Future Commerce · with Ryan MacInnis · May 10, 2018 · 53 min
Summary
This episode explores the burgeoning secondary market for luxury goods and the strategic pivot of traditional retailers like Macy's towards experiential retail. It highlights how brands can leverage limited editions and storytelling to create FOMO and engagement, alongside the increasing importance of voice commerce, mobile-based retail, and the intensifying competition between giants like Amazon and Walmart.
Key takeaways
The secondary market for luxury items like watches, handbags, and sneakers is a significant growth area and a powerful call-to-action for consumers; brands should consider strategies to engage with or even integrate into this trend.
Experiential retail, as exemplified by Story's rotating themes and limited-time offerings, is a vital way for brands to drive foot traffic and create urgency, even for those with evergreen product lines.
Voice commerce, augmented reality, and virtual reality offer smaller retailers new avenues to compete with market leaders by enhancing personalized shopping experiences.
Mobile commerce is rapidly eclipsing desktop commerce, necessitating a mobile-first approach to digital strategy, particularly for in-app purchasing and integrated omnichannel experiences.
Retailers should explore leveraging limited-edition items to take creative risks and generate consumer excitement, as this can translate into increased brand engagement and sales, even for staple products.
"Secondhand Commerce" is changing the way that we purchase luxury goods - from watches and handbags to sneakers - secondary markets are finding life after the initial purchase. Plus: Macy's acquires Story in a move to bring experiential retail to big the department store. Special thanks to Ryan MacInnis of Voysis for joining us on this episode of Future Commerce! Apologies for the audio quality in this episode as we encountered a technical issue. Should be fixed going forward! Thanks for listening!
What does this episode say about retail & omnichannel?
The secondary market for luxury items like watches, handbags, and sneakers is a significant growth area and a powerful call-to-action for consumers; brands should consider strategies to engage with or even integrate into this trend.
What does this episode say about dtc strategy?
Experiential retail, as exemplified by Story's rotating themes and limited-time offerings, is a vital way for brands to drive foot traffic and create urgency, even for those with evergreen product lines.
What does this episode say about product & merchandising?
Voice commerce, augmented reality, and virtual reality offer smaller retailers new avenues to compete with market leaders by enhancing personalized shopping experiences.
What does this episode say about ai & automation?
Mobile commerce is rapidly eclipsing desktop commerce, necessitating a mobile-first approach to digital strategy, particularly for in-app purchasing and integrated omnichannel experiences.
What does this episode say about retail & omnichannel?
Retailers should explore leveraging limited-edition items to take creative risks and generate consumer excitement, as this can translate into increased brand engagement and sales, even for staple products.
