The Consumer Revolution; The Retail Evolution – how the internet has changed the way we shop…

On 14th May I am looking forward to speaking at the first “Digital High Street” conference. I’ll be speaking about a topic very close to my heart is something I’ve observed, we all have, we’ve all been part of it to a greater or lesser extent – and that’s the “consumer revolution”. If you want to come to the event register HERE!

The internet has profoundly and irreversibly changed the way we shop

Thanks to the internet, broadband, 3G and an explosion of mobile devices, more and more of us have integrated an online, digital experience into the routines of our lives. In under 20 years the internet, and the capabilities for researching, transacting and communicating that it has enabled, has completely, and irreversibly, transformed the way we shop.

And the impact on retail was fuelled by the global economic downturn

However, the timing couldn’t have been worse… the catalyst for the mobile explosion was the launch of the first iPhone in January 2007, and, within no time at all, consumers had access to the internet any time, any place, anywhere through a plethora of new devices that came to market. Not only could they transact, they could search, research, price compare, review and seek comment from peers on social networks. Then the credit crunch arrived, followed by a deep and hard-hitting recession. Consumer confidence plummeted, retail sales were dramatically affected, and businesses that’d enjoyed years of good times had 2 huge issues to tackle:

  1. Declining sales and far more price sensitive customers who were also very well connected to their peers on social networks
  2. Consumer demand for an integrated online-offline-mobile shopping experience that enabled them to both shop, and have their requirements fulfilled, in a way that was convenient for them, that fit in with their busy lives

For many retailers, and certainly for those who’ve disappeared from the high street, these 2 transformational factors taking place simultaneously was too much for them to cope with. The hardest hit were those who sold a products like books, music, film – all product that could be bought cheaper online or downloaded digitally. Certainly any traditional, physical retailer trying to compete against that kind of dramatic change would be fighting a losing battle.

The consumer has taken control of THEIR retail experience…

The consumer had taken control of THEIR retail experience. They wanted to shop their way, with brands they could engage with. Their access to knowledge and their consumption of media changed. In a world where money was harder to come by and trusted brands such as banks and insurance companies had failed consumers, getting people to part with their cash was far harder. This was the consumer revolution. Empowered by their access to digital content, consumers were in control. Retailers needed to change fast to stand any chance of engaging with this NEW consumer.

Yet I believe the internet is only a threat if you ignore it!

It was out with the old, in with the new. Such rapid change unsettled many; Mary Portas was reported to have called the internet a threat to the high street. I completely disagree. The fact is, and this has been proven by those retailers who have transformed to meet the demands of the new consumer, the internet is only a threat if you ignore it and don’t embrace the opportunities that it brings.

For those retailers who were agile enough and able to rapidly rethink their proposition, embracing the consumer revolution, things were very different. We’ve seen some retailers who have really turned the change to their advantage – they have led the way for the retail evolution. This isn’t exclusive to online success stories such as ASOS; far more traditional, store-based brands, such as John Lewis and Debenhams, have too been able to turn around their fortunes by acting quickly to embed new technologies.

Independent Retailers are leading the retail evolution as they are more agile and able to adapt

However, there is a long way to go. Major brands, in the main, are far less able to innovate and embrace the digital opportunity than the smaller, independent retailers. On 14th May after my talk I will have the pleasure of introducing 3 amazing independent retail business owners who all believe they owe much of their success to the opportunities that leveraging digital has opened up to them. They will each share fascinating insights and I am sure many of the bigger chains could learn a thing or 2 from them!

The evolution of a new retail model, a new high street model will take time…

I predict the high street of the future to be a very different place, although there is still a lot that has to happen to get there, and, for many, this will be a painful process. Our future high street will seamlessly integrate with the digital world. People who are connected online will still need places to meet in person and they will still want to interact with product. Our high streets will become places that provide an experiential, enjoyable environment to live, work and play. It will be essential that they present a relevant and balanced offer of retail, leisure and services, tailored to the needs and wants of the local customers. As for retail? Well, I would expect every retail outlet to be playing a critical role in their customers’ end-to-end shopping experience – from presenting product through to offering a fulfilment centre, and to be supplemented by various bespoke services that set them apart from the online offerings.

