There’s no denying it, consumer behaviours, shopping habits, and the expectations we have of retail destinations are being revolutionised by technology. The internet has completely transformed the act of buying as product searches have become seamless and transactions straightforward.
However, brands recognise more than ever that a high-quality physical presence is critical to brand awareness. It is also an essential part of the supply chain. Additionally, the shopping experience is essential and there are greater gains to be made by adopting a holistic view through the rebalancing of online and physical assets.
Technology has also changed the way in which owners and operators of destinations as well as brands understand their audience. The modern consumer is often multi-faceted – they can economise and still be extravagant at the same time; they care about health and sustainability; and brand loyalty is no longer as important to them as it once was. The internet has opened up an entirely new world for the consumer, offering a seemingly limitless range of goods and products that appeal to their individual lifestyles, values, and needs.
Our consumer landscape has evolved rapidly and today’s consumer can spend quickly, easily, and facelessly without ever leaving their favoured social media channel; let alone opening a new tab on their browser.
By 2030, the retail industry is expected to spend over USD $9 billion on technology, up from USD $5 billion last year. However, we don’t have to wait five years to feel its effects, and placemakers like Hammerson are already supporting and facilitating this innovation.
As experience and physical connection is much more important in our otherwise tech driven world, then brands need to make the bricks-and-mortar experience feel different, but not alien. It’s about co-existence between tech and human touch. The experience has to be an engaging one that fosters an authentic connection between the brand and the consumer. This is something only tech-enhanced destinations can fulfil.
We’re already seeing this tech innovation and expansion across all aspects of retail, not just online channels. Omnichannel experiences, including click-and-collect, are becoming increasingly popular as they give brands the opportunity to engage with their visitors in person even if the sale is completed days earlier online.
Placemaker’s approach to leasing can also play an integral role. As we reimagine and evolve our city-centre destinations, we are also creating opportunities for our occupiers who are leading the way in technology. Our ‘Bullring Tech Makeover’, which took place in May, brought this to life by showcasing the latest innovations that are already in store from our high-profile brand partners, including Nike, Selfridges, Zara and the new experiential leisure concept, TOCA Social.
From interactive displays and virtual reality product trials to in-store workshops, real-time personalisation, and engaging events; the Bullring Tech Makeover highlighted how tech is the secret to creating a dynamic and memorable shopping experience.
Today, increased investment in Artificial Intelligence, Augmented Reality, and Virtual Reality is also enhancing our customers’ shopping experiences, by enabling visitors to virtually try on clothes and makeup before committing to a purchase, create curated baskets and recommendations based on tastes and budgets, and allowing ethically-conscious customers to learn more about how their products are made.
Through our own social media channels, we are amplifying innovation in our destinations, driving awareness and footfall, whilst engaging and exciting audiences in new ways.
Placemakers and brands must continue to embrace technology in order to provide our visitors with the best possible experience. Bullring’s Tech Makeover is a blueprint for how we are repositioning our destinations; helping visitors to see and experience how tech is giving city-centre shopping a new lease of life with cutting-edge in-store solutions and increasingly personalised customer service.
The future of retail isn’t about selling products; it’s about championing innovation and fostering connections to create true value. By prioritising tech-driven, experiential retail spaces, we can truly make the jump from our spaces being ‘a place to buy things’, to destinations that are vibrant 24/7 lifestyle and cultural hubs and have great social impact in growing communities. While tech integration is the future of retail, it is also the present, and we are so proud to support our brand partners as they lead the way in this transformation.
