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01 April 14

Redefining What “The Store” Means

By Author: Radha R

3 min read

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When retail futurist Doug Stephens put the relatively new eBay Now service to the test in the first episode of his “The Future In Store” video series, he used his phone to order a baseball hat while sitting on a bench in New York City’s Madison Square Park. Forty-two minutes later, the hat was handed to him right there on that park bench.

During a recent Mindtree webinar on The Future of the Retail Store, Stephens used this anecdote to point out the fact that although we still think of “stores” as being physical, brick and mortar places, the concept of what a store is has, in reality, fundamentally changed. With virtually any purchase we might want to make available to us through our phones, the store is now in our pockets. It’s also in our televisions, our gaming consoles, and before too long it will also be in our refrigerators, in our cars, and so on. In other words, media is the store now.

So how can retailers adapt if their locations are no longer “the store”? Part of the answer lies in redefining what their physical spaces are for. As Stephens pointed out during the webinar, retailers need to stop thinking of stores as a place just for transactions and more as a place for experiences. Fill the space with interactive touchscreens, integrate social media throughout the aisles, and use augmented reality tools to make every aisle endless.

But retailers also need to turn the tables and use the new “store” (media) to their advantage. As I pointed out during the webinar, the number of touch points a consumer reaches in the purchase process these days has multiplied. It might start with a Google search, then browsing comparable products and sites online, going to Facebook for advice, reading reviews from their phone, and so on. At all of these touch points the consumer is creating a data trail – one that can be integrated to tell a story that helps retailers understand them.

Remarkable Retail Experiences
So while part of the solution is to make physical stores more fun (or less boring) to digital natives, the other part is to use data to properly reach them, and make their experiences personalized and memorable.

Consider these scenarios:

  • A mother walks into a department store. Her son will soon need to switch from an infant car seat to a toddler booster seat. She gets a text from a customer service rep noting that there are several models of booster seats in stock, and he offers to meet when she’s ready and talk her through all the choices.
  • A homeowner, whose basement was one of many that flooded in town after a massive storm, gets an email promotion from a retailer for discounts on water pumps, dehumidifiers and a free consultation for their home improvement services department.
  • A young man, newly in love, walks into a department store a few days before Valentine’s Day. He gets a text the minute he steps into the store: “Cards in aisle 3. Chocolates in aisle 12. Perfume in aisle 8. Jewelry near the registers by at the front of the store. Text us back and a sales associate will be happy to come help you shop!”

If the ideas and possibilities presented above intrigue you, I would urge you watch a recording of the full webinar — because these ideas only scratch the surface of what was covered.

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About the Author

Executive Vice President and Head - Digital Business

Radha heads the Digital Business group at Mindtree, which includes Digital, Mobility, DAS and SaaS packages. She is responsible for designing and delivering broader digital solutions for Mindtree's clients globally. During her tenure, she has played a decisive role in laying out the strategic roadmap to transform Mindtree and make it ready for 2020.

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Mindtree [NSE: MINDTREE] is a global technology consulting and services company, helping enterprises marry scale with agility to achieve competitive advantage. “Born digital,” in 1999 and now a Larsen & Toubro Group Company, Mindtree applies its deep domain knowledge to 350+ enterprise client engagements to break down silos, make sense of digital complexity and bring new initiatives to market faster. We enable IT to move at the speed of business, leveraging emerging technologies and the efficiencies of Continuous Delivery to spur business innovation. Operating in 18 countries and over 40 offices across the world, we’re consistently regarded as one of the best places to work, embodied every day by our winning culture made up of over 21,000 entrepreneurial, collaborative and dedicated “Mindtree Minds.”