Hello, I'm Piers Fawkes and in this episode with Retail Innovation Week : mission-led retail, blockchain loyalty and Black Friday rubbernecking
In the first section: Looking back on Black Friday and Cyber Week
A growing awareness of supply chain challenges and product availability (or lack thereof), paired with early deals in October, led to a less-than-blockbuster Black Friday and Cyber Monday, with in-store sales up on the year but down pre-pandemic and online sales down by just over 1%. But with 22 days this year exceeding $3 billion in U.S. shopper online spend, all signs point to the “shopping season” becoming more ubiquitous than just its big deal days, particularly as e-commerce adoption grows. In 2020, there were only 9 days that topped $3 billion in consumer spending by this time of year. As consumers shop in more places and in more ways than ever before, retailers should still expect a banner year this holiday shopping season.
In the next section, Retailers drive engagement through NFTs and the Blockchain ..
Hoping to elevate loyalty beyond just the transaction, retailers, and in some cases entire cities, are turning to web3.0 technologies as a novel way to deliver value while activating their top shoppers, fans, and advocates. NFT drops are increasingly being linked to membership offerings, while their exclusivity is being promoted as a unique marketing tool. Retailers are also using blockchain based cryptocurrencies to engage and interact with new consumers demographics. While over in South Korea, a new government-sponsored initiative is creating a digital twin of the city of Seoul, both to the benefit of residents and to attract tourists.
And in this final section, Retailers tap into mission-based ecosystems
Rather than, or perhaps in concert with, promoting across a variety of platforms in search of new ways to engage with top consumers, retailers are also building out larger product ecosystems so that they’re able to engage with shoppers across an increasing variety of touch-points. By creating a seamless experience across mission-linked products, companies can create a stronger sense of loyalty and drive shopper retention, no matter how disparate the offerings may initially appear.
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