Gooqx Speakerbox 21 - Carolin Schmitt

Written by

Carolin Schmitt

category

Date

15. April 2019

Estimated Reading Time

2:26 Minutes

Gooqx Speakerbox 21
Carolin Schmitt

„Retail is dead!“ shouted the press lately. But is that true? How come that physical stores do not disappear just like futurists forecasted it? Why do people still go to stores and shop clothing offline? If retail stores survive, what could The Future of Retail possibly look like?

These are the questions that were reflected in our 21st Speakerbox. Since our agency is directly involved with brands in the retail market, we need to understand consumers‘ behavior and where it drives brands, in order to react to trends at an early stage.

Currently, the global fashion retail market changes dramatically due to the competing growing e-commerce market. Stores are no longer simply a place where products are sold, but rather a place for communication and interaction between customer and brand.

Emotion, creativity, authenticity, and discovery are driving forces for the stores of tomorrow. Retailers must create unique store concepts that refer to these characteristics in order to attract their future target customers – generation Y and Z – who are longing for thrilling experiences, entertainment, and information in stores.

Gooqx Speakerbox 21 - Carolin Schmitt
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In the future of retail there will be fewer stores, but more stories. What is that supposed to mean? Physical stores are expected to decrease by two thirds, but the ones that continue to exist will build an emotional world around their brand. Retailers will do so by creating uncommon store layouts and offering community events. They will invite consumers to discover another world. Concepts that you can already see now, just like concept stores mixing fashion with gastronomy, temporary pop-up stores featuring exclusive collections, community events at stores and similar concepts will be developed further.

Moreover, retail stores of the future will offer new forms of product presentation, such as staging products within art installations. In terms of the product itself, fashion brands will go back to the old days before the birth of fast-fashion when a high product quality had a significant impact on their sales. Adapted to today’s consumers, product quality often is defined by customization, limitation, and branding.

In order to intensify store experiences, fashion brands just start to integrate technological gadgets into their retail spaces. Thereby, customers are animated to participate in the shopping process. The connection between physical and digital shopping experiences creates omni-channel customer journeys. Nowadays, customers are more and more in control of their purchase decision, by researching versatile on brands and products, as well as critically comparing different providers.

What do you prefer at the moment: online or stationary shopping? Be prepared for the future of retail!

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