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Cannes Lions Special Edition--Part Two

June 20, 2017

Cannes Lions

This edition of News2Use is the second in a three-part series surrounding NAM’s engagement at Cannes Lions, the international festival of creativity, bringing together innovative leaders across industries.

Tomorrow, June 20, William Lewis, CEO, Dow Jones & Publisher of The Wall Street Journal and Marty Garofalo, Chairman and CEO of News America Marketing, will co-host an exclusive thought leadership roundtable that will bring together top industry leaders to discuss the Future of Retail. The attendees will discuss the topic in-depth and explore applications for consumers, brands, and retailers.

How retailers can respond to shopper’s pain points, unmet needs, and rising expectations, is discussed below, based on a study co-created by NAM and the brand energy company Protagonist (led by futurist Dee Dee Gordon). We have also collaborated with Storyful (a social marketing and news company) to mine social media intelligence to better understand the conversation around consumers’ changing expectations. During tomorrow’s roundtable, attendees will discuss the industry’s response, including how these shopper trends will shape the Future of Retail.  

Stay tuned to the part three in our special News2Use Cannes Lions special edition that will share additional insights and key findings from tomorrow’s discussion.  

Cannes Lions

Based on the proprietary shopper study that NAM completed with Protagonist, retailers should concentrate on the four areas outlined below if they are going to meet the needs of consumers successfully, now and in the future. 

1) Retail Isn’t Just Four Walls—The Fifth Wall Is Holographic:

Shoppers are no different online than they are offline—it is one shopper, and they expect you to know who they are both offline and online.

2) Know Me, But Don’t Be a Creep:

According to Mary Meeker in her “Internet Trends 2017, Code Conference” presentation, the growing use of data to drive personalization will continue to blur the lines between ads, content, products, and transactions. However, while the industry continues to be obsessed with data, consumers are still worried about their privacy. According to Storyful:

“data privacy and data sharing are contentious issues in 2017; however, it appears that the right incentives can make data sharing not only tolerable for millennials and Gen Xers, but even attractive.”

Watch: Mary Meeker delivers her report

3) Brick and Mortar Isn’t Dead, But Must Reincarnate Itself With New Purpose:

According to the NAM/Protagonist study: (1) The store experience matters more than ever; (2) Browsing the store is one of the top ways to find new products; (3) There is a new, democratized awareness of aesthetic and design; blending physical and online shopping in holistic and thoughtful ways will remap it for an elevated experience. As a 44-year-old female non-promotion user from the NAM/Protagonist study states:

“I love grocery shopping. I love it so much that I go when I’m on vacation just to see the stores. I am always looking for new products and tastes. I shop like a European; I go nearly every day to the supermarket, bakery, butcher. I find it very relaxing. I find almost all shopping relaxing.” 

4) Innovation Means Nothing If It Doesn’t Make the Shopper’s Life Easier: According to the Storyful study, The Future of Retail:

Kroger recently opened new fresh-focused convenience storeslaunching meal kits to compete with Blue Apron and partner with conservationists WWF and has also recently announced that it will shake up delivery by partnering with Uber.

The NAM/Protagonist study described what retailers need to provide in terms of innovation as follows:

  • By removing friction not only at the point of sale but before and after the purchase
  • By using technology to aid the shopping experience. However, rising expectations mean that shoppers expect more than a single-function app for their troubles

KEY TAKEAWAY:  

As the industry continues to evolve, retailers can shape their future direction by (1) meeting consumer’s changing needs; (2) using data to drive personalization, and; (3) paying close attention to the in-store experience.

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