The future of shopping according to expert Jorg Snoeck
Retail expert Jorg Snoeck notices how stores are changing due to the influence of e-commerce, data analysis, and other technologies. Retailers need to approach consumers in a new way, he argues.
4 statements about retail today
1. THE EXPERIENCE IN THE STORE IS INCREASINGLY IMPORTANT
Jorg: “I’ll go you one better: you can’t survive as a retail company without that little something extra. The aspect of experience prevails, especially in the culinary world. Technology plays an important role here. At MAD in Copenhagen, you can follow the preparation of recipes via live streaming, with ordering options, of course.”
2. DIGITAL TECHNOLOGY IS BECOMING INDISPENSABLE TO OUTSMART THE COMPETITION
Jorg: “It’s true! A few years ago, everything seemed simple: draw a geographical radius around your store and you knew the sales potential. This is no longer possible due to the changed socio-demography. Retailers should use digital technologies, like data analysis, to get to know their customers."
3. YOU HAVE TO COLLABORATE WITH AMAZON IN ORDER TO SURVIVE
Jorg: “For those who sell a unique product, I say ‘yes’ wholeheartedly. Keep in mind that Amazon is copying Chinese traits and doesn’t hesitate to counterfeit high-selling products under its own label. Stores that offer more of the same, though, can expect an unbeatable price war on the Amazon platform."
4. SERVICE MAKES LESS OF A DIFFERENCE IN DIGITAL TIMES
Jorg: “I disagree. The Excellent Group is still doing well with its electronics products. Craftsmanship and trust still win hearts."
International keynote speaker, also called ‘the Captain of Retail’, and the founder of RetailDetail, a communication and networking platform for retail and FMCG professionals in the Benelux.
“You have to know your customer through and through and engage in the conversation. It starts online, with the first purchase”
Retail expert Jorg Snoeck
Innovative retail concepts for the future
Buying large quantities and distributing them to as many retail outlets as possible is a thing of the past. “That ‘one size fits all’ model no longer works. These retail concepts of The Future of Shopping – a laboratory for B2B and B2C retailers – show what that future might look like.
ELECTRONIC SHELF LABELING
Store shelves and vending machines are equipped with Electronic Shelf Labeling or digital price indications. This allows the retailer to adjust the price quickly and remotely. For example, the price of a product drops as its shelf life approaches its end. The consumer chooses the ideal moment of purchase: the longer they wait, the cheaper it is. But also, the bigger the chance that someone else gets it first.
The anonymous collection of customer data allows the retailer to closely monitor who is visiting a store when. This translates into a retail dashboard with which they can make and implement well-founded decisions. For example, does the retailer notice that the store attracts more young people at specific times? Then they can adapt the music and the video walls to this.
THE LIVING HOUSE
There is a bathroom constructor, as well as a kitchen designer and a floor specialist, in The Living House. The client can design their dream interior based on advice from these experts. This way, the various brands and companies join forces to co-create a customized, entire interior. Technological visualizations and augmented reality help to visualize that dream interior
In rapidly changing times, in-depth customer insight is a crucial success factor for any business. The retail dashboard groups, analyzes, and visualizes data from data sources, allowing retailers and other businesses to make informed decisions. ⟶ Discover these 3 use cases
14,000 price tags in one night
Gedimat La Vallée has equipped its 900 m2 store with an Electronic Shelf Labeling system (ESL). The construction materials specialist faces a large-scale pricing update. Out of the 40,000 product references in the catalogue, 14,000 are to be found in-store. Claude Florent, director of Gedimat La Vallée: “Our prices not only have to be in line with the market, but also with the rates charged by our suppliers."
"The frequent price changes involve a fair amount of work for our sales staff and it’s not a particularly fulfilling task. Now, the time saved thanks to automated price change management can be devoted to advising customers and to further training, which are far more profitable in the long term,”