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Click Here to See a PDF of the Content OLD RETAIL IS DEAD. LONG LIVE NEW RETAIL. Kate Ancketill, CEO and Founder, GDR Creative If we look at the world as it currently is, retail is at an inflection So what does this mean for retail? point globally. Technological, economic and social change has made once dominant models vulnerable to disruption. No-one has a crystal ball, but we at GDR think it’s a good bet to look at what’s happening in China to get an idea of the trajectory We all know how much our lives have changed in the last 15 the West is on. years as a result of tech companies like Amazon, Tinder, Uber, Netflix, Spotify, Facebook, Wikipedia, Venmo, Square Cash, etc, Their enormous and fast growing consumer economy is built but it’s easy to forget that in a previous era retailers were the big around the smartphone to an extent we see nowhere else on disruptors, throwing main street retail into a tailspin and changing earth, with 75% of online commerce going through mobile, which the nature of our cities. compares with only 21% in the US. Jack Ma of Alibaba and Pony Ma of Tencent are also pertinent here. They both want to reinvent retail and the competitive arena they’re in has an unprecedented Retail has always redefined itself momentum for innovation. Jack Ma says: “Pure e-commerce will to fit customer "experience around the be reduced to a traditional business and replaced by the concept realities of customer’s lives. of New Retail—the integration of online, offline, logistics and data across a single value chain.” The ubiquity of the motor car in the early 1960’s allowed Carrefour Carrefour has done a deal with Tencent in China, and is no doubt to open the world’s first hypermarket just outside Paris in 1963, a using the Chinese retail petri dish of unfettered experimentation move that changed retail everywhere and signaled the shift from to determine what works. It seems logical they’re likely to then daily local shopping to big box out-of-town and under-one-roof export what they’ve learned back to the West. mall-based retail. This 40-year period was the era when today’s legacy retailers came of age. Tencent and JD.com’s 7Fresh grocery stores and Alibaba’s Hema To the mom and pop stores of the time this must have felt Fresh grocery stores are currently the apotheosis of retail at the cataclysmic. Sound familiar? very cutting edge. They offer the very best in seamlessness and online/offline integration, with the theatre and excitement of the best that the experiential physical space can offer. What’s happening now isn’t ‘Retail Apocalypse’" – it’s just It’s becoming commonplace in China that a physical store will another momentous shift. optimise its inventory based on what’s trending on its website in a five mile radius. Unstaffed stores where you enter, pay and exit Retail is being redefined. As Andy Dunn, founder of Bonobos says: using only an app on your smartphone are spreading like wildfire, “We are in the first decade of a century-long shift where retail is and we expect to see them in the West in the next year. re-organizing from the era of the automobile (the 20th century) to the era of the smartphone (the 21st century).” Alibaba and Tencent are busy signing deals and making alliances with all sorts of Western brands and retailers, from Uber (Tencent) Almost all population growth from 2017 to 2023 will take place to Auchan (Alibaba). We can only assume we’ll see some exported in cities; an extra 1.1 billion urbanites. City dwellers are more innovation changing our landscape soon. concerned about smartphone ownership than car ownership. Our cities are evolving to focus more on the mobile, less on the car. SLICE | ISSUE #18 This isn’t to say our home-grown retail giants aren’t furiously (and GDR Creative Intelligence www.gdruk.com is a London and often successfully) experimenting with their own interpretations NY based retail trend and strategy consultancy. Contact of New Retail. Walmart has been particularly active in fragmenting [email protected] to discuss how you can future proof your retail its offer to reflect its increasingly diffuse customer base. or hospitality business. You can also sign up for our weekly From Bossanova robots checking shelves, to its new fuel and newsletter on the website. convenience formats, automated click-and-collect drive thrus and home smart lock integration, it’s also throwing serious time and money at retail reinvention, as are many others. If you’re on the rollercoaster, great. If not, you need to get on it and start experimenting with entirely new retail models, not just tweaks to what exists today. VE RIFONE AND WO RLDPAY INTRODUCE EMV-GRADE CONTACTLESS SOLUTION AT JIMMY JOHN’S NEXT-GEN SOLUTION PROVIDES FAST, CONVENIENT AND MORE SECURE CUSTOMER EXPE RIENCE Verifone and Worldpay, Inc. (NYSE: WP; LSE: WPY) announced Worldpay’s solution delivers an increased level of security to the pilot of a new EMV-grade contactless payment acceptance EMV contactless transactions, while Verifone’s P400, part of solution at Jimmy John’s. By combining Worldpay’s ultra-fast and the Engage portfolio of devices, features high-performance highly-secure processing services with Verifone’s Engage P400 touchscreen with rich multimedia and commerce capabilities. device, Jimmy John’s will deliver more convenient, powerful and Further capabilities include value-added services via mobile flexible payment options to its customers. wallets like Apple Pay and Google Pay Smart Tap, which enhance the consumer experience for fast and highly-secure “At Jimmy John’s, we want the fastest and most secure payment transactions. experience for our customers,” said John Shea, Chief Marketing Officer at Jimmy John’s. “With cutting-edge technology from “Our Worldpay Integrated Payments platform has delivered a Worldpay and Verifone, we will be even better equipped to customized, market leading solution that aligns to Jimmy John’s, provide fast and frictionless service to our customers in the ‘freaky fast’ customer experience needs,” said Matt Taylor, EVP payment method of their choice.” Head of Global Integrated Payments & SMB eCommerce at Worldpay. “Partnering with Verifone to implement their Jimmy John’s has been a long-standing partner with Worldpay next generation of contactless EMV series devices adds Integrated Payments and will be an early adopter among Quick tremendous value to our software developer community and Service Restaurant (QSR) merchants as it has already begun cherished clients like Jimmy John’s. We’re thrilled to be able to testing Verifone’s EMV-grade contactless Engage P400 device. deliver innovative product capabilities in today’s rapidly evolving integrated payments ecosystem that give our merchants an “Worldpay’s significant reach enables Verifone to deliver our important advantage in processing capabilities, tailored to their next-generation payments solutions to merchants like Jimmy specific needs.” John’s,” said Joe Mach, Verifone’s President of Americas. “With forward-thinking tech, and a partner who can make payments seamless to implement for the merchant, our combined forces continue to give a leg up to businesses everywhere.” SLICE | ISSUE #18.
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