Retail Innovation Week

PSFK sent this email to their subscribers on March 11, 2024.

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Forwarded this email? for more ESIEGSY RETAIL INNOVATION \WIEEKS Newsletter RETAIL INNOVATION WEEK RESEARCHED BY PIERS FAWKES AND THE PSFK IQ TEAM. INCLUDES A MACRO TRENDS ANALYSIS, A SPECIAL TRENDS REPORT ON REFORMATTED DESIGN, AND CONSUMER INSIGHTS REVEAL. Piers Fawkes and The Prompt from PSFK Mar 11 READ IN APP MACRO RETAIL TRENDS IN MARCH By using AI Agents developed by our Broadmind team and connecting them with vectorized knowledge bases that PSFK has built, we can determine some higher-level trends that permeate through retail today: * Innovation in Delivery and Fulfillment: Leveraging drone delivery and AI-enabled carts to streamline the customer journey, enhancing convenience and efficiency. * Advanced Customer Experience Technologies: Incorporating AI, voice assistants, and augmented reality to offer personalized recommendations and immersive experiences. * Sustainability and Social Responsibility: Emphasizing eco-friendly practices, ethical sourcing, and reducing waste to align with consumer demand for responsible retailing. * Seamless Technology Integration: Seamlessly incorporating advanced technologies to create an integrated retail ecosystem that enhances customer interactions across all touchpoints, ensuring a unified and efficient shopping experience. * Collaboration and Partnerships: Fostering unique shopping experiences through innovative collaborations, expanding options for consumers. * Personalization and Customization: Utilizing data and AI to tailor offerings and engage customers on an individual level, elevating the shopping experience. * Omnichannel Retailing: Harmonizing online and offline shopping channels to provide a consistent and seamless customer journey, enabling effortless ---------------------------------------------------------------------------------------------------------------------------------- THIS WEEK’S RETAIL INNOVATION CASE STUDIES This week, we dive into sustainability in dining, personalized luxury experiences, innovative retail formats, and the digital-physical retail convergence. Explore how brands are redefining consumer engagement through creativity, technology, and strategic collaborations. New York Restaurant Splashes Its Green Commitments On Its Walls A restaurant in New York, The Wesley, has transformed its space into a lush and welcoming environment, featuring plant-forward menus, living walls, and more that align with sustainable practices and healthy living. Learn More TSR T TP ORIV PRTANNMROYYYYNNVOOOO— | \ s S Berlin's All Day Hang Out Bar Mamá Café Bar in Berlin offers a cozy atmosphere with specialty coffee, natural wine, and aperitivo snacks, curated by acclaimed winemakers. Learn More kattbarronn A post shared by @kattbarronn Tailored Luxury for VIP Shoe-Making Zegna's exclusive experience in Beijing offers personalized shoe-making and luxury leisurewear for wealthy customers, reflecting China's growing demand for luxury goods and personalized experiences. Learn More Fnac's Tribute To A Pop-Up Legacy French retailer Fnac has launched a pop-up store to celebrate AC/DC's 50th anniversary, offering exclusive merchandise and giving fans a unique experience. Learn More AC DC Berlin Hype-ship: Merging E-Commerce with Physical Retail Highsnobiety has set up an impactful flagship store in Berlin, blending e-commerce with the physical shopping experience. Learn More Highsnobiety Store KidSuper Store: Where Dreams and Retail Merge The new KidSuper store in New York offers a unique concept with dream-like features, such as an art gallery, recording studio, and more, reflecting brand founder Colm Dillane's creativity and vision. It's a prime example of experiential retail and brand storytelling. Learn More Festival NFT Collections: Virtual x Real-Life Experiences Coachella's exclusive NFT collections offer fans both virtual and real-life experiences, showcasing the growing use cases and value of NFTs beyond collectibles. Learn More Coachella NFT Garden Café in Bangkok In Bangkok, the Tana Tap Wall Garden Café features a unique design with three walls of varying heights and an exterior wall that doubles as a vertical garden, reflecting the evolving role of walls in contemporary architecture. Learn More Playful, Education Spaces DIKA Architectural Design Center in China has created playful, educational, and sustainable spaces for children. Learn More DIKA Design The Dolphin Centre, UK Redefining the shopping center with healthcare, co-working spaces, and community events, catering to contemporary consumer needs. Learn More LATEST OFFERS h . Abercrombie & Fitch Bridal Shop Marking a significant shift, Abercrombie & Fitch enters the bridal market, showcasing the importance of evolving with consumer trends. Learn More