He may be called the “Retail Prophet,” but Doug Stephens, retail and consumer futurist, plans on delivering more than just off the cuff predictions at the 2016 CADA Summit.
Stephens told Canadian auto dealer his presentation will focus on the future of retail and how technology, economics, demographics and media impact consumer behaviour, along with the changing relationship between retailers, brands and customers.
Rather than analyzing what happened yesterday, Stephens wants to figure out what’s going to happen a year, two or even five years from now.
Trends can come and go, and they may or may not play out in the future, said Stephens. But look at these trends as a whole, and you’ll get a sense of where the industry is headed.
What Stephens really hopes to do is give dealers a sense of context and help them figure out what the retail trends mean for them.
Most of the changes that impact consumer behaviour and expectations are happening outside of the automotive industry, said Stephens. These days, shoppers are no longer comparing their retail experiences within one vertical, he added.
Stephens cited the example of Uber, which enables consumers to watch the entire process unfold, from the moment they order their ride on their smartphone devices to the exact minute the vehicle arrives. But often when you phone a department store about a parcel, you’ll receive a four to six hour delivery time window. Both examples are considered retail, but the experiences are very different.
That’s why it’s important dealers look at the broad changes happening outside of the auto industry to figure out how to improve the customer experience, said Stephens.
Today’s consumers are looking for a brand story, transparency throughout the sales process and salespeople who can be ambassadors for the brand and product. Dealers need to figure out what role they can play in this changing landscape.
“It’s important for auto dealers to really start looking further down the road, look at the changes that are happening and anticipate that there’s someone out there right now who is looking to completely disintermediate them and take them out of the equation,” said Stephens.
He added the competition might not be the rival dealership down the street, but instead could be an unknown player who’s working on the next technology or process that will disrupt the retail or auto industry.
“[Dealers] have to get way out in front of that trend and start reinventing their value now. They will be the ones that dictate the new terms of reference and that’s where they want to be.”
The 2016 CADA Summit, held by the Canadian Automobile Dealers Association (CADA), will take place on Feb.10, 2016 in Toronto.
TD Auto Finance is the exclusive sponsor of the CADA Summit. To register visit: www.cadasummit.ca.
