Why Storytelling Is The Key To Luxury’s Hi-Tech Future
Globally, New Retail has become the core mission behind all new retail merger & acquisition strategies. And, after learning from mass retailers, the luxury field has kicked off its own ecosystem war.
The role of the store will evolve from a simple point of sale to a touchpoint for consumer engagement that introduces entertainment or personalized shopping expeditions into the experience.
Only relevant storytelling that leads to functional experiences can generate data-collection at retail destinations in this new ecosystem.
“Smart cities,” where objects, devices, and physical environments will be able to communicate with one another, are coming soon, and true “phygital” experiences are already popping up in many sectors. China’s model of New Retail is spreading, and now it’s merging with other worldwide actors in unexpected ways. At every level of the retail marketing chain, new ecosystems are being constructed as we speak.
Think ecosystem early!
Many Western marketers still report on New Retail as if it’s a confrontational model ready to do combat with American systems. But the COVID-19 crisis has pushed the duality of omnichannel vs. New Retail thinking toward becoming a powerful new hybrid. The book New Retail: Born in China, Going Global by Dudarenok and Zakkour explains how Tencent’s Smart Retail and JD’s Boundary Retail both share the same four “C pillars” as Alibaba’s New Retail: consumer-centricity, convenience, customization, and contributions.
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