America has 70% more retail space per capita than Canada, and more than six times that of Europe. That’s about 2,375 square feet per 100 people—23 square feet per person dedicated to your personal shopping whims! [...]
The role of physical stores has changed in the consumer psyche. Shoppers are rewarding nimble digital-first brands, such as Everlane, which practices “radical transparency” in product manufacturing and pricing. They clearly explain how the supply chain works to their customers and where margins are made. Another example is the seasonal Shoe Park in New York City, where customers trade their shoes at the door for a pair from the new collection. They can take the shoes for a test stroll through an indoor park, while enjoying Blue Bottle Coffee and Glossier’s cult-status makeup. [...]
Today’s shoppers are inspired by lifestyle imagery on Instagram feeds and Snapchat stories. The result is a strong sense of FOMO—and an urge to be the first to show off a new release. Smart brands have therefore figured out how to utilize consumers’ desires to be ahead of the curve by using “limited edition” as a strategy for sales.
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