Report
343
Number
Nov 11 2014

Retail’s Digital Renaissance: Cross-Industry Insights

The digital revolution has upended the retail industry. Due to the increasing popularity of smart phones and tablets, consumers have gradually modified thier consumption habits. Online and mobile shopping are changing the role of the physical store to accommodate consumers demanding a seamless experience whether they’re shopping in a store or on a screen, while fueling an expectation for more personalized merchandise and sale offers.

E‑commerce is starting to dampen foot traffic in malls and brick-and-mortar stores, a phenomenon familiar to any credit union with a branch. As a result, retail heavyweights from Walmart to Macy’s are now grappling with how to best compete with e‑commerce and the ever-increasing influence of online giant Amazon.com, which has single-handedly rewritten the rules of retailing in the digital era.

This report will allow credit unions to conceptualize new methods of attracting members who value technology and convenience. At any point of interaction, the key will be to create a seamless user experience. To excel in today's digital environment, credit unions should: 

  • Consider hosting, promoting, or sponsoring online conversations that align with the organization's brand
  • Use existing members as a go-to feedback panel for product ideas or as social media support for other members making product decisions
  • Offer kiosks or tablets that allow members to explore products or conduct transactions while they wait
  • Crowdsource for product development

 

Filene thanks our generous supporters for making this important research possible 

Report Number 343