Defining The Future of Retail
what was up
A leading global beauty manufacturer wanted to understand the impact ofthe changing retail environment on its growth plans. It recognized consumers had new ways to purchase products, technology was changing the path to purchase, and all this could impact the company’s future direction… or would it?
what we knew
Based on our continuous research with shoppers, retail and brands around the world, it was clear that the fast changing retail environment would impact the way our client sold beauty products in the future. The key was to define a well-supported view of the future and use it to create a road map our client could respond to, across all its divisions.
what we did
- We determined to study the future through the shoppers’ lens.
- We analyzed 5 years of our How America Shops® and How the World Shops® research to benchmark change, and presented this to our client.
- We facilitated an internal taskforce to drive the process, deliver insights, strategy and ensure buy-in across brands and operational functions, and ensure the taskforce’s thinking was provocative.
- We managed the yearlong process to ensure timelines and deliverables navigating organizational “silos” to leverage internal assets (people, data, expertise).
- We tapped into our network of retail executives to identify innovative case studies and business models.
- We led the taskforce to develop a “Futures” hypothesis, implications, counter culture trends, final recommendation and scenarios by division and operational functions, which became the basis for an executive offsite we facilitated.
- The final outcome was a “Futures” road map, customized to each brand/division and operational function, with key action steps and executional timeline.
how we did
- One year later, the “Futures” strategy is being executed throughout the US organization, and we are now sharing insights with global teams.
- The company valued our work and continues to rely on us for ongoing retail strategy and shopper insights.