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 Olaplex CEO, JuE Wong.
What personally excites you the most about the retail industry?
JW: Retail has gotten a bad rep because they are seen as selling products instead of providing experiences. I think the fact that all DTC brands are now working their way into retail excites me with their innovation on potentially providing a better CX.
What has been the most dramatic change you’ve seen in the industry over the past 3-5 years?
JW: The power shift from Buyers to the Brands who are able to connect, engage and convert the end consumers.
What are the top trends you see shaping brick and mortar retail in the next 3-5 years?
JW: Less is more. Curate, curate, curate. Offer differentiation from merchandise, services and experience.
What technology do you believe will have the biggest impact on the retail industry in the next 3-5?
JW: Using AI and machine learning to predict, personalize, and protect the end consumers. Serve up what they want to their specific need while protecting their privacy and information.
What’s the future of brick and mortar retail?
JW: Brick and Mortar has more potential to get personal than what online can achieve i.e face to face interaction. How many times do we get frustrated when being sent on a loop on calling customer service vs. walking into a store and getting a human to help you. If B&M can elevate that experience of interaction then they will win every time even over convenience.