Jones Lang LaSalle issued today part five of the Retail 2020 study; The End of Silent Retailing. Retail 2020, which was launched on 28th May via a bespoke website, examines the rapidly changing global retail landscape over the next ten years.
The future of marketing for retail will undoubtedly become focused on being involved in the dialogue between consumers, but also instigating their own conversations. Until now the retail industry has remained very quiet in communicating with people, but the growing importance of the internet will not only allow but also require retailers to have a voice.
The End of Silent Retailing considers how the growth of new technologies will create a new imperative for retailers to enter into a dialogue with consumers. It explores how social networking will allow retailers to become part of the real lives of consumers, and how this will impact a retail experience overall. The End of Silent Retailing also discusses how retailers will increasingly have more data about their customers than ever before and how best to utilise this information.
Guy Grainger, Head of UK Retail Agency at Jones Lang LaSalle commented: "Retailers have already started to chat with their customers via Facebook, Twitter and iPhone apps. However, there are still significant amounts of retailers who have yet to engage with consumers via these new technologies and over the next decade responding to this growing phenomenon will become an essential part of successful retailing."
Robert Bonwell, CEO of EMEA Retail at Jones Lang LaSalle said: "In adopting a more interactive approach, retailers will be able to forge closer relationships with consumers. Retailers will need to relinquish a degree of control over their brands and allow consumers to shape it for them, but the reward will be a better understanding of people's transactional habits."
Bonwell concluded: "This in turn will allow retailers access to sophisticated data to shape how they market products to individuals rather than mass audiences. The next decade will witness competition for the ownership of this consumer information, and the retailers who can master advanced analytics to successfully decode intelligent insights from this data will emerge the winners."