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Digital retail is the new normal

  • News
  • May 27, 2016
  • Sarah Dunn
Digital retail is the new normal

When online shopping first went mainstream, many commentators forecast the death of bricks and mortar stores in favour of ecommerce propositions, but Neville-te Rito says the reality retailers are now experiencing is more nuanced.

“Many of us have evolved beyond the myth that the internet is going to decimate retail.”

Digital now overlaps with physical commerce, to the extent that many customers are now totally distracted by their smartphones and “in a partial state of consciousness” while browsing stores, Neville-te Rito says.

Mobile devices have, via social media, enabled an effective avenue for public complaint and significantly complicated the customer journey by making all information visible at any time. These changes mean retailers are now much more at the mercy of customers than they used to be, Neville-te Rito says: “I actually enjoyed the days when we were in control. Stack it high, watch it fly.”

“In order to survive this complex, content-rich world, we need to transform our shoppers into loyal advocates.”

This greater complexity also offers a multitude of ways for retailers to connect with customers, she says. Neville-te Rito cautioned against the omnipresent focus on ‘omnichannel’ retail, saying the concept meant nothing to customers – they just want seamless, frictionless access to the products they desire.

Many traditional retailers continue to treat their ecommerce operations as separate businesses, but Neville-te Rito says Walmart has revealed that 10 percent of its online sales come from shoppers who are physically present in the store. Customers notice the interaction between online and offline, she says: “I think we all know that a great app will not make up for a crappy instore experience.”

Non-retailers like Uber are also having an effect on consumer expectations: “That philosophy of being able to interact on my terms has fundamentally disrupted retail,” says Neville-te Rito.

Key trends she shared include:

  • Total retail. Neville-te Rito foresees increasing tension between ‘rational’, ‘functional’ and ‘emotional’ arms of any given retailer’s management staff as the business seeks to achieve a seamless, holistic retail ecosystem. She gave Warby Parker as an example, praising its perfect brand execution.
  • Digital convergence. Retailers are discovering new ways to integrate digital elements into physical stores, and finding cost-efficiencies so as to invest more into customer experience elements. Sephora was Neville-te Rito’s example here.
  • Enriched engagement. Authenticity, meaning, personalisation and ethics will become increasingly important. Peloton and Muji were listed as key examples.
  • Social community. Consumers are seeking meaningful, ‘trustful’ experiences, and the chance to feel like part of a tribe. Neville-te Rito feels Lululemon and its competitor Stylerunner do this well.
  • Useable data. Companies are increasingly allowing customers to input data to achieve a more personalised, convenient service. UnderArmour tracks training behaviour to recommend other products, and also uses the information to make better inventory decisions.

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Kiwi Property makes $138m net profit for the year

  • News
  • May 21, 2019
  • Radio New Zealand
Kiwi Property makes $138m net profit for the year

Kiwi Property has reported a strong full year underlying profit, as it continues to reinvest in its Auckland retail and office properties.

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Thankyou’s latest campaign combines scent and charity work

  • News
  • May 21, 2019
  • StopPress Team
Thankyou’s latest campaign combines scent and charity work

Australian charity product organisation Thankyou has launched its latest Kiwi campaign, combining that fact that 100 percent of its profit goes towards helping end global poverty with its use of perfume-grade botanical oils in its products.

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From edible insects to beautiful homeware: Made of Tomorrow’s co-founder talks its new venture

  • Design
  • May 21, 2019
  • Idealog
From edible insects to beautiful homeware: Made of Tomorrow’s co-founder talks its new venture

Most people would be in agreement that bugs, planters and room dividers don’t have much in common, but Matt Genefaas and Dan Craig would beg to differ. The two juggle running an edible insect company, Crawlers, as well as a homeware company, Made of Tomorrow. Genefaas has a chat about what the new furniture range, Space Between, was inspired by, as well as how him and Craig spend their days in slashie roles moving between pushing dried insects to the world, as well as polished mirrors and space dividers.

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Social scoreboard

Zavy and The Register have worked together to create a scoreboard that compares how the top 25 traditional media advertising spenders in New Zealand have performed on social media over the past 30 days, updated in real time.

 
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Why is the next generation so anxious? Here's how young founders can avoid burn-out

  • Opinion
  • May 21, 2019
  • Jennifer Young
Why is the next generation so anxious? Here's how young founders can avoid burn-out

There may be good reason to be concerned about our young entrepreneurs. Millennials and Generation Z have been labelled generation burn-out, generation snowflake and described as narcissistic, entitled, tech-dependent and fragile. They’re also oversaturated with headlines about the raft of issues like climate change they have to tackle, plus concerns about the impact of technology and social media on their mental health. Jennifer Young explores possible reasons why the younger generation is so anxious, as well as what young founders can do to avoid burn-out.

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Vodafone NZ sold to private investors for $3.4b

  • News
  • May 21, 2019
  • Radio New Zealand
Vodafone NZ sold to private investors for $3.4b

Infrastructure investor Infratil is teaming up with a Canadian investment firm to buy the local operations of Vodafone for $3.4 billion.

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Readings present revised plan for Courtenay Central

  • Property
  • May 16, 2019
  • Radio New Zealand
Readings present revised plan for Courtenay Central

The company that owns Courtenay Central in Wellington says it has big plans for redeveloping the complex - which is closed due to earthquake risks.

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