Assignment 1: Visual Depiction and Explanation of Store of the future What would
ID: 391192 • Letter: A
Question
Assignment 1: Visual Depiction and Explanation of Store of the future What would you like the store of the future to look like? What store that exists now somewhere in the world has elements that you would like to see incorporated into the store of the future? What research can you find to substantiate your point of view?
The objective of the Assignment:
1. Develop critical thinking by challenging yourself to think beyond what you see in retail stores today. Take a deep dive into the new store venues that are emerging worldwide, and study new technologies to see what technologies have applicability for the store of the future. Study them, compare them and let your imagination wander with the objective of improving upon today’s format to achieve a new, intriguing format for the future. Think about a fashion store, preferably in the apparel, or accessories category. You can use Beauty stores as inspiration, but apply your techniques to a store in either the apparel or accessories category.
2. Develop research skills by using interesting, credible sources and properly documenting your sources for the new store venues you found that prompted your new view of the future store.
3. Using visuals and the written word clearly articulate your view of the future store.
The Assignment: 1. You are to identify at 5 retailers throughout the world that inspired you to imagine the store of the future. The store of the future should incorporate the best of online and technology as well as customer service into the brick and mortar environment. Incorporate the best of the ecommerce site of the store into the online experience. State where the retailer you used for inspiration is located by indicating the city, state or province and country where headquarters of the retailer is located.
2. Provide visuals of the retailer you are identifying either in a video, or in a Power Point slide show. Use text to clearly and briefly describe the technology or outcome the picture presents.
3. Consider the effectiveness of the digital presence of the retailer. State why it is effective; substantiate your viewpoint with specific statements that are supported by visual examples.
4. Describe and show in picture form if possible how you envision the store of the future. (You can use Photoshop to enhance and express your vision). 5. Cite the sources you used on a separate Works Cited Page to learn about the retailers you studied. Use proper APA format to document your sources. (Refer to How to do citations in the Course Information section of this course).
6. Unit 2 in the course deals with the blending of online and brick and mortar retailing. You can get some ideas for this assignment in Unit 2. Be sure to watch 3 videos provided by Microsoft that demonstrate various technologies that are being deployed in various industries that can be incorporated into the store environment.
The Deliverable: You will deliver this assignment in a Power Point with live links to visuals or a video. Please limit your slides to a total of 15 slides. A Works Cited page is in addition to the 15 slides and should be submitted in Work Document with hyperlinks I can click on and open. Requirements: Good visuals are extremely important for achieving success in this assignment. Use visual that deliver impact. Prepare a brief introduction, explanation and conclusion for your visual materials. Proper grammar, sentence structure, and proper citation of research according to APA format are mandatory. You can use bullet points that are grammatically correct with proper punctuation. Your text can be incorporated directly in the Power Point or video you are preparing. Please do not submit your assignment in a PDF since I cannot make comments directly on the assignment if you submit as a PDF. The Grading Rubric is posted in Course Information in the section, Assessments. Please read the grading rubric before beginning this project. Commonly asked question by students: How long should this assignment be? Answer: Accomplishment of the objective of the assignment should be achieved with visual impact, proper grammar and brevity. Quality of work is valued over the quantity of material. You are limited to 15 slides.
Explanation / Answer
In today’s era, Retails are not becoming the trend only, instead it becomes a strong base for earning a hefty amount of profit and creates a long term strong customer relationship. Retail, a process of selling consumer goods or services to end-users, rather than large orders of a small number of wholesale, corporate or government clientele, through different distribution channels to earn a profit.
Retails outlets or stores functions from typically buying goods directly from manufacturers or wholesale suppliers at a volume discount and will then mark them up in price for sale to end consumers. Whereas if we talk about present situation in this digital and global market, retail stores are focusing more to consumers to give them new experiences, and personalization during their purchasing. To survive in this competitive world, those retail stores can survive only who Retailers who can provide unique in-store experiences will. After all, the only way to justify a customer making the trip to their store rather than shopping online is to give him an experience that they can’t get anywhere else.
Answer 1
This year, Amazon.com is ranked No. 3 behind Wallmart and Kroger. Last year Amazon was No. 7 and the nine other retailers in the Top 10 remained the same. Whereas the new store venues that are emerging worldwide are such as:
Specialty Store: focuses on one or two specific categories, having advantage finding many things in that store related to that specialty which you might not find on the open market such as electronics, bodybuilding or sports and fashion.
Department store: located within malls and they may not have their own independent stores. They have a lot of products under their roof selling clothing, men’s and women’s accessories, children’s toys, home furnishings and many different things such as Macy’s, Shoppers Stop, Pantaloons, Kohl’s etc.
Medicine stores: They have become another form of specialized retail stores where many things can be bought like Health and beauty products, basic snacks, protein supplements, small medical equipment as well as other personal care and healthcare products.
E-commerce Stores: E-commerce is the future of retail. Even now, Amazon has a huge market share of retail and has a top positioning in the customer’s mind. There are many small E-commerce retail stores being specialized retailer or even convenience goods salesperson is launching his or her website and directly selling products from their website which is nothing but a type of E-tailing. In the future, we can see almost all brands having their own online retail stores and cutting the middlemen by directly selling to end customers.
While on the other hand, TECHNOLOGY has a great IMPACT ON FASHION RETAIL stores. Streamlining processes, developing more efficient systems, and modernizing operations within the fashion retail industry are indispensable components of the fashion tech sector. Supply chain technology makes processes more efficient, while the use of data analytics, social media tools, artificial intelligence and augmented reality help guide purchasing and business decisions.
THE LATEST TECHnology TRENDS IN FASHION RETAIL are Artificial Intelligence, helping brands and retailers with predictive forecasting, capacity planning and merchandising while improving product availability and faster, more accurate deliveries.
Alternative materials, advanced materials technology is having a huge impact on the luxury garments and accessories market. There is a growing trend in using technology to create new types of fabrics and there has been a rise in “eco-luxury retail,” with consumers demanding eco-friendly alternatives to traditional raw materials, such as animal-free leather.
Personalization, today, many fashion retailers are now investing in technology that fuels a more personal experience for their shoppers, with the goal of driving both loyalty and engagement. With a strong, personal recommendation in hand, store staff have the tools to not only personalize but completely impress the customer, leading to increased conversion rates, higher-than-average order value and greater loyalty.
Answer 2
There are many retail initiatives that prompted my new view of the future store as there are various ways to accomplish this, depending on your store. But I would love to start a Retail kiosks and ATMs. Retail kiosks can offer benefits for both the customer and the merchant seeking to grow, providing everything from way finding and credit card applications to gift card vending and up selling suggestions.
A retail kiosk is programmed with many product and inventory data in order to serve as a "virtual salesperson," helping customers with way finding, providing inventory status, suggesting upsell items and even completing orders.
With kiosks handling basic customer service and sales tasks, retailers can reduce the number of floor staff, reducing overhead expenses. With labor costs on the rise retail kiosks represent an up-front investment with minimal ongoing expense.
As customers become more technologically savvy, they express greater interest in using self-service technologies for a purchasing transaction. Studies have shown that 71 percent of consumers age 18–34 actually prefer to use self-service checkouts when the choice is available. Providing these customers with the choice of a self-service option enhances not only their experience, but also that of remaining customers who enjoy shorter wait times at the traditional checkout.
Answer 3
The future of retail stores:
Assignment: 1
5 retailers throughout the world that inspired me to imagine the store of the future:
2. Visuals of the retailer describing the technology
.
3. Digital presence of the retailer:
4. Go the below link as it shows the envision the store of the future
https://www.youtube.com/watch?v=5WGFxlgriqE