I think a truly digital high street will be a great place, a unique place, that’s evolved (and which will continue to evolve) to specifically serve its local community. So here’s to the future, and here’s to a digital high street!

I hope you can join me at what is set to be a fantastic event exploring the “digital high street” – register now HERE and by using this link the organisers will also be making a small donation to the Support for Independent Retail campaign! Thanks for reading, see you there!

Advertisements

About Clare Bailey

Clare Bailey, The Retail Champion (formerly Clare Rayner), is one of the most well-known and respected retail experts in the UK. With unrivalled knowledge in retail, high streets and consumer matters, she offers unbiased, independent content – whether engaged as a professional speaker, for broadcast media, or for a written feature. Clare is a business woman, entrepreneur and founder of several small businesses. Having been born into a family of successful business owners, it was inevitable that she’d eventually jump off the corporate treadmill and step out on her own! Today her brand portfolio includes The Retail Champion, The Retail Conference, the Future High Street Summit and the Support for Independent Retail campaign. In addition, she is co-founder of Mobaro Retail UK and a non-exec director of Beed Virtual Assistant Services. Having started her career as a fast-track store management trainee for McDonalds, she went on to work with leading retailers such as M&S, Dixons and Argos. She moved swiftly into management roles before being headhunted into senior consulting roles with global software giant SAP, and international management consulting brand, Accenture. Her corporate background in senior retail, consulting and technology roles, coupled with her experience of creating and running her own business, has enabled her to be equally capable whether consulting to global brands or micro businesses. This unique blend has not only positioned her as a leading expert in all things retail, but has enabled her to add meaningful commentary and insight to the debate around the future of the high street, and, how technology is driving fundamental change in the way consumers, and businesses, interact. Clare has become an influential voice in her field, which has resulted in her becoming a regular media contributor and sought-after conference speaker. Often seen on Good Morning Britain, BBC Breakfast, Sky News, and Chanel 5 (to name a few), Clare speaks on a myriad of retail, high street and consumer issues – but is particular adept when it comes to explaining the context behind retail trading results, newly released data, and government stats, in a palatable and informative manner. In addition to broadcast and conference speaking, Clare is the proud author of two best-selling business books published by Kogan Page - The Retail Champion: 10 Steps to Retail Success, published July 2012 and How to Sell to Retail: The Secrets of Getting Your Product to Market, published February 2013. She has provided contributions to various academic texts, including Retail Marketing Management (published by Pearson). With an engaging, conversational yet informative style, Clare writes for press and content agencies, providing features, articles, blogs and opinion pieces as well as contributions to white papers and reports. However, when the situation demands a more serious style, Clare can deliver - In 2016 she wrote an extensive report for a major insurance and risk law firm, as a retail expert witness, to support a public liability suit. She found that project particularly enjoyable as it played well to her strengths – assimilating large amounts of data and information, identifying the key points and articulating that in an understandable manner. When not on TV or speaking at conferences, Clare’s “day job” sees her supporting consumer-facing businesses through her consultancy services. When asked to describe what she most loves about retail consulting it is typically the opportunity to “dig deep”, getting “under the bonnet”, in order to leverage the business data to uncover the insights that lead to “lightbulb moments”. She also loves working on business change programmes that centre on improving the processes and systems to increase profitability by supporting more rapid, better informed decision making, improving the customer experience, or simply by become more efficient and streamlined. In this respect she considers herself a “business engineer” with a brain that works like a relational database! Due to her years of experience, her logical, objective approach, her quick, rational thinking, she is known for being able to cut through complexity, seeing right through to the crux of issues, finding creative solutions that others may have overlooked. As if all that wasn’t enough, Clare is a working mum, juggling a home life in rural Lincolnshire with her partner, their 5 kids, 4 cats, and geriatric Labrador! For all enquiries, contact Clare directly on 01727 238890 or email champion@retailchampion.co.uk.
This entry was posted in Consumer Trends, Events, The Retail Champion. Bookmark the permalink.

One Response to The Consumer Revolution; The Retail Evolution – how the internet has changed the way we shop…

  1. Pingback: In The Spirit of Cyber Monday: How The Web Has Forever Changed Shopping & Retail | Golftini

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s