By Kelly Scott, Retail Industry Marketing Lead, NetSuite Oracle
Yesterday’s amazing is today’s expected. That’s a vital point retailers need to understand according to Dana Telsey, CEO and Chief Research Officer at Telsey Advisory Group. Telsey provided an overview of the evolving retail landscape during NetSuite’s recent webinar, Revolutionizing Retail, as well as the key trends hitting the industry and the five top things what will transform the future of retail.
Trend #1: Consumers are demanding an experience, something they can touch and feel. This can be seen throughout multiple demographics but has been made imperative by the emerging purchasing power of the millennial generation. According to Telsey’s research, compared to baby boomers, millennials have greater discretionary spending, are tech savvy and demand convenience and digital interaction, while baby boomers often rely on customer service. As a result, forward thinking businesses are adapting to provide an experience for their shoppers in store, from virtual fitting rooms to yoga, and that is only the beginning.