Shopper Marketing - January 2017 - 38
place to experience our brands, kick the tires
and really learn and understand what's happening with our products," he said.
Millennials are revolutionizing the retail experience - but not in ways we might think,
said co-presenter Stacey Rubin, senior vice
president, account strategy, Catapult Marketing. Online still only accounts for 8% of
total sales, and 82% of Millennials compared
to 71% of total consumers actually prefer to
Partnering with Catapult, Beck and his
team identified the top trends affecting what
Whirlpool needs to focus on every day. The
six key trends driving the retail innovation are:
■ Millennials are constantly connected and
■ We live in a world of sharing and social media. If it doesn't get shared, it didn't happen.
■ We're seeking more immersive and multisensory experiences.
■ We crave meaning and substance in interactions with brands.
■ We are more demanding than ever in terms
of convenience, value and transparency.
■ We expect hyper-relevance.
"The store is no longer just a place to buy,
but a place where shoppers go to experience
the brand in ways they can't elsewhere," Rubin said. "Retail is not just a store but a media
channel and, among many other things, a
physical manifestation of the brand."
Whirlpool's proprietary research showed
SHOPPER MARKETING JANUARY 2017
that while the store remains the No. 1 touchpoint for the moment of purchase, more surprisingly it's also No. 1 for initial consideration,
well above traditional media, and No. 1 or 2
across all phases of active evaluation. "When
considering media budgets for next year, you
may want to consider in-store as one of your
media channels," Rubin said.
Research by Whirlpool and Catapult together and independently further helped the
partners identified these trends that create a
picture of today's in-store landscape. Among
them, experiential retail, or "the un-store." Providing experiences that create an atmosphere
and entertainment in-store can increase average purchase by 30%, raise in-store traffic by
33%, improve brand awareness by 48% and
grow repeat buyers by 33%, according to copresenter Sarah Davis, senior vice president
and executive creative director, Catapult.
Another trend is using inspiration and influencers. The No. 1 thing people are looking for
in their in-store experience related to major
appliances is an easy way to access product
ratings reviews, said Beck. "Brands and retailers are taking these trends and manifesting
themselves in many ways today."
Beck said manufacturers and retailers need
to continue to rethink the role of the store. Retail is very much alive, just in a different way.
"These role changes are uncomfortable for
manufacturers and retailers because the economics are tough, but once we get through it,
we're going to like the outcome."