We live in very difficult times, which represent a real challenge for the future of retail.
A consistent approach to retail innovation requires a consistent strategy in matters of public health.
Customer expectations for security and social responsibility are getting higher and higher.
Many brands have chosen the most logical route and are shifting investment considerably on the online market, therefore the growing market share of ecommerce is making it difficult to resist the competition game for local retailers.
Others are moving considering the diversification of store formats as a strategic and long-term vision aware also of the fact that there is a change in purchasing behavior.
Local and sustainable concepts are increasingly more valuable within an uncertain global economic situation. It could be dangerous not to consider the importance of human relation and physical presence at the moment of purchase and transaction.
Responsible consumption means local consumption and shops can regain an important role in the rebuilding of the social fabric broken by the pandemic.
Focusing on changes in consumption patterns and product and services offering is a due action for the Government and also for private companies to compete and be adaptive in the New Normal context.
In that environment, observing and monitoring the way people feel coming back into store, analyzing their behaviour will become crucial to perform an effective communication and marketing strategy.
Experience and services design will be also two crucial keys to compete and probably the level and quality of these two aspects will determine retail livelihood. Stores are adopting new policies to minimize risk but accomplishing all procedures to keep a space safe implies a step ahead into technology can be difficult without a vision.
Remodelling existing stores in a smaller format could be a viable hypothesis for the future of many retailers.
The Small-format shop is a new concept that could help companies to improve the experience of the brand, improve the capillary presence on the territory with a local approach but centralized from the point of view of the data.
Data can really power a retail evolution.
Small-format stores run with structured business intelligence and backed up by meaningful analytics are an effective way to convert large business structures into digital platforms with an omnichannel approach.
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