market exposure, maintaining a sense of intimacy during large-scale expansion can be challenging. Seeking to create a closer connection, brands are turning to in-store personalization tactics like facial recognition and custom engagement to create a more intimate shopping experience.
Trend Themes
1. In-store Personalization Tactics - Brands are turning to in-store personalization tactics like facial recognition and custom engagement to create a more intimate shopping experience.
2. Virtual Reality Experiences at the Point of Sale - The Heineken Virtual Draught display, as a point of sale display, is one of the more inventive, while Mirrus delivers the only solution for brands to create and control a personalized experience for their consumer that is uniquely superior.
3. Customized Product Offerings - The Fragrance Lab by Selfridges aims to help shoppers discover a personal scent, PieceMaker's 3D printing booth lets kids personalize small trinkets and Nutella allows customers to place personalized orders in-store.
Industry Implications
1. Retail Industry - The use of in-store personalization tactics, virtual reality experiences at the point of sale, and customized product offerings all represent disruptive innovation opportunities in the retail industry.
2. Consumer Goods Industry - Consumer goods companies could take advantage of the technology used in the facial recognition snack machines, digital retail mirrors, and toy-creating kiosks to create unique and personalized experiences for their consumers.
3. Hospitality Industry - The virtual reality experiences at the point of sale, such as Heineken's Virtual Draught Display, could be adapted to deliver immersive experiences that could be integrated into hotels and resorts, providing unique offerings for guests.
