3 Takeaways from Cowen’s Re-Think Retail: The Store Must Do More

Customers require an easy shopping experience, a focused product assortment, and an experience which connects them to the brand, retailer, or other people. – Cowen Research, Re-Think Retail: The Store Must Do More 

How are you breaking into the new world of retail?

Obviously, times have changed. Consumers have changed. How we do business has changed.

Technology has really changed. 

With all this change going on in our world, it’s inevitable retailers must change too. But how can retailers ensure they’re adapting to survive? To succeed? To thrive? 

In a recent retail manifesto, Cowen and Company gives their two cents on how retailers are “rethinking retail” as profound shifts in customer expectations continue to force traditional retail business models to innovate and change. 

From Cowen’s perspective, it’s all about the store.

Just like the title of the report illustrates, the store must do more to “maximize a customer’s experience” and “minimize tasks” as their purpose has fundamentally shifted. In today’s new world of retail, stores must act as customer acquisition points where convenience, curation, and culture trump all other factors.

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Topics: customer experience, predictive analytics, in-store assortment, convenience, inventory optimization, in-store experience, data

These Liquor Stores Are Taking Another Look at Their Assortments

Liquor store shelves are crowded. I mean, really crowded. Not just in type of liquor, but in sheer flavor variance. Smirnoff alone offers more than 20 different varieties of vodkas; because, well, apparently there’s demand somewhere out there for flavors ranging from Honeydew to Amaretto spiced. There’s also abominations like 'Cookies and Cream' whiskey and 'Dark Chocolate' tequilas; unicorn tear gins and sesame and popcorn daiquiris. Gross.

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Topics: in-store assortment, inventory optimization, liquor stores

For Millennials, It's All About Experience

Popular wisdom is that Millennials eschew luxury retail for experience-driven entertainment, such as traveling or dining out at Michelin-starred restaurants. Higher-end goods like designer watches and handbags, once coveted status symbols for Baby Boomers and Gen X alike, have largely failed to entice younger shoppers. Last year, Louis Vuitton sales declined 73 percent, Saint Laurent fell by 68 percent, and Balenciaga dipped 55 percent.  The Marriott, though? They’re doing better than ever.

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Topics: customer experience, in-store assortment, luxury retail, millenials, vacations

Survey Says: Here's Your New Customer

Last week, Retail Dive published the results of an exhaustive survey “on the psyche of the American consumer and the evolving role of the brick-and-mortar store.” The publication surveyed hundreds of U.S. consumers, with the stated goal of understanding of how today’s shoppers view and engage with both brick-and-mortar and e-commerce retail stores.

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Topics: customer experience, in-store assortment, accessories, survey

Apple Embraces the Store of the Future

If you’re a regular reader of the Celect blog, you know we’ve championed the idea of retailer’s embracing a “store of future” concept for some time now. In just the past few months, we’ve covered Staples’ attempt to reinvent itself as a shared working space for Millennials, Adidas’ effort  to increase foot traffic by way of 3D printing sweaters, and lululemon’s foray into community building.  And while we don’t want to harp on the subject (you get it, stores of the future are, well, the future), news out of Cupertino can’t go unmentioned.

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Topics: in-store assortment, concept stores, retail stores

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