Le Bon Marché's Mise en Page Pop-Up A carefully curated book experience, showcasing the intimate connection between retail and culture. Learn More Le Bon Marché Pop-Up Wild Souls by Studiomateriality Embracing earth tones and natural elements, this Athens-based shop offers a refreshing take on health-conscious retail.Learn More Wild Souls Whole Foods' Small-Format Store Tailored for urban markets, offering a streamlined shopping experience with grab-and-go options. Learn More Whole Foods Ghost Kitchen Bake Shop A unique partnership offering MOLTN cookies and Taharka Brothers ice cream merges culinary innovation with retail. Learn More MOLTN Cookies ---------------------------------------------------------------------------------------------------------------------------------- FREE PRESENTATION DECK: 60 DAYS OF 2024 BUSINESS SENTIMENT ANALYSIS Now that we're over 60 days into 2024, how are businesses faring? Where are industries channeling their investments? Download our deck! Some of the results are a little nod along but we were particularly struck by the stark contrasts in how corporations are navigating their investments between physical and digital retail spaces. The differences in reporting between luxury brands and consumer goods companies were quite revealing. Probably our favorite section is the one with the significant variations of focus between industry verticals. Enjoy! First 60 Days 2024 Business Sentiment Analysis Review of Earnings Reports Januar y & February 2024 % 'q Prepared by AR N TN AN Y DDDDDDDDD ' March 4, 2024 (in] ---------------------------------------------------------------------------------------------------------------------------------- THIS WEEK’S TREND: REFORMATTED DESIGN For the next few week’s, we’re sharing an extract from Piers Fawkes’ new 2025 trends report: Machine Thinking. Last week we shared some thoughts on the trend Intent Based Experiences and this week we push design further the PSFK and founder’s thoughts on Reformatted Design where form can break free when it stops being tied to historical legacy and human habit. Maybe we start with the Apple Vision Pro. It’s ugly, right? It nothing new like the iPod was, and it’s no way as slick as the iPad seemed when it first launched. Right? The VR and XR headset is arguably one of the most cumbersome technological devices of our time: shaped out out of necessity, hindered by the limits of our current technology and, ultimately, biased by what designers think a head set should look like. When it comes to product design today, we often find ourselves shackled to the legacy of the past. Our creations, more often than not, are but modern interpretations of age-old relics. Industrial design, unlike its digital counterpart, grapples with the tangible – the material constraints, the physical realities. Historically, these designs have been the products of human imagination – inherently limited, confined within the realms of what we know, what we've seen. But let’s learn that new formats can break through. Remember the story of Sony's Walkman? It was a design that defied convention and was at first rejected: the design was a challenge to the status quo, an idea that wasn’t in line with how things are designed. The Sony staff literally had to go onto the streets and get people to try the headphones on and listen to the music in order to start getting product acceptance. It’s a rare example of a break away design but too often technology companies iterate on the old. But now, we're on the cusp of a revolution, thanks to the prowess of AI and computational design. These technologies are processing millions of possibilities in mere moments, identifying optimal designs that transcend our traditional limitations. Ai is redefining components, hardware, materials and every aspect of what electronics can look like, feel like. This is where the magic happens: humans take these AI-driven foundations and infuse them with creativity, crafting experiences that are not just functional but engaging, not just practical but enchanting. A Royal Institute of British Architects 2024 survey of architects finds that over half of architects expect their firms to use AI, and 57% think it will improve efficiency in the design process. A Reformatted Design approach allows for design innovation in other fields too - like healthcare. Look at the trend in AI-powered bionic prosthetics, like the Genium X3 knee and BrainGate neural interface, which represent a leap in personalized medical technology. These devices adapt in real-time to users' movements and thoughts, offering enhanced mobility and autonomy. The Bespoke Limb System and Esper Hand further personalize the experience with custom-fit designs and aesthetic customization, merging functionality with individual expression. This marks a significant advancement in integrating AI with physical design