From the givers to the receivers and the creative conceivers, the retail industry is still all about people.
Retail today is of the people, by the people, for the people. That means despite a rapidly changing retail landscape, including high-tech innovation, you’ll find smart brands staying focused on the No. 1 priority. From social media influencers’ authentic content creation and connection approach to the dawning of a new consumer generation to critical employee retention efforts to even AI helping to deliver hyper-personalization, retail is still about people first and foremost.
Creator Commerce
The rise of social media and digital commerce has spawned the role of the influencer as consumers look to experts for advice on products and services. Forbes even went as far as to say these content creators “are the cultural leaders of the 21st Century.” Well, we can at least agree that the advancement of online media sharing has democratized retail marketing and consumption: easy access to the Internet and social media means anyone can create and share content around the world, including about products, goods and services.
“Retailers should embrace these creators and treat them as part of the community for the brand,” writes Shelley Kohan. “Content creators provide a new way to introduce products with authentic recommendations, and they help connect people with products they’ll love based on their shared tastes or expertise.”
The creator economy market is projected to double in size over the next five years to $480 billion by 2027, according to Goldman Sachs.
Eyes & Ayes on AI
If one promised improvements to the shopping experience, interactive online features to help with service requests, and increased efficiencies with regard to content creation, retailers would respond, ‘Where do I sign up?’ For those reasons and more, they’re increasingly adopting AI, which Forbes calls “the most significant disruptor in retail since the advent of online shopping.”
“Micro-segmentation and building robust communities are two ways marketers build brand assets to grow customer loyalty,” Kohan asserts. “[With AI] brands are figuring out how to deliver hyper-personalization in a relevant and non-creepy way.”
Preparing for Gen Alpha
The term ‘Next Gen’ has been widely used for the latest, cutting-edge version of products and technologies, but now is the time for retailers to begin preparing for the literal next generation of consumers: “Gen Alpha.” How will these digital-first natives be different in their preferences, expectations and habits? Brands emphasizing fun, humor, sensitivity and awareness, creative outlets, and expressions of individuality will be successful, according to Leslie Ghize, executive vice president of Doneger | Tobe.
“The volatility of Alphas’ formative years – pandemic, climate crisis, loneliness, financial insecurity and societal division – will inspire them to intentionally craft healthy, happy existences before they hit late adolescence and adulthood,” she tells Forbes, adding that they will show proactive tendencies versus the reactive of Millennials and Gen Z.
“And retailers should never forget their most important asset, their people,” said Vince Vitti, infinitee’s VP, Business Development, and the firm’s recruitment marketing guru. “As brands strive to achieve that authentic human connection with consumers, they’ve got to give the givers in that equation a highly engaged, rewarding and inclusive work environment. Employee well-being has never been more important in this challenging labor market.”
