200: The Ever-Trends Of Retail

To mark the episode 200 milestone, Oliver Banks has been reflecting on what the prior 199 episodes have revealed about the retail industry. He discovered that there have been a series of trends which have existed for years. And they continue to evolve. Learn about the 8 key mega trends or ever trends. Then we’ll also think about why they continue to be a focus and consider what the next step is.

Listen to this episode to find out:

• What the 8 ever-trends are
• Why those trends have not yet been “completed”
• And how these theme might expand in the future.

 

Exploring the 8 ever-trends of retail

1. Omnichannel

The whole definition of omnichannel retail is constantly evolving. Mainly this evolution is driven by new channels entering the market, development of new technology and new and emerging consumer behaviours.

So, we can expect omnichannel to continue to evolve, but what’s next? Seamless integration across different platforms? Omni thinking merging with the metaverse? Or more ways to bring physical shops and digital customers together? Or probably all of the above.

There are loads of other episodes about omnichannel. But why not start with episode 176: Being The Best Omnichannel Retailer.

2. Sustainability

This topic has been gathering pace for a number of years. And we’ve reached a point where there is widespread recognition from the industry that something has to change. But let’s not forget, this is not just an environmental plan – there are also social and ethics aspects to ensure we become truly sustainable.

In the episode, Oliver considers what could be next. And it’s likely to involve major investment in R&D, which in turn could mean more investment in people.

To listen to more on this topic, try episode 66: Profit vs. Planet or episode 181: 6 New Business Models Driven By Sustainability

3. Customer

Perhaps it sounds ridiculous, but this ever-trend can be easily overlooked. Or taken for granted. But we all know that it shouldn’t be! We should always be striving for customer centricity – thinking and acting in the best interests for the customer and the customer experience. And as the wider retail industry develops, we can’t forget to keep this front of mind.

Don’t lose sight of the basics, the simple aspects and frustrations that can really affect the customer experience.

So why not try listening to loads of other episodes on this topic, such as episode 94: Find And Fix Customer Frustration or episode 97: Customer Centric Cultures with Martin Newman.

4. Colleague

Maintaining your colleague base continues to be a focus for all retailers, and often a challenge too. There are many changes which impact colleagues. For example digitisation or workforce and labour availability. And the role of colleagues will change in the future – but still will be essential for successful retail.

Take a listen to episode 199: The Changing Role Of Store Colleagues with Nikki Baird.

5. Purpose

Aligning the company behind one message has been important for some time. Currently, we call this purpose. We’ve previously called it a mission, vision or goal. However, this ever-trend is closely linked to our own wishes to be part of something bigger. Something more fulfilling. Something more meaningful. And all of the research suggests that as Gen Z people enter the retail industry – either as consumers or colleagues – that this will become more important.

And this suggest’s what’s next. Younger people will start asking companies to step up either ESG efforts. However, we’ll need to ensure this doesn’t just lear to “purpose-washing” – in a similar way that greenwashing is today.

Listen to episode 101: Why Have A Purpose (And How To Find It) with James Bolle to find out more.

6. Data

More and more data is being generated and collected. It seems we strive to build the biggest data warehouses or data lakes. But have we considered whether we are using the data in the right way? Are we getting the right insight? And are we taking the right action? Often, we don’t know but we should increase the feedback loops when acting on data. Did the data insight change the future in the way that we hoped it would?

Again, there are loads of episodes to check out. Why not start with episode 120: Understanding Data and Data Science In Retail with Ian Shepherd. Or perhaps try episode 124: How To Be A Data Driven Retailer.

7. Simplification

SImplification can also be known by other names, including business efficiency and cost saving. The bottom line is that there are always ways to do things better. And simplification moves in cycles. Similar to the economy. When things are good, everything improves and eases. However, as the market becomes more challenging, so too does the operating model.

So, in the current economic climate the simplification focus will be on short term efficiency and cost saving. And this will continue into the medium term as digitalisation continues.

Check out episode 141: Simplification Isn’t Rocket Science with Simon Hedaux. And in fact, there is also a full mini-series around simplification too.

8. Transformation

Don’t think of this as “digital transformation”. This term can fool us into focusing on the digital or tech side of things. However, your attention needs to be far broader than this. Transformation should include people and culture, along with process and policy. And other factors play a part, including proposition and business model.

Transformation is a huge and complex world, especially in a time of uncertainty and instability. But as the world continues to evolve, so too do we, the retail industry, need to evolve.

So, check out episode 150: The Ever-Evolving World Of Retail. And remember to subscribe to the podcast in your usual podcast app or get notified of new episodes as part of the Retail Transformation Briefing.