to meet unique user needs. OpenAI has already hired famed Apple design leader Jony Ive to to build new hardware technology. The project promises the “iPhone of artificial intelligence” and aims to create a more natural way to interact with AI - and no doubt will produce a product people never imagined before. We're stepping into an era where design is no longer about updating relics but about reimagining possibilities, breaking free from historical constraints, and embracing the unbounded potential of human-machine collaboration in design. And there’s real reason to take the Reformatted Design approach seriously: A 2024 report by Andreessen Horowitz argues that extreme products win: The Silicon Valley investors say that the most successful consumer products have strong "word of mouth" virality due to surprising or even unserious early use cases (e.g., Snap as "just a sexting app"). But these products often fulfill a real need that shines through in engagement and retention metrics. Create an abstract representation of macro trends in technology and innovation, focusing on immersive engagement through mixed reality. Use abstract shapes and forms with a color palette featuring purple (#663399) as an accent. The artwork should convey a sense of futurism and innovation without depicting any specific objects or words. Keep subscribed to this newsletter to receive an alert regarding the publication of ‘Machine Thinking’ to PSFK’s report library ---------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------- AI MEET UP IN NYC Thanks to everyone who came long to this week’s session at Spring Studios in NYC. Thoughts and audience comments here on LinkedIn. ---------------------------------------------------------------------------------------------------------------------------------- CONSUMER INSIGHTS For the analysis of data in the PSFK knowledge base we can see that people today want fast, seamless, and convenient services, with consumer behavior increasingly geared towards instant gratification as reflected in shopping and delivery needs. Consumers, particularly millennials and Gen Z, are seeking flexible dining options that cater to an array of taste preferences, a trend influenced by urban lifestyles and evolving work dynamics. This reflects today's consumer's expectation for businesses to be adaptable and responsive to shifting consumer preferences. In terms of shopping behaviors, consumers are transitioning towards online shopping, as evidenced by record-breaking holiday spending. This shift indicates the changing landscape of consumer behavior incited by digital alternatives and external disruptions. At the same time, the resurgence of supermarket shopping in the UK post-pandemic signals a rising consumer confidence in physical retail experiences. Despite economic uncertainties, consumers continue to show a strong desire for food and retail goods, highlighting the resilience of certain sectors. Affordability and accessibility remain crucial in driving consumer choices, especially in the fast-fashion market. Consequently, businesses strive to sustain customer loyalty and satisfaction by investing in value-added strategies, such as reducing product prices. ---------------------------------------------------------------------------------------------------------------------------------- READ OUR SIBLING-NEWSLETTER: PSFK WEEKLY ---------------------------------------------------------------------------------------------------------------------------------- QUOTES OF NOTE "People have lost trust in the vision of a shopkeeper because we have the internet and we can research whatever we want." Caroline Weaver, Locavore Guide vs "I think the biggest change we're seeing in our business sector is the shift in consumer behavior towards online shopping and e-commerce. This change has significantly impacted the way customers shop and their expectations for convenience and speed." Doug McMillon, CEO, Walmart More Quotes ---------------------------------------------------------------------------------------------------------------------------------- STAT OF NOTE One-third of Americans plan to watch the women's NCAA basketball tournament at least 'somewhat' closely, marking a 16 percentage point increase from March 2023. Source More Stats ---------------------------------------------------------------------------------------------------------------------------------- Thanks for reading Retail Innovation Week! Subscribe for free to receive new posts. Retail Innovation Week is a newsletter published by the team behind business intelligence portal PSFK IQ. With daily content refreshed across sectors and topics and multiple AI-powered tools, we kinda think it’s the best resource for marketers, retailers, strategists and innovation folks out there. But you decide. 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