MODERN RETAILING
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The fast pace of innovation has changed what exactly?<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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And how can travel meet these new demands through modern retailing?<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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At this point, we all acknowledge that the Internet changed everything, right? So shoppers\u2019 expectations are no exception. In the last 20 years, we\u2019ve seen Amazon and Alibaba create tectonic change that destroyed long-standing, previously innovative companies that didn\u2019t get modern. Blockbuster, Sears, Toys \u2019R\u2019 Us\u2026many a successful brand didn\u2019t understand the change they were caught up in or failed to adapt to it. Even in the past decade innovation has gone turbo. And these rapid changes happening online have influenced and evolved what people expect: from direct-to-consumer products to instant gratification, to what the physical retailer experience is like too. In other words: no matter where you\u2019re based or what you\u2019re selling, all retailers have new customer demands to contend with.<\/p>

The time to get modern is now. And that starts with understanding what consumers want. And who better to tell us than shoppers themselves. We asked over 2,000 people globally \u2014 aged 18 and over \u2014 for their views on retailing to take learnings for the travel industry. Here\u2019s what they said.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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GETTING MODERN IS ABOUT
\nUNDERSTANDING TIME<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Time is our most valuable currency. And it\u2019s a great equalizer \u2014 no one gets more time in a day than anyone else. So, consumers all have an equal interest in getting the most from their limited bucket of minutes. Modern retailing isn\u2019t just about getting things done faster<\/em> (although that\u2019s important too). It\u2019s about making things better<\/em> so the experience of spending your ration of time is a good experience. For retailers, that can be facilitating a research experience, creating a frictionless buying experience, or giving the customer additional ways to feel good about their purchase. It\u2019s providing options, offering things at the right time, and catering to preferences. And our research shows consumers think this is what makes a retailing experience meaningful, modern, and something they want to return to.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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FOR CONSUMERS, THAT MEANS...<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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1. GETTING WHAT YOU WANT, EXACTLY WHEN YOU WANT IT<\/h6>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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This is the age of instant gratification, where people generally want things as soon as possible. We can binge watch an entire series in one go. We can contact anyone, anywhere instantly. We can get a week\u2019s worth of meal prep delivered to our door. The volume of online shopping has accelerated massively in recent years, with 53% now buying online daily or weekly. So, retailers need to understand that people expect and value immediacy.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\n\t\t\t\t\t\t\tThe \u2018now\u2019 factor in buying\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\tThe biggest reason customers shop online is because the store is always open (41%) and shopping is always available. But almost the same number of people (44%) shop offline<\/em> because they have an immediate need. Clearly the nature of \u2018now\u2019 depends on what you\u2019re buying and what \u2018now\u2019 means to you \u2014 the act of buying or the act of receiving. For physical goods, it might mean buying an ingredient for a meal you\u2019re cooking tonight versus buying an exotic spice for a meal you plan to cook next week. It may mean trying on a range of shoes versus ordering and hoping. Is the impulse to shop or is the impulse to have? But some things, like major purchases or experiences, are always in the future and often require more research so the \u2018now\u2019 is gathering what you need for a decision.\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\n\t\t\t\t\t\t\tThe \u2018now\u2019 factor in browsing\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\tPeople are spending even more time searching online than buying \u2014 consulting reviews, seeking recommendations, and looking into other factors of what\u2019s on offer. We found that 69% of consumers are researching purchases online daily or weekly, with only 2% never researching a purchase online. Browsing is a way of figuring out what we want. Sometimes it\u2019s directed (I want a new television), sometimes it\u2019s less so (where should I go on my next vacation). People spend massively more time researching than buying, which means that some of their purchases are high-consideration, high-research, and potentially quite complex, sometimes with high stakes and fear of making a wrong choice.\n\n\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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