Engage3 Reveals Latest Retail Predictions
- by Jordan Okumura
DAVIS, CA - Leveraging retail insights is the name of the game in fresh produce, whether it is for a supplier trying to enrich its value proposition or a retailer building a competitive buy-side strategy. Ken Ouimet, Founder of Engage3, lists his top six predictions for retail in this video. And, what skin in the game does Engage3 have? As a company that helps retailers and manufacturers manage their “price image” through accurate competitive data, data science, and Artificial Intelligence-powered software solutions, I would say quite a bit.
Here is a taste of Ouimet’s top six predictions for retail as the way that we experience products, make food choices, and evolve negotiations for the best price and assortment on the consumers’ behalf, keeps the trade on its toes.
Take a quick browse below or click on the video to see Ouimet in action.
Prediction 1: Stores will evolve from places to buy products into places to experience products…
Costco has its version of this with in-store sampling to let consumers experience the food, and man, is it one of the things that gets me in the store over Instacarting. According to Ouimet, visual search will be important for fashion as will experiences like augmented reality which will make it more efficient and engaging to try before you buy.
Prediction 2: Consumers’ expectations will continue to accelerate…
This is, in part, about a need for speed. Amazon Go’s grab-and-go concept will raise consumers’ expectations for both speed and convenience, as Engage3 shares, noting that already, 51 percent of e-Commerce retailers are offering same-day shipping. Robotic process automation will be another resource for retailers to impact speed and operational costs.
Prediction 3: There will be a vicious fight for the last mile…
Interest piqued? According to Ouimet, there’s already intense competition for that last mile which comes in the form of delivery, in-store pickup, self-driving delivery cars, drones, and 3D printing. The team shares that in-store pickup is being tapped by more than two-thirds of Americans and half of them find it faster than delivery. And that is not the only stat worth checking out in this video.
...Curious about the other three? Check out the rest from Ouimet himself as he talks about how socially responsible shopping will influence purchase decisions, AI becoming the consumer’s new shopkeeper, and retailers competing on health.
When differentiation is key to battling for share of the consumers' wallet, insights like these go along way and can become a valuable asset across business strategies. Keep checking back with AndNowUKnow for more retail insights as the new decade rolls on!