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    "result": {"data":{"contentfulComposePage":{"title":"Hypecurves and Trends in Retail","seo":{"title":"Hypecurves and Trends in Retail","description":"What are trends, how do they direct consumer behaviour, and how do we respond?"},"content":{"author":"Shanae Vander Togt","publishDate":"Sep 24, 2019","updatedAt":"Jan 10, 2022","content":{"raw":"{\"nodeType\":\"document\",\"data\":{},\"content\":[{\"nodeType\":\"paragraph\",\"content\":[{\"nodeType\":\"text\",\"value\":\"The past five years in retail have been tumultuous to say the least. Real Estate Investment Trusts (REITs) have been facing the dreaded \\\"retail-pocalypse\\\", as the rise of digital and e-commerce threatened to pull traditional retailers under.\",\"marks\":[],\"data\":{}}],\"data\":{}},{\"nodeType\":\"embedded-asset-block\",\"content\":[],\"data\":{\"target\":{\"sys\":{\"id\":\"6hVk6H9bGMeeI84u6zQ7mn\",\"type\":\"Link\",\"linkType\":\"Asset\"}}}},{\"nodeType\":\"heading-3\",\"content\":[{\"nodeType\":\"text\",\"value\":\"The threat of e-commerce \",\"marks\":[],\"data\":{}}],\"data\":{}},{\"nodeType\":\"paragraph\",\"content\":[{\"nodeType\":\"text\",\"value\":\"The \\\"demise of the public market\\\" narrative has been a very real threat for retail REITs, almost more so than the actual change in purchasing behaviour itself. The overall feeling was that e-commerce was ‘eating the world’, creating huge problems for traditional brick-and-mortar that would be impossible to come back from. In reality, e-commerce accounts for approximately 14% of total retail sales in the United States, \",\"marks\":[],\"data\":{}},{\"nodeType\":\"hyperlink\",\"content\":[{\"nodeType\":\"text\",\"value\":\"according to analysis\",\"marks\":[],\"data\":{}}],\"data\":{\"uri\":\"https://www.digitalcommerce360.com/article/us-ecommerce-sales/\"}},{\"nodeType\":\"text\",\"value\":\" done by Internet Retailer and the U.S. Commerce Department.\",\"marks\":[],\"data\":{}}],\"data\":{}},{\"nodeType\":\"paragraph\",\"content\":[{\"nodeType\":\"text\",\"value\":\"Some retail REITs, however, managed to avoid the worst of the damage through their portfolio management. Certain portfolio assets will always hold value, due to location, architectural features, or even sheer number of stores available. While consumer behaviour and purchasing cycles will inevitably shift, we have yet to see definitive proof that brick-and-mortar locations will be disappearing altogether.\",\"marks\":[],\"data\":{}}],\"data\":{}},{\"nodeType\":\"paragraph\",\"content\":[{\"nodeType\":\"text\",\"value\":\"Often, the top performing asset classes in retail REITs tend to be the less physical; the locations that are smaller in square footage but have been extensively invested in from an experience perspective. Previously, overbuilding of retail properties was a trend, especially with a natural cycle of churn and disruption that follows consumer purchasing habits. Now, there is more focus on optimizing current assets in the retail REIT portfolio to better access existing and future customers.\",\"marks\":[],\"data\":{}}],\"data\":{}},{\"nodeType\":\"heading-3\",\"content\":[{\"nodeType\":\"text\",\"value\":\"How do trends feed into the direction of malls? \",\"marks\":[],\"data\":{}}],\"data\":{}},{\"nodeType\":\"paragraph\",\"content\":[{\"nodeType\":\"text\",\"value\":\"Trends are a malls or retailers way of responding to what they think the public wants. The public perception can vary between what consumers want and what they think they want, but trends usually arise as a product of ensuring people have an engaging experience every time they step into a REIT property.\",\"marks\":[],\"data\":{}}],\"data\":{}},{\"nodeType\":\"embedded-asset-block\",\"content\":[],\"data\":{\"target\":{\"sys\":{\"id\":\"22y4M98iqByPEtAwNJyDgn\",\"type\":\"Link\",\"linkType\":\"Asset\"}}}},{\"nodeType\":\"paragraph\",\"content\":[{\"nodeType\":\"text\",\"value\":\"With the rise of digital, many retailers also think that they need to jump on it as the next big thing. While digital has a number of benefits including more data and increased efficiency, the retailers and REITs that have seen the largest success with implementation are the ones who understand that digital is an added accessory to their overall experience rather than a replacement.