While the retail industry has always been quick to change, we’ve never seen anything quite like the rapid innovation caused by consumer expectations over the past two years.
Cate Trotter of Insider Trends joins the latest episode of Retail Gets Real to explore some of the latest developments shaking up the industry, particularly how hyper convenience is driving the shift to ultra-fast fulfillment.
Trotter said startups in the United States are offering hyper-convenient delivery (grocery delivery in under an hour) and this service will lead to increased customer expectations for similar experiences in other spaces. She says retailers should consider partnering with these new startups because, though unfamiliar at first, they could seamlessly be integrated once consumers catch on.
“All retail is made of slow experiences and fast experiences. And if retailers want to improve any aspect of their business or experience, they should make more conscious decisions about which parts of their business or experience they want to slow down,” Trotter said. “On the other side of that are fast, frictionless experiences that can be compressed and designed almost to the point of being invisible and no longer there.”
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Trotter is excited about what brands can do when they connect with customers through mobile, apps, geolocation, AR, VR and other connected products to enhance in-store experiences. Although there’s a lot to test, retailers can find what works for their business by mapping out where their wins or losses are within their current tech and doubling down where there’s potential for success.
“I've been thinking about all the different variations of grocery fulfillment that there are. The problem is that … the market is so fragmented,” Trotter says. “It's hard for retailers to see where they should place their bets. But I think the most important thing is to understand that the solution that will work for a specific market is based on how that market is made up.”
Tune into this episode to learn more about how Trotter is trendspotting businesses and how speed and convenience are driving retail trends.