Trend Hunter's Innovation eLearning YouTube videos delve into How to be Retail Resilient and how to properly rechart to align with the evolving needs of contemporary consumers. Beginning in the 1980s, catalogs became extremely popular among consumers as they proved to be a one-stop shop for everything needed in a household. These catalogs served as the forerunner to today's online digital stores. Consider a modern website like Amazon, where you can buy everything you require in a single location.
In the present, we have seen a shift as coins and even money are not as commonplace. Customers nowadays choose contactless payment options over physical currency, proving that change is inevitable. Kraft Heinz is a notable example of a legacy company that has only recently created a direct-to-consumer platform for business.
For more on Retail Resilience, check out Trend Hunter's free 2023 Trend Report.
Retail Resilience
Trend Hunter's Innovation eLearning Series Explores How to be Retail Resilient
Trend Themes
1. Shift to Contactless Payments - The shift of consumers towards contactless payment methods over physical currency presents opportunities for disruptive innovation in payment technologies and point-of-sale systems.
2. Direct-to-consumer Business Model - The success of Kraft Heinz in launching a direct-to-consumer platform highlights opportunities for legacy companies to adopt a similar business model and leverage their brand recognition to capture new customer segments.
3. One-stop Digital Shopping - The continued popularity of online marketplaces like Amazon underscores the need for retailers to create a seamless, one-stop digital shopping experience that offers a broad range of products and services for consumers.
Industry Implications
1. Payment Technology - The shift towards contactless payments presents disruptive innovation opportunities in payment technologies, including mobile wallets, biometric authentication, and blockchain-based solutions.
2. Legacy Company Transformation - Legacy companies should leverage their brand recognition and existing infrastructure to create direct-to-consumer platforms that address evolving customer needs and preferences.
3. E-commerce Retail - E-commerce retailers must create a seamless, one-stop digital shopping experience that offers relevant products, personalized recommendations, and speedy delivery to remain competitive and meet evolving consumer demands.