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FuturistU > Retail > How to be Retail Resilient > Module 1 / 4

Intro to How to be Retail Resilient

Instructor: Ady Floyd
In this module, Trend Hunter's VP of Client Success, Ady Floyd, explores the fast-paced world of retail shifts and how so many retailers remained resilient against the abrupt changes brought on by the COVID-19 pandemic. Retail as an industry has the power to change, grow and adapt, and it will never die - retail is necessary. What kinds of disruptions took place both online and offline, in the world of retail and what do you need to know to stay ahead?
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Insights by Trend Hunter AI

DIY Retailer
Specialized retailers are offering assemble-it-yourself products to reduce costs
Trend - Retailers across various industries, such as home and garden, crafts, and even electronics are launching with an emphases on DIY projects. By focusing on DIY, these retailers mainly provide base components rather than prebuilt items, often leading to significantly lower prices than competitors.
Workshop Question - How can we leverage the growing interest in DIY solutions to create more engaging and cost-effective products for our customers?
7.3
Score
Popularity
Activity
Freshness
Patterns
Megatrends
Employee-Free Retailer
Brick and mortar stores are turning to AI to mitigate labor costs
Trend - Retailers and grocers are testing fully automated locations to lower costs. By saving on the many complications associated with labor, these retailers are able to offer reduced prices for the benefit of the consumer. These often begin as solo test locations before expanding based on demand.
Workshop Question - How could your brand alter its operations to reduce costs of its products or services for consumers?
8.1
Score
Popularity
Activity
Freshness
Patterns
Megatrends
Fashion Cafe
Luxury fashion labels are opening in-store cafes to foster in-person connection
Trend - Luxury fashion labels across Europe and Asia are opening dedicated restaurants and cafes. These are designed to transform the boutiques from simple shopping ventures, to full-blown experiences. The experiential retail helps build consumer connections to one another and the brand.
Workshop Question - How can your brand integrate unique experiential elements to foster deeper connections with consumers?
7.3
Score
Popularity
Activity
Freshness
Patterns
Megatrends
Retail Lounge
Retailers are launching experiential events to enhance connections to consumers
Trend - Retailers in various industries, such as department stores, luxury brands, and more, are launching in-store lounges and experiential events. These events are designed to enhance the comfort of shoppers while deepening the connection between the shoppers and the brand.
Workshop Question - How can we create experiential in-store events that enhance consumer engagement and strengthen their connection to our brand?
8.8
Score
Popularity
Activity
Freshness
Patterns
Megatrends
AI Kiosk
Smart kiosks that provide recommendations and point-of-sale support are being deployed
Trend - Retailers are deploying in-store kiosks powered by artificial intelligence (AI). These AI kiosks interpret and make recommendations for consumers interacting with them, thus streamlining the retail process. The advent of AI kiosks also reduces the required staff and, thus, costs for retailers.
Workshop Question - How could your brand improve its consumers' experiences by employing artificial intelligence, or other, smart features?
8.2
Score
Popularity
Activity
Freshness
Patterns
Megatrends
Gamified Storefront
Brands are gamifying brick and mortar stores for the retailtainment trend
Trend - Brick-and-mortar storefronts are adding elements of gamification and entertainment to improve the in-store shopping experience. These 'retailtainment' initiatives add immersive experiences and interactive elements to increase consumer engagement and pull the focus away from simply spending money.
Workshop Question - How can we integrate gamification and entertainment into our physical spaces to create a more engaging and immersive experience for our customers?
8.3
Score
Popularity
Activity
Freshness
Patterns
Megatrends
Barcode-Free Checkout
Artificial intelligence is used to identify barcode-less items at checkout
Trend - Artificial intelligence has been adapted to enable barcode-less product scanning, facilitated by algorithms that analyze images and videos of objects to identify unique features. This technology accurately accounts for retail items in real time, providing shoppers with seamless checkout experiences.
Workshop Question - How can your brand use automation to appeal to consumer's demand for convenience?
8.3
Score
Popularity
Activity
Freshness
Patterns
Megatrends
Small-Format Retail
More retailers are rolling out small-format stores with curated offerings
Trend - Retail is entering a "less-is-more" era, driven by consumer desire for curated shopping experiences that simplify decision-making. Consumers, overwhelmed by past excess, now value well-edited selections that simplify decision-making. This trend prioritizes quality and guidance over sheer quantity.
Workshop Question - How can your brand refocus its approach to retail by becoming a trusted curator of products, simplifying decision-making for consumers?
6.5
Score
Popularity
Activity
Freshness
Patterns
Megatrends
Mobile AI
Retailers are using AI to add unique features to their mobile retail apps
Trend - Retailers are launching mobile apps with AI-powered features designed to replace their existing apps. These apps offer recommendations, conversational support, image search, and features unique to certain retailers. These brands aim to improve customer retention while reducing ordering friction.
Workshop Question - How could your brand improve its customer satisfaction rates through AI features?
7.1
Score
Popularity
Activity
Freshness
Patterns
Megatrends
Retail Ad
Smart retail shelves are being used to provide customizable in-store marketing
Trend - Brick-and-mortar retailers are implementing smart retail shelf displays to market to consumers at the point of sale. These displays are eye-catching and provide helpful information or video advertisements–enhancing in-store immersion for nearby consumers.
Workshop Question - How might your brand benefit from offering immersive experiences or events to attract new and existing customers to return?
6.7
Score
Popularity
Activity
Freshness
Patterns
Megatrends