\",\"marks\":[],\"data\":{}}],\"data\":{}},{\"nodeType\":\"paragraph\",\"content\":[{\"nodeType\":\"text\",\"value\":\"As an industry standard, we are only beginning to scratch the surface with what digital can do and what data it can provide. If organizations aim for valuable digital foundations to build their capabilities onto in the future, it bridges the gap between prudent and novelty investment.\",\"marks\":[],\"data\":{}}],\"data\":{}},{\"nodeType\":\"paragraph\",\"content\":[{\"nodeType\":\"text\",\"value\":\"It is understandable that retail REITs would turn to the more novelty side of trends - they are still in the mindset that they need to create an engaging community feel in order to get people to spend more time there. Is a shopping centre ever going to be competitive novelty-wise vs. the internet? Most likely no, and most retail REITs understand that they need to be focusing elsewhere. Given how they have performed since the rise of the e-commerce boom, it’s clear that they are doing something right.\",\"marks\":[],\"data\":{}}],\"data\":{}},{\"nodeType\":\"heading-3\",\"content\":[{\"nodeType\":\"text\",\"value\":\"Trends from recent months \",\"marks\":[],\"data\":{}}],\"data\":{}},{\"nodeType\":\"paragraph\",\"content\":[{\"nodeType\":\"text\",\"value\":\"Interestingly, consumers have a specific idea of how they think technology can be used to help. According to the National Retail Federation’s \",\"marks\":[],\"data\":{}},{\"nodeType\":\"hyperlink\",\"content\":[{\"nodeType\":\"text\",\"value\":\"Summer 2019 Consumer View survey\",\"marks\":[],\"data\":{}}],\"data\":{\"uri\":\"https://nrf.com/sites/default/files/2019-06/Consumer%20View%20Summer%202019.pdf\"}},{\"nodeType\":\"text\",\"value\":\", “consumers are primarily interested in the use of technology to meet their most basic, tactical pre-purchase needs. That is not to say that personalization or retail-tainment is not on shoppers’ radar, but they want retailers to deliver on the basics and take uncertainty out of the process first.” \",\"marks\":[],\"data\":{}}],\"data\":{}},{\"nodeType\":\"heading-3\",\"content\":[{\"nodeType\":\"text\",\"value\":\"Looking forward \",\"marks\":[],\"data\":{}}],\"data\":{}},{\"nodeType\":\"paragraph\",\"content\":[{\"nodeType\":\"text\",\"value\":\"In another example, the types of tenants are also shifting. Recently, clothing rental company Le Tote purchased American department store Lord & Taylor. They are expected to keep the status quo for a few years with regards to the current operations of all the purchased stores, but it will be interesting to see how they will integrate their core service with these new physical locations.\",\"marks\":[],\"data\":{}}],\"data\":{}},{\"nodeType\":\"embedded-asset-block\",\"content\":[],\"data\":{\"target\":{\"sys\":{\"id\":\"9SPtvpE8xBwnnYyKHf1tI\",\"type\":\"Link\",\"linkType\":\"Asset\"}}}},{\"nodeType\":\"paragraph\",\"content\":[{\"nodeType\":\"text\",\"value\":\"Another potential future trend is niche offerings. \",\"marks\":[],\"data\":{}},{\"nodeType\":\"hyperlink\",\"content\":[{\"nodeType\":\"text\",\"value\":\"A big risk but big potential reward\",\"marks\":[],\"data\":{}}],\"data\":{\"uri\":\"https://www.insider-trends.com/whats-the-future-of-the-shopping-centre/\"}},{\"nodeType\":\"text\",\"value\":\":\",\"marks\":[],\"data\":{}}],\"data\":{}},{\"nodeType\":\"blockquote\",\"content\":[{\"nodeType\":\"paragraph\",\"content\":[{\"nodeType\":\"text\",\"value\":\"A new mall development in Dubai is focusing on a large-scale offering tailored to a certain niche. In this case it’s sports. As such, the entire development, which has an area equivalent to 12 football pitches, will only house sports related brands, events and activities. It’s something of a gamble, but by making itself a destination for sports Sport Society may benefit hugely from attracting a committed customer base.