“Tremendous carnage, fallout, damage done to the industry. And it will really be a resurrection—and hopefully a portal to that new digital landscape we’ve been talking about for 20 years.”
-Doug Stephens, CEO Retail Prophet
Futurist Doug Stephens is working on a new book: Resurrecting Retail: The Future of Business in a Post-Pandemic World.
We didn’t want our audience to have to wait on the book, so we invited Doug on the show to give us near-term and long-term perspective on the post-pandemic world.
In this episode, Doug predicts how retail will evolve. He’s not focusing on waves, but paying attention to riptides and undercurrents that can kill a business.
As e-commerce grows, physical stores must change, Doug says.
Media is becoming the store. And stores may become more like media outlets. This new store model may work similar to how companies buy TV ads—their media buy places ads on stations that attract their target audience.
Brands will find physical outlets that deliver the best in-store experiences and pay to be on that floor. The purpose of the store will be distributing experiences with products and people in those spaces.
In the mattress category, this approach is likely why digital first brands like Tuft & Needle made moves toward free standing retail. By all accounts, those physical stores lowered local customer acquisition costs and gave consumers a chance to experience the brand and its products.
Where is retail headed and how can you stay relevant? Buckle up. Doug takes listeners on a wild ride.
About Doug Stephens
Doug Stephens is the Founder and CEO of Retail Prophet and one of the world’s foremost retail industry futurists.
His intellectual work and thinking has influenced many of the most widely known international retailers, agencies and brands including Walmart, Google, L’Oreal, BMW and LVMH.
Doug is the author of two International bestselling books – Reengineering Retail: The Future of Selling in a Post-Digital World and The Retail Revival: Re-Imagining Business for the New Age of Consumerism.
Doug is also the nationally syndicated retail columnist for CBC Radio and sits on multiple corporate and academic advisory boards.
Nationwide Help Center
Nationwide Marketing Group has launched a BACK TO BUSINESS HUB packed with useful information for independent retailers.
For Dos Marcos listeners seeking expert advice as they navigate the changing environment, we have an email address for you to use: firstname.lastname@example.org.
As a member of Nationwide Marketing group, you instantly have access to over 200+ ambitious, entrepreneurial-minded advocates who are dedicated to helping your business thrive. Nationwide serves more than 5,500 independent retail members with tools, resources, training, and technology to help their businesses grow.