The Unfulfilled Promise of the On-Demand Economy
The “on-demand” revolution has reached retail in full force, prompting brands across the industry to “Uberize” their services to give consumers what they want, when they want it. But the actions of several leading brands tell us that focusing on the digital experience alone, isn’t enough—the really smart retailers also are looking to revolutionize the in-store experience.
Indeed, this emphasis on “the store” exposes a key aspect of the on-demand economy that remains unfulfilled: personalization.
Look at Bonobos, which opened a Fifth Avenue “Guideshop,” or at Macy’s Stella 34 Trattoria. These clear efforts at personalization point to the fact that retailers understand the importance of elevating the in-store customer experience. They’re aware that most purchases still happen in the store, and that a deeper, more meaningful interaction with a store associate who understands the customer’s specific needs leads to engagement and higher sales.
But we’ve only just begun…
The evolution of services will involve up-leveling the offer of the basic on-demand economy to a more personalized “concierge economy.” Consumers increasingly will continue to rely on mobile technology when it comes to shopping, and they will expect immediate satisfaction regardless of where they are.
With the soaring popularity of services such as Uber, it’s clear the on-demand economy is here to stay. But it’s no longer enough simply to give consumers the products they want when they want them. Brands must deliver personalized service and customized attention, on demand.
This is up-leveling. This is the personalization of on-demand services. This is Concierge.
To learn more about personalization in retail – download our recent survey findings.