\",\"marks\":[],\"data\":{}}],\"data\":{}}],\"data\":{}},{\"nodeType\":\"paragraph\",\"content\":[{\"nodeType\":\"text\",\"value\":\"Regardless of how they arrive there, malls are competing with the internet for time and attention; time matters. A shift from \\\"how long are people staying\\\" to \\\"how can we make their time here enjoyable and encourage sales\\\" is critical. The internet always wins, but when using it as a partner rather than a competitor, we’re able to open up a world of possibilities.\",\"marks\":[],\"data\":{}}],\"data\":{}}]}","references":[{"contentful_id":"6hVk6H9bGMeeI84u6zQ7mn","__typename":"ContentfulAsset","description":"","file":{"url":"//images.ctfassets.net/wdjnw2prxlw8/6hVk6H9bGMeeI84u6zQ7mn/6e510f48045dda612760f054ff545039/clothes_in_retail_store.jpeg","contentType":"image/jpeg"}},{"contentful_id":"22y4M98iqByPEtAwNJyDgn","__typename":"ContentfulAsset","description":"","file":{"url":"//images.ctfassets.net/wdjnw2prxlw8/22y4M98iqByPEtAwNJyDgn/ed72af0b32120bae01bda0878ebcab1a/photo-1532795986-dbef1643a596.jpeg","contentType":"image/jpeg"}},{"contentful_id":"9SPtvpE8xBwnnYyKHf1tI","__typename":"ContentfulAsset","description":"","file":{"url":"//images.ctfassets.net/wdjnw2prxlw8/9SPtvpE8xBwnnYyKHf1tI/3fe4e72f4f56cdc1e66d1a9df3099f9b/retail_associate_with_iPad.jpeg","contentType":"image/jpeg"}}]},"image":{"file":{"url":"//images.ctfassets.net/wdjnw2prxlw8/69MIHUh3urPrk5SLYyiNqa/ce5f4615b05e451a46ac35e2764cfc23/claudio-schwarz-purzlbaum-zKT64MtVKQ0-unsplash.jpeg"}},"pdf":null,"relatedPosts":[{"title":"Evolution of the Mall: Four Ways REITs are Adapting for the Future","slug":"4-ways-reits-are-adapting-for-the-future","content":{"__typename":"ContentfulBlogPost","author":"Shanae Vander Togt","publishDate":"Oct 22, 2019","updatedAt":"Jan 18, 2022","tags":{"category":{"name":"Use Cases","slug":"use-cases"},"topic":{"name":"Retail","slug":"retail"}},"content":{"raw":"{\"data\":{},\"content\":[{\"data\":{},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"Over time, we have seen the shopping mall transition, in both physical form and in purpose. With the rise of digital, shopping malls and centres have undergone major change. Taking this change by storm, many have adapted in creative ways that have been beneficial for both their customers and their bottom line.  \",\"nodeType\":\"text\"}],\"nodeType\":\"paragraph\"},{\"data\":{},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"Back in time \",\"nodeType\":\"text\"}],\"nodeType\":\"heading-2\"},{\"data\":{},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"Malls used to be a hub of socialization, and a common hangout spot for younger generations (the “mall rat” stereotype, anyone?). For older generations, the mall was the main spot that all shopping took place. A variety of stores and a known quantity with regards to quality,  and selection. If they didn’t have something in a store that you wanted, they could try to bring it in, but for the most part the inventory they had is the inventory you got.\",\"nodeType\":\"text\"}],\"nodeType\":\"paragraph\"},{\"data\":{},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"Retailers managed sales based on seasonality (i.e. increased foot traffic around the holidays) and the inventory they had in stock. They didn’t have much data about their customers, but could recognize some regulars and some overall behaviour of shoppers based on what products were available when. Emphasis was on making the shops inviting, in order to capitalize on foot traffic and increased the chance that browsing shoppers would step into their store. \",\"nodeType\":\"text\"}],\"nodeType\":\"paragraph\"},{\"data\":{},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"Malls simply needed to make sure they had the brands that were popular or most looked for, in addition to having facilities and amenities catering to the socialization aspect. The REITs that owned these malls were focused on increasing the number of properties within their portfolio. More was more.  \",\"nodeType\":\"text\"}],\"nodeType\":\"paragraph\"},{\"data\":{},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"No time like the present \",\"nodeType\":\"text\"}],\"nodeType\":\"heading-2\"},{\"data\":{},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"Malls today operate under a more vague banner than they had in the past. With great emphasis on how technology and experiences can affect the shopper journey, malls have acknowledged that they need to offer different experiences to continue attracting shoppers. \",\"nodeType\":\"text\"}],\"nodeType\":\"paragraph\"},{\"data\":{},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"1. The new shopper journey\",\"nodeType\":\"text\"}],\"nodeType\":\"heading-3\"},{\"data\":{},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"The traditional buyer journey got a big update, one that involves more touch-points than only a brick and mortar store. \",\"nodeType\":\"text\"}],\"nodeType\":\"paragraph\"},{\"data\":{},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"Via the \",\"nodeType\":\"text\"},{\"data\":{\"uri\":\"https://digitalmarketinginstitute.com/blog/how-to-create-a-customer-journey-map\"},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"Digital Marketing Institute\",\"nodeType\":\"text\"}],\"nodeType\":\"hyperlink\"},{\"data\":{},\"marks\":[],\"value\":\": “67% of the modern buyer’s journey now takes place online, according to findings from SiriusDecisions.” With the addition of digital to help inform and research products consumers are looking for, the new journey melds digital and physical. Many retailers have capitalized on this by offering Buy Online, Pick Up In-Store (BOPIS) which has been largely successful. \",\"nodeType\":\"text\"}],\"nodeType\":\"paragraph\"},{\"data\":{},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"The National Retail Federation (NRF) did a study that indicated that 45% of retailers adopted BOPIS services last year, and that 37% of consumers used the service to get their goods faster from stores that had a connected digital and physical presence. \",\"nodeType\":\"text\"}],\"nodeType\":\"paragraph\"},{\"data\":{\"target\":{\"sys\":{\"id\":\"7fUjAgQBz8xoN98ElD9SBl\",\"type\":\"Link\",\"linkType\":\"Asset\"}}},\"content\":[],\"nodeType\":\"embedded-asset-block\"},{\"data\":{},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"2. New tenant portfolios\",\"nodeType\":\"text\"}],\"nodeType\":\"heading-3\"},{\"data\":{},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"In conjunction with a new shopper journey, we see a natural evolution of the tenant mix. REITs have been changing the types of tenants to better fit with the evolved expectations of shoppers. The rise of new varieties, like the \",\"nodeType\":\"text\"},{\"data\":{\"uri\":\"https://resources.mappedin.com/blog/digital-natives-and-the-jump-to-brick-and-mortar\"},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"digitally native vertical brands (DNBV)\",\"nodeType\":\"text\"}],\"nodeType\":\"hyperlink\"},{\"data\":{},\"marks\":[],\"value\":\", as well as a changing of the guard with tenants that were seen as mall staples for years has things shaking up in the face of this new customer journey. \",\"nodeType\":\"text\"}],\"nodeType\":\"paragraph\"},{\"data\":{},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"These new tenants differ in several ways. Brands that have invested in experiences are doing really well, as they encourage the shopper to not only make a purchase but to stay longer, and interact with their brand.\",\"nodeType\":\"text\"}],\"nodeType\":\"paragraph\"},{\"data\":{},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"3. Embracing the phy-gital\",\"nodeType\":\"text\"}],\"nodeType\":\"heading-3\"},{\"data\":{},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"The presence of physical goods is going down, with stores carrying less inventory but getting creative with showing customers all of the options available at their fingertips. As customers now demand variety in products as well as quality (customization and personalization merge heavily in this area), being able to cut down on inventory holding costs while still allowing the customer to purchase without losing convenience is