Retail Trends 2014
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The FITCH Key Trends presentation outlines fundamental shifts in consumer behaviour that we observe in sectors and markets across the world. It also highlights specific ways that brands and retailers can tap into these dynamic trends and provides best-practice examples as a springboard for future innovation.
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Retail Trends 2014
- 1. Retail Trends Prepared by FITCH 2014
- 2. Insights Processes The FITCH Insights team constantly monitor and analyse trends in consumer behaviour By working across the FITCH global network we observe these patterns in markets worldwide We interpret these trends to provide clients with relevant insights The priority of these insights is to inspire tangible improvements to the customer experience Applied solutions are guided by best-practice examples from around the world
- 4. 4 NEW BEHAVIOUR To stand out and resonate with increasingly connected, transmedia-savvy shoppers, brands are beginning to mix facts with playful storytelling to emotionally engage with their customers and entertain them with compelling experiences. Marvelism Yayoi Kusama & Louis Vuitton - Selfridges, London
- 5. 5 Retailer responses Blurring Physical & Digital Power of Play Fantasy Aesthetics Surreal Environments Crowded marketplace Need for escapism Seamless technology
- 6. 6 Blurring of Physical & Digital Nike FuelFest, London
- 7. 7 The Power of Play Globetrotter rain room, Munich
- 8. 8 Fantasy Aesthetics Tesco Online Viking
- 9. 9 Surreal Environments Target Dolls House Grand Central Station, New York
- 10. 10 SK Telecom Smart Cart, South Korea Mobile Minute NEW BEHAVIOUR: Shoppers are increasingly not prepared to wait. They have a world of digital choice at their fingertips and want to conveniently locate and explore products and services whenever and wherever they happen to be.
- 11. 11 Retailer responses Stolen Moments Time & Place Specific Promotions Seamless Experiences Instant Information Everywhere connectivity Convenience Digital layers
- 12. 12 Stolen Moments Tesco Homeplus, Seoul
- 13. 13 Time & Location Specific Promotions Meat Pack Shoes, Guatemala CIty
- 14. 14 Seamless Experiences Kate Spade Saturday storefronts, New York
- 15. 15 Instant Information Casino supermarket NFC, France
- 16. 16 NEW BEHAVIOUR: News and views are shared faster each day and trust has become a key currency. Brands must be more than open; they must be transparent, even to the point of sharing their imperfections, because deception is quickly exposed. Trust Worthy Dominos Tracker Billboard, Times Square, NYC
- 17. 17 Retailer responses Brand Transparency Let Them Speak Encourage Open Dialogue Power of Influencers Sharing culture Two-way dialogue Sceptical consumers
- 18. 18 Brand Transparency Dominos Pizza, Salt Lake City, US
- 19. 19 Topshop, London Fashion Week Let Them Speak
- 20. 20 Encourage Open Dialogue Jyske Bank, Copenhagen, Denmark
- 21. 21 Power of Influencers Purex Insider
- 22. 22 NEW BEHAVIOUR Companies are collaborating with consumers, enabling them to create the items they desire, to realize their individual creative ideas and to interweave their own unique stories with those of their favorite brands. Creator Culture Bite Lip Lab, New York
- 23. 23 Retailer responses Share Your Tools Short-cut Learning Reward Experiments Use Experts to Guide Taste democracy Projects, not campaigns Belief in Change
- 24. 24 Share your tools Audi City showroom, London
- 25. 25 Short-cut Learning Bilder & de Clerq grocery, Amsterdam
- 26. 26 Reward Experiments LEGO Cuusoo crowd-sourced innovation
- 27. 27 Use Experts to Guide Taylor Stitch, San Francisco
- 28. 28 NEW BEHAVIOUR: As consumers’ lifestyles become ever more pressured and hyper- connected, many are seeking a moment of repose. They are looking to cut through the noise and to achieve balance and focus. Sensorial Selfridges, No Noise, London
- 29. Quiet Brands Serene Spaces Digital Downtime Curated Choices 29 Retailer responses Information overload Living publicly Urbanisation
- 31. 31 Serene Spaces New York Times, US
- 32. 32 Curated Choices Pave Bicycles, Barcelona
- 33. 33 Digital Downtime KitKat No Wifi, Netherlands
- 34. Thank you
Notes de l'éditeur
- Within hours of its release Microsoft’s motion-sensing device Kinect was being ‘hacked’ by developers, ranging from a virtual in-store mirror developed for TopShop to a robot remote control device. After initial reservations the software giant now encourages creativity with existing products and has created the ‘Kinect Accelerator Incubation Program’ to promote Kinect-based start-ups. Microsoft will is also about to release a commercial software development kit.
- Shoe retailer Foot Locker has assembled the world’s largest archive of sneakers by partnering with sneaker obsessives around the world, who photograph their collections and record the history and variations of each pair. ‘Sneakerheads’ can also record their personal sneaker stories, as well as search for related shoes and collections. But there is no Footlocker branding to be found anywhere on the website itself – enhancing the brand’s credibility with its most revered customers.
- In September 2011, Patagonia began a partnership with eBay, asking customers to buy less, buy better quality, and reuse, repair, resell and recycle more. ‘The Common Threads Initiative’ online storefront allows consumers to buy and sell used Patagonia clothing through eBay, whose motto is “the greenest product is the one that already exists.” Patagonia also promotes this second-hand merchandise on its website, with zero commission.
- Oki-ni delivers a new interactive shopping experience through an online video entitled “The Game.”. The Game is a fully shoppable fashion video, allowing viewers to click on the models and clothing, profile the garments and then click to buy. In this way a seamless retail journey is created from the familiar medium of video.
