How are Retailers Progressing on the Journey to the “Future Store?”

One year after The Future Store Manifesto was published, BRP issued a scorecard to evaluate how retailers are progressing along the road to the “future store.” The Future Store Manifesto – 2016 Scorecard, sponsored by Salesforce Commerce Cloud, highlights how retailers are changing their initiatives to align with the key future store imperatives: mobile, relevant, personal, ubiquitous and secure.

“It is impressive to see how many retailers are making the five critical elements of the future store a top priority, however, many retailers have a long way to go. The physical store will continue to be the heart and soul of retail operations for the foreseeable future, however, a transformation is in process. While the store isn’t going away, it’s already starting to get a whole lot more connected, mobile and smarter.” – Ken Morris, principal at BRP.

The digital world is infiltrating brick and mortar stores, where consumers are equipped with smartphones and a new set of expectations. Over the past twenty years, many in the retail industry have predicted the demise of the physical store. But the reality is, the store is still the foundation of retailing. It is where the tactile and sensory experience comes together for the consumer. To succeed, retailers are infusing digital features into the store environment to personalize the shopping experience, compete more effectively with online pure-play retailers and exceed customer expectations. The store is not dead, it’s digitized!

“The unified consumer experience is table stakes today, and retailers know it. They don’t question  why they should do unified commerce. They question how – as in, how to break down the silos between digital and store systems to get to the omni-channel use cases. It all starts with a move to a single, real-time view of the consumer, prices and inventory availability across all channels.” –  Eric Olafson, SVP Stores, Salesforce Commerce Cloud.

future_store_manifest_2016_coverHere are a few of the key findings in this special report:

  • Mobile – 78% of retailers plan to use mobile POS to enable associates to complete a customer’s purchase on the sales floor by the end of 2018
  • Relevant – 58% of retailers plan to utilize geolocation within two years
  • Personal – 51% of retailers plan to offer suggested selling based on what is in the customer’s closet by mid-2019 
  • Ubiquitous – 50% of retailers will allow a customer transaction to start anywhere, finish anywhere within five years 
  • Secure – 88% of retailers plan to have end-to-end encryption (E2EE) implemented to ensure data security by 2019

I encourage you to download and read The Future Store Manifesto – 2016 Scorecard:

https://bostonretailpartners.com/future-store-manifesto-2016-scorecard/

I hope you enjoy the report. As always, I appreciate your insights and opinions on this topic. Please share your thoughts below.

David

Vice President of Marketing
David has more than 15 years of experience marketing to retail and hospitality companies. His broad marketing experience is focused on designing and executing successful strategic marketing plans, demand generation, public relations and branding through customer-centric messaging. He has significant experience marketing retail technology and services with an emphasis on POS systems.

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