The recent retail experience innovations by Sephora, Nordstrom, IKEA and Amazon have certainly created a lot of noise, but what does it all mean and how can you navigate the rapidly changing retail landscape?
According to the recent Meaningful Brands report by Havas , ‘75% of us expect brands to make more of a contribution to our wellbeing and quality of life, yet only 40% believe brands are doing so’. Commercially, the Havas report also highlights that brands that do respond to these emotional consumer needs have benefited from an ‘increased share of wallet by up to nine times’. At the same time, our ever-evolving technology landscape is enabling product stories to be told and for products to be sold in more meaningful ways than ever. This technological complexity coupled with rising consumer expectations means brands need to be sharper than ever when navigating the blurring lines of retail, content, and new product development.
To cut through the noise, brands need to keep three principles in mind. Read the full article on Innovation Management here.