Fall 2019 - Inside Outdoor Magazine

Inside Outdoor | FALL 2019 40 N o one would deny that the face of retail is changing due to the forces of e-commerce. What we may not fully grasp yet is how that pace of change is accelerating and what it will mean for many industries in even a relatively short time horizon of five to 10 years.  The truth is that technologies such as virtual reality, 3D printing, nanotechnology and ever-expanding communications bandwidth are lay- ing the groundwork for the next major shift in retail.    The big idea and driver of the Industrial Revolution was that value could be created through industrial- izing manufacturing and distribution. Today, less and less value is being cre- ated by manufacturing. Almost anyone can make just about anything, and the cost of manufacturing keeps decreas- ing. Distribution is the next domino to fall. With virtual reality, we can experi- ence places and things without the cost or effort of traveling to them. With 3D printing we can “print” complex products at home without the cost of going to a store to buy them or having them shipped to us.    When you boil it down then, the true value of any product is not in its manu- facturing or distribution. A product’s real value can be summed up by four things: Idea, Design, Emotion and Cause.  The first source of value is the idea that created the product – the concept, thought and intellectual capital that went into it. Next is its design. How is the idea put together? What are the specific parts and dimensions? As human beings, we are driven much more by our emotions than by reason. Neuroscientists and psychologists know that most often consumers are motivated to buy a product because of the impulse it makes them feel, and then they try to rationalize it to them- selves later. Last is its cause. This is the reason why a product exists. Does it serve some higher purpose? What is the story behind its conception? What is the change it, or its creator, seeks to make in the world?    In the coming decade, will you be able to get your martini through a Star Buyer’s Side By Rich smith The Future of Retail Is as Simple as I.D.E.C.