Businesses focus on providing a multitude of products and services in one place
Implications - Brands are taking the one-stop-shop format to the next level by offering consumers easier ways to plan, access and complete all their necessary shopping needs in one go. Tapping in-store offerings as well as online apps, brands are realizing the importance of convenience when it comes to consumer experiences, and with that, are combining often different experiences to become one unique activity. From retail destinations that give you all your wedding necessities to branded apps that combine online loyalty programs with in-store functionalities, these examples not only offer convenience, but speaks to the growing desire for customized experiences among consumers.
Workshop Question - In what ways could your brand customize your product or service experience to be more convenient and aligned to their needs and rituals?
Trend Themes
1. All-in-one Retail - Businesses are providing multiple products and services in one place.
2. Multipurpose Brick-and-mortar Spaces - Retailers are offering brick-and-mortar spaces that are multipurpose and experience-focused to compete with the convenience of online shopping.
3. All-in-one Mobile Apps - Businesses are creating mobile apps that handle everything consumers need, from payment to rewards.
Industry Implications
1. Retail - Multipurpose brick-and-mortar retail spaces offer disruptive innovation opportunities in the retail industry.
2. Technology - The development of all-in-one mobile apps presents disruptive innovation opportunities in the technology industry.
3. Wedding Industry - One-stop wedding planning shops provide disruptive innovation opportunities in the wedding industry.
