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the end of retail as we know it

the end of retail as we know it

Why do we talk about Retail Reset? Retail, as we know it, is coming to an end. Dimas Gimeno, Founder and President of Kapita and Founding Partner of Wow, presented this concept during the E-Show Madrid.

He began by talking about the past in order, according to him, to be able to talk about the future. He wanted to focus on El Encanto, a department store that was born in Havana at the end of the 19th century. The history of this store served as an illustrative example that achieving a unique and unmatched retail experience is possible. Later, Gimeno addressed the million dollar question:

Are we really facing a retail apocalypse?

Most likely, yes“, Confessed Dimas Gimeno. But, far from wanting to sound alarmist, he preferred to opt for a hopeful speech. He defined this situation as a time to resurface and do things differently, as a great opportunity and a true relaunch of retail.

Why then does this supposed apocalypse exist? Businesses tend to get into the negative circle of the 4 Rs of the apocalypse, based mainly on cutting expenses. The first harmed is usually the marketing department, causing a drop in quality, a reduction in personnel and culminating in the closure of the business.

So what is the real retail apocalypse?

The well-known retail apocalypse is the end of boring retail, of retail that does not add anything new to the current landscape. Businesses need to stay up-to-date and focus on making different connections with customers. Physical and digital connections on the one hand and emotional and rational connections on the other. The key is to combine all four.

Today the digital world and the large digital platforms triumph, especially rational and digital connections. Marketplaces are the most successful extension format, they try to be emotional and increasingly specialized. We must look at the triumph of digital native brands to talk about Physical Service Platforms. Also known as digital platforms with physical points of sale, they are fundamentally emotional connections that link the digital with the physical. That is the format we want to reach.

Before the important thing was the catalog, the delivery time, the price and the convenience. Currently, companies must have a strong brand where the customer feels identified, an exceptional and truly differentiated product to make you buy again, and an emotional connection. We talk about the 7 Cs of the client:

  • A client I know totally.
  • The creation of a community.
  • The creation of content that sets you apart.
  • The customization. It’s the next level of customization.
  • The convenience. When the customer wants the product, how he wants it and at what price.
  • Being very attached to culture.
  • Be circular.

What is WOW?

WOW is a project that tries to put all of the above into practice. WOW was born to create an experiential platform that connects brands and customers in a new environment, one that unites the physical and digital world. WOW is for those customers who are looking for new experiences and for brands that are looking for another form of distribution or different channels.

WOW offers a curation of brands with unique content, made by themselves, and a differential experience, with a marketplace and a physical store on Gran Vía. It will feature all kinds of tester, click and collect technologies, etc. They will have a technology plant, a cosmetics and accessories plant, two fashion plants, a streetwear plant and two gastronomy plants.

This platform will be launched at the beginning of next year and already has agreements with more than one hundred brands.

“The key is to give the customer what they are looking for before they miss it. It is even going a little further and giving the customer what they want before they know they want it “, said Dimas Gimeno to end.

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