The Future of Retail

The ever-evolving retail industry is keeping advertisers on their toes. As the relationship between brands and consumers change, retail brands are looking for more innovative ways to reach consumers in their everyday lives. During “The Future of Retail,” Bonin Bough from Bonin Ventures sat down with various leaders in the retail industry (such as Hasbro, Panera, PSFK, and more) to discuss the trends reshaping the shopping experience.

• Personalization. Allowing the personalization of a product elevates the consumer’s experience and creates an emotional connection to the brand. In the past few years, more retailers have started to offer personalization as a way to build loyalty with the consumer. For example, Bonin discussed his work on Oreo and creating the first ever customizable Oreo package. Customers could design their own Oreo package and include a custom message, to be shipped to their home or to a loved one or friend. Creating an emotional connection with consumers through personalization helps and keep customers coming back.
• The big mistake that most retailers make is to think about experiential as a singular tactic. Consumers aren’t loyal to a brand or product; they’re loyal to a relationship or experience. Creating opportunities where consumers can interact with the brand outside the retailer builds loyalty and trust, and can unlock new opportunities for growth. It allows brands to learn how customers interact and experience their products for themselves without relying on in-store learnings.
• Text to Buy. In a mobile-first world, consumers are looking for easier and more personal ways to purchase products. Enter text-to-buy. Text-to-buy allows the customers to order products from their phone to their doorstep. Bonin referenced Dirty Lemon, a DTC wellness drink brand, who has used text-to-buy to have regular conversations with their customer base. The company has been able to use SMS as the primary platform to sell their product and it allows them to have an active dialogue about their products with consumers. It makes sense: texting is a natural everyday habit for most consumers and brands can be part of this routine through text-to-buy offerings.

The future of retail will continue to evolve—but the one constant is that creating a personalized relationship with the consumer is  key to brand loyalty and trust.