crucial. \",\"nodeType\":\"text\"}],\"nodeType\":\"paragraph\"},{\"data\":{},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"This is leading to digital inventory and order systems - where a customer finds an item in store and uses a tablet or other device to see the colour options and fabrics available to them - as well as showrooming for goods that aren’t even present (think Tesla). \",\"nodeType\":\"text\"}],\"nodeType\":\"paragraph\"},{\"data\":{},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"4. The rise of the experience\",\"nodeType\":\"text\"}],\"nodeType\":\"heading-3\"},{\"data\":{},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"Another way tenants are evolving is with the rise and fall of the anchor tenant. Anchor tenants are large, well-known brand stores that usually serve as cardinal directions within a mall. Many of them have gone under in recent years, or have failed to get off the ground entirely. \",\"nodeType\":\"text\"}],\"nodeType\":\"paragraph\"},{\"data\":{},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"Examples of situations like the recent Target flop in the Canadian market have added to a growing trepidation REITs have about anchor tenants. With the most recent upending of Sears leaving many malls across North America, REITs are looking at empty real estate in their properties and needing to find a stop-gap. \",\"nodeType\":\"text\"}],\"nodeType\":\"paragraph\"},{\"data\":{},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"As a result, many REITs are prioritizing new, experience-based anchor tenants, to continue to entice visitors. Movie theatres, interesting restaurants, and even things like indoor water parks are leading the charge in experiential attractions over store attractions. \",\"nodeType\":\"text\"}],\"nodeType\":\"paragraph\"},{\"data\":{},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"An example of a retailer who understands the idea of new age brick and mortar, Lululemon has transformed their Chicago flagship store into what could be described as a full routine’s worth of experiences. It has a restaurant, studio space, and concierge desk. It also has exclusive merchandise available as well as a store-exclusive policy that shoppers can try on product in the workout classes, free of charge. A great way to allow customers to see and feel the benefits of their products in action.\",\"nodeType\":\"text\"}],\"nodeType\":\"paragraph\"},{\"data\":{\"target\":{\"sys\":{\"id\":\"5v384uaDiAEzvCunqL1shg\",\"type\":\"Link\",\"linkType\":\"Asset\"}}},\"content\":[],\"nodeType\":\"embedded-asset-block\"},{\"data\":{},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"Trends and adapting for the future \",\"nodeType\":\"text\"}],\"nodeType\":\"heading-2\"},{\"data\":{},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"Consumers expect more out of brands - through products, yes, but also in ways of knowing what they want and why they want it. Personalization and a brand relationship give way to loyalty, and shoppers are being more stringent with their loyalty than ever before. However, due to the amount of options available, if a customer decides to become a repeat customer for a brand, it is a much more solid bridge.\",\"nodeType\":\"text\"}],\"nodeType\":\"paragraph\"},{\"data\":{},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"We are also starting to see the shift in how properties are evolving physically. There is a much larger push for \",\"nodeType\":\"text\"},{\"data\":{\"uri\":\"https://mappedin.com/solutions/custom\"},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"mixed-use spaces\",\"nodeType\":\"text\"}],\"nodeType\":\"hyperlink\"},{\"data\":{},\"marks\":[],\"value\":\" that combine retail, living, and even medical as one-stop shop communities. This is banking on the convenience factor that is the new bar for customers, and implementing it in a way that they might not expect. \",\"nodeType\":\"text\"}],\"nodeType\":\"paragraph\"},{\"data\":{},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"Where do we go from here? \",\"nodeType\":\"text\"}],\"nodeType\":\"heading-2\"},{\"data\":{},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"There is