- Burberry took the digital democratization of fashion to a new level with its Tweetwalk at London Fashion Week in January 2012. Partnering with Twitter to publish backstage Twitpics of every look before they were sent down the runway – the brand allowed its followers to see the Spring / Summer 2012 collection before the high-profile guests at the runway show. According to Burberry’s Chief Creative Officer, “Twitter is instantaneous, this collection is all about creating a beautiful physical experience that is communicated digitally in dynamic and diverse ways and I love balancing those two worlds.”
- For its third Samsung Boosted campaign in November 2011, Barbarian Group created a scavenger hunt. Every few days the ‘Secret Sites’ page revealed a challenge consisting of a URL made up of numbered blanks. These needed to be filled in with corresponding letters, like a game of Hangman, so the participants could work out what the website was. Clues were posted on Facebook and Twitter to help players find them and the first eligible person who visited the Secret Site won a Samsung Series 7 with 2nd Gen Intel Core i5 Processors.
- For its third Samsung Boosted campaign in November 2011, Barbarian Group created a scavenger hunt. Every few days the ‘Secret Sites’ page revealed a challenge consisting of a URL made up of numbered blanks. These needed to be filled in with corresponding letters, like a game of Hangman, so the participants could work out what the website was. Clues were posted on Facebook and Twitter to help players find them and the first eligible person who visited the Secret Site won a Samsung Series 7 with 2nd Gen Intel Core i5 Processors.
- This ‘Colour Brand Experience Centre’ is a store that sells without selling. Presented as a walk-in home décor magazine, the store doesn’t sell paint, but instead builds brand familiarity and sells confidence. DIY home decorating is a new concept in India, so rather than focus on immediate sales, the AP flagship store provides information and inspiration. In the process, AP becomes the authority on painting and decorating, generating goodwill and loyalty in a rapidly growing market.
- The French couturier’s entry into the Indian market in December 2011 was buzz-worthy for more than the usual reasons. The design of the store and introduction of saris to their product portfolio marked the first time a western luxury brand has modified their offer to enter a developing market. This effort to achieve local relevance from the beginning, marks a shift in the confidence and ideals of India’s huge and growing middle classes.
- The French couturier’s entry into the Indian market in December 2011 was buzz-worthy for more than the usual reasons. The design of the store and introduction of saris to their product portfolio marked the first time a western luxury brand has modified their offer to enter a developing market. This effort to achieve local relevance from the beginning, marks a shift in the confidence and ideals of India’s huge and growing middle classes.
- Within hours of its release Microsoft’s motion-sensing device Kinect was being ‘hacked’ by developers, ranging from a virtual in-store mirror developed for TopShop to a robot remote control device. After initial reservations the software giant now encourages creativity with existing products and has created the ‘Kinect Accelerator Incubation Program’ to promote Kinect-based start-ups. Microsoft will is also about to release a commercial software development kit.
- In September 2011, Patagonia began a partnership with eBay, asking customers to buy less, buy better quality, and reuse, repair, resell and recycle more. ‘The Common Threads Initiative’ online storefront allows consumers to buy and sell used Patagonia clothing through eBay, whose motto is “the greenest product is the one that already exists.” Patagonia also promotes this second-hand merchandise on its website, with zero commission.
- For the release of their new album ‘The Future is Medieval,’ UK band Kaiser Chiefs collaborated with Wieden + Kennedy London to create a website that allowed fans to design their own album cover and a bespoke selection of tracks. Then they went one step further, allowing fans to make money from their creations. After purchasing their own copy for £7.50, every fan could sell it to their friends via a number of social media platforms. For every album sold, the seller received £1.00.
- Shoe retailer Foot Locker has assembled the world’s largest archive of sneakers by partnering with sneaker obsessives around the world, who photograph their collections and record the history and variations of each pair. ‘Sneakerheads’ can also record their personal sneaker stories, as well as search for related shoes and collections. But there is no Footlocker branding to be found anywhere on the website itself – enhancing the brand’s credibility with its most revered customers.
- Shoe retailer Foot Locker has assembled the world’s largest archive of sneakers by partnering with sneaker obsessives around the world, who photograph their collections and record the history and variations of each pair. ‘Sneakerheads’ can also record their personal sneaker stories, as well as search for related shoes and collections. But there is no Footlocker branding to be found anywhere on the website itself – enhancing the brand’s credibility with its most revered customers.
- Shoe retailer Foot Locker has assembled the world’s largest archive of sneakers by partnering with sneaker obsessives around the world, who photograph their collections and record the history and variations of each pair. ‘Sneakerheads’ can also record their personal sneaker stories, as well as search for related shoes and collections. But there is no Footlocker branding to be found anywhere on the website itself – enhancing the brand’s credibility with its most revered customers.
- Shoe retailer Foot Locker has assembled the world’s largest archive of sneakers by partnering with sneaker obsessives around the world, who photograph their collections and record the history and variations of each pair. ‘Sneakerheads’ can also record their personal sneaker stories, as well as search for related shoes and collections. But there is no Footlocker branding to be found anywhere on the website itself – enhancing the brand’s credibility with its most revered customers.
- In September 2011, Patagonia began a partnership with eBay, asking customers to buy less, buy better quality, and reuse, repair, resell and recycle more. ‘The Common Threads Initiative’ online storefront allows consumers to buy and sell used Patagonia clothing through eBay, whose motto is “the greenest product is the one that already exists.” Patagonia also promotes this second-hand merchandise on its website, with zero commission.