Preparing for Store 3.0

4 Comments | This entry was posted in Events, Retail Trends, Technology

Retail’s BIG ShowStore 3.0 is already here. And retailers who are leveraging all channels and technologies are in a prime position to grab those essential sales from the highly-connected and savvy consumer.

Alison Paul, Vice Chairman and U.S. Retail and Distribution Leader of Deloitte, LLP moderates.

Let’s take a step back. What is Store 3.0? The initial retail experience, or Store 1.0 for our uses, is a traditional visit to brick-and-mortar retail stores. Include your mobile phone or tablet to your in-store experience and you’ve reached Store 2.0. Store 3.0 brings the store to the consumer through a mobile device and can be achieved through a variety of channels and media.

For example:
Store 1.0: I visit my local Anthropologie to find the perfect dress for an event.
Store 2.0: I visit my local Anthropologie to find the perfect dress for an event, and then use to search for similar dresses at a lower price point.
Store 3.0: While surfing my iPad, I view a photo of a celebrity wearing the perfect dress for my upcoming event, so I search for the product, find it online and perhaps purchase, while simultaneously viewing for availability in-store or searching for similar products within my budget.

Using the above example, how can traditional brick-and-mortar retailers stay relevant in the changing retail space?

In the Tuesday morning opening Super Session at Retail’s BIG Show, Alison Kenney Paul, Vice Chairman and U.S. Retail and Distribution leader at Deloitte, shared two interesting stats from a recent study: Over the next few years, shares of brick-and-mortar retailers are expected to decline 28 percent, while online is expected to triple. That said, 79 percent of retail executives said the brick-and-mortar store is still central to shopping experience.

Bottom line: Brick-and-mortar stores are not going anywhere. They just need to evolve to meet the changing consumer. And as William Gibson recently said, “The future is here – it’s just not very evenly distributed.”

To achieve your 3.0 store, Paul suggested, think critically about how to alter your core brand elements by refreshing your strategy, elevating your customer experience and reviving your talent management. Hold these three ideas close to create a fresh vision and presentation of your brand.  Retailers who continue to adapt with technological innovations will stay ahead of the pack in the coming years and beyond.

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  1. avatar Sal Paradise
    Posted January 17, 2012 at 10:31 am | Permalink

    Isn’t Store 3.0 just another way of saying eCommerce, and hasn’t that been here for a while?

  2. avatar Jim Taylor
    Posted January 17, 2012 at 6:27 pm | Permalink

    The future of retail is intriguing when you look at the desire for shopping ease, price, and service. The company I work for is going full bore into technology and has bought another enterprise to bolster it’s online presence. I have made use of buying online and in-store pickup. I can see that this is a major trend in the future. Perhaps the brick and mortar stores of the future will be geared more to the online buyer who desires a site to pick the item up at and can appeal to in case of service or for returns. Such stores could carry a limited amount of select inventory and offer consultants to help with ordering items, thus giving a personal feel to the virtual sale. The evolution of retail is definitely occurring at a rapid pace.

  3. avatar J Anderson
    Posted March 30, 2012 at 3:26 pm | Permalink

    Question – what percent of that 79% of retail executives came up through the classic brick & mortar career path? Consumers are leading the way here, and retail looks like its falling farther and farther behind. While bricks & mortar is still a part of the mix, its getting smaller and smaller, as more and more categories of products are being successfully merchandised and purchased online. Retail execs (esp. store side) are being nostalgic while consumers are looking to the future. Retailers that aren’t already preparing for 3.0 and wondering what 4.0 could be will be swept aside.

  4. avatar rajesh verma
    Posted June 4, 2012 at 1:36 am | Permalink

    I believe this is another name of e- commerce the only thing that might apart store 3.0 with e-commerce is, individual retailers app that sits on ipad or smartphones through which consumers can make there buying decision.

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