In preparation for Retail Week 19, IR had the chance to sit down with Dr. Violet Lazarevic, head of customer behaviour and data at Endeavour Drinks Group, who shared her insights on next-generation retail and the future of customer behaviour in the lead-up to her presentation at our next Academy event.
Inside Retail: Your presentation at Inside Retail Academy 2019 will explore ‘ultra-convenience’ and how to tackle understanding the future consumer, what is your take home message?
Violet Lazarevic: A key take-home is that the journey to understanding the future consumer never ends so you need to constantly think about how you are refreshing that knowledge.
Too many businesses are only concerned with their direct competitors but the future of ultra-convenience often comes from the disruptors beyond your industry – the Ubers etc. So, read far and wide to learn what’s happening beyond your own industry.
IR: What could the future of ultra-convenience look like?
VL: It’s very hard to say because it will not be people from within your industry who shape that future, it will be down to how customers react.
However, drones and solving the transportation challenge beyond roads will be an interesting evolution of ultra-convenience. I think the expectation for faster responses from business to customers is growing and in the convenience space that means getting the product more quickly.
IR: The term ‘new retail’, what does it mean to you?
VL: For me it means, being able to work in a more agile way so that you can respond more quickly to market changes and it means being closer than ever before to your customer because ‘good enough’ is no longer good enough.
IR: What do we already know about how customer behaviour is evolving?
VL: What we know is customer expectations are higher than ever and because they have access to more information from across the world there is an expectation that as soon as you see something new and possibly better, that it will be available to you very quickly as a customer.
The other thing that is interesting in the Australian market is that we are seeing more and more diversity with people of different cultures, ethnicities, beliefs and values. So, as a retailer, it becomes increasingly important that you personalise and customise your approach to accommodate those different groups of customers.
IR: What do retailers need to do now to prepare for 2029?
VL: I think they need to invest in a better understanding of customers through insights and data and focus on attracting a talent pool that can respond quickly to change, make data driven decisions and be single minded on their customer focus.
Inside Retail Academy 2019 will bring together retailers to connect and hear from world class industry leaders who will share their insights on ‘New Retail’ and expectations of the future consumer. It will explore everything from technology and marketing through to payments. Join us in Melbourne or Sydney! Please click here to find out how you can reserve you place now. We look forward to seeing you there.
