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THIS is the future of retail, advertising and marketing...

Discussion in 'Marketing and Promotion' started by AaronC, May 10, 2016.

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  1. AaronC

    AaronC Member

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    So as many of you know, traditional retail is dying. Clothing brands and big box stores are going out of business left and right. Furthermore, the traditional marketing methods that went along with those are also dying; you used to be able to simply post a big ad in a newspaper and expect it to translate in to sales, but that just doesn't work anymore.

    Which leads me to an idea...

    As a professional in the fashion and event management industries, I've seen first hand that it isn't just enough for brands to open up a physical store and expect all to go smoothly. The new generations are more apt to buy experiences over material things, and are waaaay more keen to share things with others.
    So, my vision is that in the future, brands will use their physical 'stores' not necessarily as stores, but instead as a physical experiential marketing space to communicate their brand story; eg. art gallery type spaces, using the physical location as a place for branded events or parties, involving art, food, and music. So in essence, the focus is on giving people a branded experience that will then translate in to sales.

    I'm absolutely convinced that this is the future. And it would be HIGHLY lucrative and worthwhile to make a business out of this, but I'm not sure in what form; eg. consulting services, an agency type thing etc...

    But anyhow, if anyone is interested in discussing this further or putting forth some cool ideas that don't suck, I'm all yours!!!
     
  2. azgold

    azgold Moderator MVP Member

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    Welcome to EFix, @AaronC !

    That is a very interesting perspective you have on the future of retail. The mental picture I got from reading your post, put me in mind of some futuristic movies I've seen.

    Re your idea of somehow lining up to take advantage of the future as you see it, that could end up being extremely lucrative for you. Assuming that's how it goes. But entrepreneurship is full of risks....and rewards. Being the first person to approach one of the 'big boys' could prove very advantageous, I imagine.

    Anyway, I hope this works out for you. Will be watching for your posts. :)
     
    Kevin A likes this.
  3. Nathaneal

    Nathaneal Member

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    This is awesome. One way is to have a physical location that is owned by a company. Who could rent/lease the place to businesses who want to use it to create an experience.
    Since Said business probably won't want to keep a place open 7 days a week that is in the same location doing the same things. It is probably more of an on the go thing. Kind of like a rock star on tour. Just a thought
    & the person who owns that brick and mortar could use it for solely those types of things and it could become very popular. with regulars who are interested in stopping in once or twice a week to see whats new.
    Needless to say, this is an awesome idea. Im just glad you haven't pursued it yet ;)
     
    Kevin A likes this.
  4. William Clements

    William Clements Moderator Member

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    @AaronC, Welcome to EntrepreneurFix!!!
     
    Kevin A likes this.
  5. Rcastellon

    Rcastellon Member

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    Sounds like a good idea
     
    Kevin A likes this.
  6. VirtualGlobalPhone

    VirtualGlobalPhone Moderator MVP Member

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    Welcome @AaronC , The age is about consolidation, and keeping all the classic, latest trend - technology together with a glue of well crafted team of work force.

    Classic or old Business , concept dies not because its old its because of not meeting the demand of 'new' yet keeping the past. Some literally try change over the classic and loose in the pool of confusion or some become so hard and rigid they close.

    Check out some of the oldest local fashion companies in Hong Kong, Japan, China, India.

    So bottom line take all together especially in 'fashion related' business.
     
    Kevin A likes this.
  7. Kevin A

    Kevin A Member

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    I see what you say. Its kind of a trade show experience where people come to network an event hosted by the company but on it's retail location. I feel there should be some kind of partnership that will evovle to different business of different industry into one which then will open a new market oppurtunity. If!... Ocourse the both industries could work together to solve a problem someone has and you make the solution. Or you need to find what people always want... i think what the world has come to is about PLEASURE..THINK ABOUT IT ? LETS CHAT ILL LOVE TO BE PART OF YOUR IDEA
     
  8. Kevin A

    Kevin A Member

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    @Aaron,
    Welcome to Entreprenuerfix.com
     
  9. Valerie Hart

    Valerie Hart MVP

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    @AaronC, have you expanded on this idea to make your own store like so? It kinda makes me think of the pop-up shop trend I've been seeing lately. Since they're only available for a limited time, they have to sell their brand and their product. It becomes more of an experience (especially when it's Kylie Jenner's pop-up). Have you seen any stores doing this recently?
     
  10. Utpal Member

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    Probably they will but retail industry is not over. They are adapting to technologies like retail analytics, customer analytics and many more. Without using technology retail will not survive.
     
  11. pedrocampos

    pedrocampos Member

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    I would say that traditional retail is not the future. Look at e-commerce, for example, it has so many advantages over the traditional that people these days when considering about starting a business they think twice before opening a store on the next street they pass.
     
  12. djbaxter

    djbaxter Administrator Moderator Member

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    I think there's still a place for both.

    For example, I don't buy food or clothing online, as a rule. I like to see exactly what I'm buying and, in the case of clothing, try it on for fit.

    As another example, I recently purchased some pet supplies online and had to return ALL 4 items. The items were simply too large or too small for my pet, something that wasn't made very clear online.
     
    pedrocampos likes this.
  13. pedrocampos

    pedrocampos Member

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    I think it comes down to consumer preference.. there a lot of companies out there that are innovating, for instance, in the clothing niche by providing a system where you receive the clothes that you want to try out and send back the ones that don`t fit. I agree, there's still place for both, but e-commerce is getting stronger.
     
  14. djbaxter

    djbaxter Administrator Moderator Member

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    Agreed. Indeed, I don't buy online unless there's a very clear refund policy. But it's still a pain to have to return things and for some categories it's still a lot easier to shop in person and get it right the first time.
     
    pedrocampos likes this.
  15. djbaxter

    djbaxter Administrator Moderator Member

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    I should clarify: I don't disagree with your basic point at all about commerce moving online to ecommerce. Businesses that don't understand that are going under - look at Sears Canada for the latest up here.

    And there are many things now that I almost never buy in a brick-and-mortar store. I just go to Best Buy or Amazon or even Walmart online. Why battle the crowds if you know exactly what you want?
     
    pedrocampos likes this.

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