plenty of work left to do to continue evolving with the way consumers purchase. Those who work with the trend rather than fight against it seem to have an inside line on staying relevant, but only time will tell. \",\"nodeType\":\"text\"}],\"nodeType\":\"paragraph\"},{\"data\":{},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"In need of a custom solution to fit with your digital strategy? \",\"nodeType\":\"text\"},{\"data\":{\"uri\":\"https://mappedin.com/contact-us/\"},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"Contact us here\",\"nodeType\":\"text\"}],\"nodeType\":\"hyperlink\"},{\"data\":{},\"marks\":[],\"value\":\" or send us an email at \",\"nodeType\":\"text\"},{\"data\":{\"uri\":\"mailto:contact@mappedin.com\"},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"contact@mappedin.com\",\"nodeType\":\"text\"}],\"nodeType\":\"hyperlink\"},{\"data\":{},\"marks\":[],\"value\":\".\",\"nodeType\":\"text\"}],\"nodeType\":\"paragraph\"}],\"nodeType\":\"document\"}"},"articleType":"Article","image":{"fluid":{"base64":"data:image/jpeg;base64,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","aspectRatio":1.5,"src":"//images.ctfassets.net/wdjnw2prxlw8/7fUjAgQBz8xoN98ElD9SBl/0978d0215aa7011206dce53ae328d46a/shopping_mall_escalator_shoppers.jpg?w=480&q=50","srcSet":"//images.ctfassets.net/wdjnw2prxlw8/7fUjAgQBz8xoN98ElD9SBl/0978d0215aa7011206dce53ae328d46a/shopping_mall_escalator_shoppers.jpg?w=120&h=80&q=50 120w,\n//images.ctfassets.net/wdjnw2prxlw8/7fUjAgQBz8xoN98ElD9SBl/0978d0215aa7011206dce53ae328d46a/shopping_mall_escalator_shoppers.jpg?w=240&h=160&q=50 240w,\n//images.ctfassets.net/wdjnw2prxlw8/7fUjAgQBz8xoN98ElD9SBl/0978d0215aa7011206dce53ae328d46a/shopping_mall_escalator_shoppers.jpg?w=480&h=320&q=50 480w,\n//images.ctfassets.net/wdjnw2prxlw8/7fUjAgQBz8xoN98ElD9SBl/0978d0215aa7011206dce53ae328d46a/shopping_mall_escalator_shoppers.jpg?w=720&h=480&q=50 720w,\n//images.ctfassets.net/wdjnw2prxlw8/7fUjAgQBz8xoN98ElD9SBl/0978d0215aa7011206dce53ae328d46a/shopping_mall_escalator_shoppers.jpg?w=960&h=640&q=50 960w,\n//images.ctfassets.net/wdjnw2prxlw8/7fUjAgQBz8xoN98ElD9SBl/0978d0215aa7011206dce53ae328d46a/shopping_mall_escalator_shoppers.jpg?w=1440&h=960&q=50 1440w","sizes":"(max-width: 480px) 100vw, 480px"}}}},{"title":"E-Book: Re-Inventing Retail","slug":"e-book-re-inventing-retail","content":{"__typename":"ContentfulBlogPost","author":"Mappedin","publishDate":"Jun 1, 2018","updatedAt":"Jan 10, 2022","tags":{"category":{"name":"Use Cases","slug":"use-cases"},"topic":{"name":"Retail","slug":"retail"}},"content":{"raw":"{\"nodeType\":\"document\",\"data\":{},\"content\":[{\"nodeType\":\"paragraph\",\"content\":[{\"nodeType\":\"text\",\"value\":\"The retail industry is in turmoil and technology is at the epicenter of this change. 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Forecasts from the International Data Corporation (IDC) estimated that the 2019 spend on AI systems would reach \",\"nodeType\":\"text\"},{\"data\":{\"uri\":\"https://www.marketingdive.com/trendline/ai/42/?utm_source=RD&utm_medium=Library&utm_campaign=Acoustic&utm_term=Retail%20Dive\"},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"$36 billion for the global market\",\"nodeType\":\"text\"}],\"nodeType\":\"hyperlink\"},{\"data\":{},\"marks\":[],\"value\":\". Retail alone was projected to spend $6 billion on AI as shoppers demand better customer experiences. \",\"nodeType\":\"text\"}],\"nodeType\":\"paragraph\"},{\"data\":{},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"\",\"nodeType\":\"text\"},{\"data\":{\"uri\":\"https://www.retailwire.com/discussion/ai-needs-to-be-more-than-just-a-bright-shiny-object/\"},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"This article\",\"nodeType\":\"text\"}],\"nodeType\":\"hyperlink\"},{\"data\":{},\"marks\":[],\"value\":\" from Andrew Blatherwick at Retail Wire had several controversial opinions about implementing AI in a retail environment, stating that it lowers customer engagement and shifts onus of tasks from employees to customers. \",\"nodeType\":\"text\"}],\"nodeType\":\"paragraph\"},{\"data\":{},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"While