“One of the challenges of innovation is figuring out how to wipe your mind clean about what you should be doing at any given moment, and not having a religious attachment to what’s gotten you there thus far.” – Andrew Mason, CEO of Groupon As we commence another year, it is a great time to start thinking outside the box at how your retail business can create an innovative and inspiring experience for customers. So in my first column back for 2014, we look at the next category of
retail innovation from our latest Ebeltoft Group Retail Innovation Study, Curated Collections.
The heart of successful retailing lies in creating a coherent and compelling assortment for customers. Indeed, it’s the job of any retailer to be an effective merchant, selecting the best products they can to create a meaningful offer.
The notion of ‘curated retailing’ is certainly not new, but what has changed is the consumer’s ability to access a nearly infinite number of products from a broader (and global) variety of providers. Simply having a broad selection of products is no longer a differentiator, but bringing these products together in unique ways offers retailers an ever changing way to innovate.
As we were judging Ebeltoft Group’s Retail Innovations 9 study, we saw multiple entrants focus on innovatively creating assortments that are no longer solely based on category, but on a broader lifestyle view of the consumer.
One best practice case study came from Frankfurt retailer, 2nd Born. From an empathy with consumers’ difficulty in imagining what a product they purchase could look like in their actual home the store is decorated to look like an ordinary apartment, exhibiting no more than three rooms at once. Depending upon the accessories and furniture, shoppers might find a dining room, living room, kitchen, or even an entrance hall area. The charm lies in the customer’s ability to purchase everything they see in the interior, from the wall paint to sockets, vases, clothing and cosmetics. An online store is currently in the pipeline.
Every two or three weeks, one area of the store is redecorated to reflect current trends of the season. With its unique range of products and such appealing presentation, the concept is a showcase of how ‘fit’ retailers are combining inspirationally designed curated collections with experiential exhibiting to maximise sales.
In the fashion world, H&M’s brand, & Other Stories, innovatively latches on to the way consumers interact with fashion on social media.
Using this insight, & Other Stories has aligned its user experience and product offering with its audience’s social media behaviour to create a unique brand proposition.The brand draws on the use of online blogs as style inspiration and encourages consumers to create their own personal fashion story with its wide range of shoes, bags, accessories, beauty, and ready to wear items.
Its proposition is reflected in the store’s unconventional juxtaposition of different products into “moods” rather than categories or colour ranges. The blog style snapshots of the clothes are also all set within a minimalistic, utilitarian interior.
No matter what products you sell, these two case studies have a few things in common that make them ‘fitter’ businesses. Both start with the consumer, empathize with their lifestyle, and then find a unique and compelling way to introduce the relevant product assortment to them.
Happy ‘fit’ retailing!
Brian Walker
All currently released trends from Retail Innovations 9 including Curated Collections, are available to download here.
* Brian and Retail Doctor Group can be contacted on 02 9460 2882 or by email on businessfitness@retaildoctor.com.au. For more information please visit www.retaildoctor.com.au