Pinpointing This Week: The Future Of Shopping.

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In 2012, Chinese online grocery store Yihaodian opened 1,000 virtual stores in one day, which consumers could ‘enter’ via the store’s app when they stood in a tagged area. Yihaodian saw its revenue increase 17 percent over a three-month period after the campaign was launched. This is one example of many this week as we explore the significant shifts underway in the retail space, you need to know.

Virtual now augments the physical (brick and mortar to click and mortar). Off the rack gives way to hypercustomization as the ‘last mile’ of manufacturing is brought into stores. Window shopping is given entirely new meaning with storefronts being used as ‘wallfronts’ and smartphones are used to make instant purchases then delivered to your door. The number of malls are shrinking but the size is increasing dramatically as they become community hubs offering not just retail but diverse services.  

“No longer is it enough to have a collection of stores,” said Daymon’s Morris. “You have to have a community experience that’s a draw for your target audience to come.” 

The entire point-of-sale experience is being up-ended with customers able to check themselves out, and we discovered some surprising stats about discovery commerce. Across the board retailers are rethinking entire brand strategies to meet escalating consumer demands. Some will make it… some will not.

Image: Rendering of the new ‘Mall Of The World’, Dubai.

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