This week, we were over at Jamie’s Italian with our speaker Cate Trotter,and guests, to discuss the future of retail. Cate started Insider Trends, who help global brands create world-leading and profitable retail ecosystems. Her client list includes Marks and Spencer, Chanel, Unilever, Absolut Vodka and more, so it was fantastic that we were lucky enough to hear her speak this week at a TableCrowd dinner about what lies ahead in world of retail.
What will the world of retail look like in 5 years time?
Cate shared some of her predictions with us over dinner, and explained a bit about how the use of technology will affect the retail industry as a whole.
Some may say the role of the store is becoming obsolete, but Cate thinks differently about the future of shops.
Stores will still be relevant, but their function will be different.
The journey of the consumer which will be affected by technology from start to finish. Cate described the journey of a consumer in the year 2020, a journey which will largely be controlled by your smartphone. Each consumer will have a data profile, created from data harvested from our previous spending, and this profile will affect how we shop. She explained how these profiles will affect our every day retail journey:
- We will be able to share all of our information with brands. Our location, our heartbeat, our favourite colour – all this intimate detail will be available on our profile, if we choose.
- Within our data profile, we will be able to set up new shopping journeys.
- Details of items will be beamed directly to your phone. If you are searching for an item on Google, you will receive directions for how to get to the store.
- There will be micro-navigation in the store itself, to take you to the correct floor or section of the shop.
- Items will be delivered to you, so you won’t have to physically pick it up.
- Store assistants will be alerted when you arrive – and they will know your name!
These predictions are all incredibly exciting, and are mainly focused on making the retail journey as seamless as possible. There may even be an option, for example, to hold your phone up to the mannequin in store to find out all the details about the item.
For more discussion on the future of retail, check out Cate’s further predictions.
Our speaker, Cate, was joined by WickedUncle, Insider Trends, Travelex, CC Group, Porter Novelli, Deloitte, and KNOMI amongst others.
Hungry for more? Check out our list of upcoming dinners here.