What: A roundtable on how retail contributes to the branding and not in the experience only.

Why it is important:  Boring physical retail is dead. Exciting and well-designed physical retail is the future.

After the pandemic-induced setbacks, retail footfall is rebounding globally, but with a twist. Consumers now seek a fusion of experiences, discovery, and a sense of community in physical retail spaces. The integration of digital and physical elements is crucial for the future of retail. The key insights are:

1. **Integrating Data Analytics Simply**: Retailers should start by understanding basic data like footfall, conversion rates, and customer preferences. QR codes and other simple tools can bridge the gap between physical and online experiences.
2. **Prioritize Product Offering and Omnichannel Availability**: Customers value product availability and choices. A seamless and engaging in-store experience cannot be replaced by online shopping, but both should complement each other.
3. **Building Consumer Loyalty Through Events**: Hosting events at retail spaces can build strong customer relationships and loyalty. Bringing relevant people like designers, founders, or influencers to connect with customers in real life adds authenticity.
4. **Enable Consumer Discovery and Surprise**: The younger generation seeks experiences, storytelling, and community in physical retail. Technology such as smart mirrors or apps that personalize the experience adds novelty.
5. **Understanding Local Communities**: Tailoring the store’s offerings to the local demographic is important. Every location has its unique characteristics, and understanding these can help in serving the local customer base effectively.
6. **Incentivizing and Empowering Store Associates**: Well-informed and motivated store staff can provide invaluable insights and build relationships with customers. The roles in physical retail are evolving and should be aligned with the values of the younger generation. Also, employing technology like iPads to provide up-to-the-minute information to customers is beneficial.
7. **Sustainability and Value Alignment**: Especially among younger consumers, sustainability and value alignment are key. They are more likely to engage with a brand that has a positive impact.

In conclusion, the retail landscape is evolving, with the integration of physical and digital experiences being critical. Understanding and engaging with the local community, providing a variety of products, hosting events, and empowering store associates are some of the strategies for retailers to thrive in this new era.

The role of retail in brand building today