Changes in your business tactics, strategies and business models may be on the verge. Blair Stover brings to your attention changes occurring in the face of retail. First off, people are desiring purpose beyond profits. The youth of today are expecting corporations to not only generate raw profits, but to serve a greater purpose.
Also, sharing has become a new business model over consumption. Services are emerging that allow people to rent, borrow, get and gift goods from peers rather than buying them new.
New opportunities are enabled by local neighborhoods. New business models are taking the popup stores to a new level. Physical goods are ‘forward deployed’ in communities to be obtained on demand. In addition to this, on-demand delivery is sending products directly to homes. Products are being delivered to homes within hours with delivery network models. Local merchants are able to compete with Amazon.
Customized products are affecting supply chains. With 3D printing increasing in popularity, retailers will be experimenting in using this new technology along with online services. Also, marketplace models are extending their brand further than core value propositions, extending to the social morals of makers around them.
Brand and customer relationships take a turn. We are all familiar with the empowerment of the customer to rate companies and products. Now, companies are prompting their customers to encourage good service in exchange for positive behavior. Another trend up and coming is alternative currency bringing new transaction opportunities. Decentralized currency platforms have emerged.
Crowd funding is done by big brands, not because the brand needs to do it, but because it offers the highest form of shared destiny and loyalty. Through crowd funding, a brand can identify product demand and allow prepayment. Along with this, crowd-created products bring endless innovation. People are able to produce their own goods through the Maker Movement. They can then offer their goods to their community at online marketplaces.