This article is part of Raydiant’s new Future of Retail series which interviews the world’s leading retail experts to better understand how the industry has evolved and most importantly, where it’s headed.
The following is from a recent interview with AnyRoad Head of Partner Experience Lauren Snyder.
What personally excites you the most about the retail industry?
LS: I’m most excited about the opportunity that the retail industry is in a position where it must change. Retail must rapidly innovate and evolve to thrive.
What has been the most dramatic change you’ve seen in the industry over the past 3-5 years?
LS: The most dramatic change that I’ve seen is the shift in how consumers spend their money and time in the experience economy. It is much more difficult to establish long-term meaningful connections through ads or traditional campaigns because of the saturation of ‘traditional’ marketing and in-store experiences, and the variety of options that consumers can access through technology.
What are the top trends you see shaping brick and mortar retail in the next 3-5 years?
LS: The top trend that I see shaping brick and mortar retail is experiential: life-long consumers and loyalty are created through real-life interactions, not ads and emails. This can happen through a class, event, workshop, or any experience that has the potential to connect a consumer to a brand for life. Increasingly, the importance of personalizing experiences, re-targeting consumers who had an offline interaction with the brand, and harnessing the data behind these interactions is the future of retail.
What technology do you believe will have the biggest impact on the retail industry in the next 3-5?
LS: I believe that the technology platform that connects offline interactions and activations to long term consumer behaviors will have the most substantial impact on the retail industry in the next 3-5 years. This will allow brands to measure the impact of experiences on consumer behavior, and measure their return on investment.
What’s the future of brick and mortar retail?
LS: The future of brick and mortar retail is experiential.