we agree that the method of implementation is crucial to getting AI right, we disagree that the entire idea is worth throwing to the side. \",\"nodeType\":\"text\"}],\"nodeType\":\"paragraph\"},{\"data\":{},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"Innovation for the sake of innovation is often a flash in the pan attempt at jumping on a trend or wave to access the ‘right now’. While it helps to capture a few additional sales at the time, it does not do much for long-term success if it’s not backed by an effective digital strategy. \",\"nodeType\":\"text\"}],\"nodeType\":\"paragraph\"},{\"data\":{},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"Blatherwick does get it right when he says that the end goal of AI always needs to be keeping shoppers engaged. Any technology that helps extend time in store, time at a service, or time in property further increases the probability of securing a sale. \",\"nodeType\":\"text\"}],\"nodeType\":\"paragraph\"},{\"data\":{},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"Additionally, customers are expecting personalization at a higher scale than ever before, even as far as to have it affect their shopping decisions based on offers and deals that brands send ‘exclusively’ for them. Pairing this personalization with in-store offers or exclusive products further helps push along traffic into brick and mortar locations. \",\"nodeType\":\"text\"}],\"nodeType\":\"paragraph\"},{\"data\":{},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"Above all else, investment in technologies like AI usually means that a REIT is investing in their portfolio as a whole. The outcomes are twofold - one: to increase shopper time on property and increase sales, but two: to gather data about shoppers, what they prefer and what doesn’t work for them. \",\"nodeType\":\"text\"}],\"nodeType\":\"paragraph\"},{\"data\":{},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"Rather than gathering data on the individuals, however, the data gathered points more to shopper behaviour and patterns en masse, helping to future predict trends and successes. \",\"nodeType\":\"text\"}],\"nodeType\":\"paragraph\"},{\"data\":{},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"Businesses need to be smart about what they deploy and when, but that is not unique to AI.\",\"nodeType\":\"text\"}],\"nodeType\":\"paragraph\"},{\"data\":{},\"content\":[{\"data\":{},\"marks\":[],\"value\":\"It’s business. \",\"nodeType\":\"text\"}],\"nodeType\":\"paragraph\"}],\"nodeType\":\"document\"}"},"articleType":"Article","image":{"fluid":{"base64":"data:image/jpeg;base64,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","aspectRatio":1.3893034825870647,"src":"//images.ctfassets.net/wdjnw2prxlw8/B87HU1TuBueHC8Rz8GsKD/0f8e5d918a6e11227590920fd1883909/possessed-photography-jIBMSMs4_kA-unsplash-2.jpg?w=480&q=50","srcSet":"//images.ctfassets.net/wdjnw2prxlw8/B87HU1TuBueHC8Rz8GsKD/0f8e5d918a6e11227590920fd1883909/possessed-photography-jIBMSMs4_kA-unsplash-2.jpg?w=120&h=86&q=50 120w,\n//images.ctfassets.net/wdjnw2prxlw8/B87HU1TuBueHC8Rz8GsKD/0f8e5d918a6e11227590920fd1883909/possessed-photography-jIBMSMs4_kA-unsplash-2.jpg?w=240&h=173&q=50 240w,\n//images.ctfassets.net/wdjnw2prxlw8/B87HU1TuBueHC8Rz8GsKD/0f8e5d918a6e11227590920fd1883909/possessed-photography-jIBMSMs4_kA-unsplash-2.jpg?w=480&h=345&q=50 480w,\n//images.ctfassets.net/wdjnw2prxlw8/B87HU1TuBueHC8Rz8GsKD/0f8e5d918a6e11227590920fd1883909/possessed-photography-jIBMSMs4_kA-unsplash-2.jpg?w=720&h=518&q=50 720w,\n//images.ctfassets.net/wdjnw2prxlw8/B87HU1TuBueHC8Rz8GsKD/0f8e5d918a6e11227590920fd1883909/possessed-photography-jIBMSMs4_kA-unsplash-2.jpg?w=960&h=691&q=50 960w,\n//images.ctfassets.net/wdjnw2prxlw8/B87HU1TuBueHC8Rz8GsKD/0f8e5d918a6e11227590920fd1883909/possessed-photography-jIBMSMs4_kA-unsplash-2.jpg?w=1440&h=1036&q=50 1440w","sizes":"(max-width: 480px) 100vw, 480px"}}}}],"tags":{"category":{"slug":"use-cases","name":"Use Cases"},"topic":{"slug":"retail","name":"Retail"}}}}},"pageContext":{"slug":"hypecurves-and-trends-in-retail"}},
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