Reality is, the world of retail is drastically changing. With the baby boomers getting older and the millenials becoming the new young professionals, retailer must adapt to a new target market if they want to survive the next 10 or 20 years. This video features Mike Walsh and gives us a little bit of insight into where the future of retail is headed. With the millenials growing up in the age of technology, this consumer segment knows nothing but change and innovation, they see brands and shopping much differently than any of the older generations. In order to continue to be successful, retailers must keep up with this ideal and continue to innovate, especially in terms of technology.
This means that the way we shop will change radically in the next decade or so. In the video, Walsh mentions that retailers will have to find a way to incorporate entertainment into the customer experience. One retailer who has done this well is Diesel. The clothing retailer has incorporated social media mirrors into some of its stores. These mirrors let customers virtually try on clothing and post the images on social media sites, where they can immediately get feedback from their peers. Another Japanese designer made it possible for guests of their fashion show to take pictures of the products on the runway and buy the merchandise with one click of their mobile devices.
To emphasize the importance of social media for the future of retail, Walsh also mentions that some retailers today wouldn’t exist without these sites. His example was of food trucks in Los Angeles, which was also mentioned in class. These food trucks post on twitter where they will be in the city at what times so customers are able to find them wherever they are. Talk about innovation! All this change sounds a little daunting to me, but I am very excited to see where this takes us in the future.