Secondary Research -Thesis Paper
I first demystified the term 'retail apocalypse' in my thesis paper on retail reinvention and then researched how consumer behavior has changed. I looked for brands that have successfully redefined the shopping experience to accommodate a young, tech-savvy audience. Click here to read full thesis.
- The term 'retail apocalypse' is mostly a media buzzword and falsely suggest a final end of retail
- Consumer needs have changed; tech-savvy millennials and Gen Z prefer to shop online, while baby boomers shop at big box retail stores
- Status symbols for young people are not cars or houses but artisanal CPGs (consumer packaged goods)
- The desire to self-brand motivates young shoppers to seek out picture perfect shopping experiences
- Young shoppers want to interact with a brand or product
- Brick & mortar retail needs to offer 'fun experiences' with the product, if they want to compete with online retailers
- Successful retail reinventions include interactive and AR, VR strategies, that allow people to experience a brand in a recreational way
- Successful retail reinventions exclude overt sales tactics but focus on appealing to a lifestyle and personality
Primary Research – Focus Group
I invited my family and friends between the ages of 14 to 55 to a roundtable discussion about their shopping habits. I carefully guided the conversation with unbiased and open questions. My goal was to have them validate or refute my research.
- Have you noticed any changes in retail? Which ones?
- How does this change affect your shopping habits?
- When do you shop online or in store?
- What makes shopping in stores fun?
- Does the product you buy determine if you order it?
- Do you feel different about a product when buying it in store?
- How does shopping affect your social media content? How does social media affect what you buy?