Store of the Future 2020: How to Drive Footfall During and Post Covid-19
DUBLIN, Sept. 30, 2020 /PRNewswire/ -- The "Store of the Future 2020: How to Drive Footfall During and Post Covid-19" report has been added to ResearchAndMarkets.com's offering.
Covid-19 has changed everything and it is fair to say that the tech industry has stepped up to the plate by and large when it comes to retail. On the other hand, a lot of the solutions described in this report have been around for some time - and now represent old wine in new bottles. The only real novelty and real innovation remain Amazon Go and its just walk out technology. That said, now many of the solutions are appearing in a new light due to changed circumstances brought upon by the outbreak of Covid-19. Whereas, for example, a self check out a solution with computer vision capabilities to add up the prices in real-time was mainly about eliminating costs, associated with manual check out staff and improving flow throughput, it is now all about hygiene issues and avoiding human contact, touchpoints and eliminating queues. In other words, we have seen a big pivot not so much in the solutions themselves, but in the marketing around their use cases and capabilities.
Nevertheless, every decade new revolutionary retail concepts emerge (the Apple store turned electronics retailing upside down) and the publisher thinks Peloton is one of these players. Like Apple, Peloton's strategy is helped by selling its own product, the retailer has managed to combine social media, gaming and fitness with a subscription model and a significant draw for shoppers to visit their locations.
Obviously, tracking what Peloton does or how a running shoe retailer overcomes the crisis will have limited usefulness for other sectors at first sight, but there are elements that can be incorporated into other business models - especially around social media communication, online communities, engagement and the like.
Other currently successful retail case examples heavily involve online in some shape or form, be it the various (unmanned) click & collect stations, automated stores, lockers and vending machines or retailers using Zoom type offerings to sell to shoppers at home. The zero inventory stores are an inversion of this concept and should work well with clothes (especially when changing room use is heavily restricted).
Even now there are techniques how retailers can drive footfall to their stores, many of them involving tech, but not all of them. Much of the secret lies in retailers utilising their store locations in a much better way to regain authenticity and localize their stores. And the publisher doesn't mean building MFCs adjacent to their stores (even though that might be a good solution for some retailers).
In any case, coupled with the shift to online, the lockdown and the subsequent easing of it have revealed that a lot of physical retail is in a precarious state. So what will happen next? The likely recession impact will see many businesses going to the wall and unemployment rising fast, so a channel shift to the discounters (Aldi and Lidl will win again) is expected. There will be huge distress on the high street, with retail bankruptcies forcing change on the property sector and rents and rate regimes (spreading upstream to pension funds as property investors and PE and so on). For all surviving retailers, a huge speeding up of digitalisation trends is ongoing.
The analysts believes that new tech-enabled the generation of stores will replace the old model battered by online and Covid-19. Finally, tech alone will not get retailers through the crisis, but it will play a crucial part in finding a solution or many partial solutions that combined enable something akin to a return to pre-Covid normality.
Key Topics Covered:
1. Executive summary
2. A new set of circumstances, Coronavirus and the depression to come
3. Tech solutions
4. The return of price over value, as the recession starts to bite
5. Towards a cashless future? Coronavirus speeds up some trends
6. Revolutionary checkouts, the store of the future
7. The essential footfall question after the lost summer of 2020
8. How to drive footfall: Case examples, Peloton
9. How to drive Footfall: Case examples - walking tours, Team up and sponsor greeters and social tourism
10. Zoom retailing & Zero Inventory stores, go fishing where the fish are
11. Lockers, click and collect, unmanned stores, one of the biggest winners from Coronavirus
12. Robots, the rise of the machines
13. Micro fulfilment centres, the solution to unproductive space
14. Takeoff Technologies, an early market leader
15. Alphabot/Alert, the Walmart solution
16. Amazon-Dematic partnership validates MFC model
17. Recommendations & Outlook
18. Sources
Companies Mentioned
- Ahold Delhaize
- Albertsons
- Aldi
- Amazon
- Apple
- Bambuser
- Bonobos
- Canada Goose
- Chowbotics
- Cleveron
- Decathlon
- Dior
- Dunelm
- Ellis Brigham Mountain Sports
- Farmer's Fridge
- FedEx
- Frasers Property
- H&M
- John Lewis
- Kesko
- Knapp
- Lidl
- Lifvs
- Neste
- Nordstrom
- Peloton
- Sedano's
- Starship
- Wakefern
- Walmart
- Wiebelhaus
- Woolworths
For more information about this report visit https://www.researchandmarkets.com/r/t0lgv4
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