There is now less than 5 weeks to go until the MIA organised ‘The Future of Our Industry’ event. In the lead up, we are examining some of the headline topics in more detail to give you an idea of the direction of the day.
The afternoon will be made up of four topics that each address challenges our industry will face both now and in the future. A cross-section of relevant voices from around the industry will discuss each topic in turn before opening up to the floor for further question and comment. Hopefully we can widen the debate and together learn more about the issues we collectively face.
Here is an insight into our second panel of the day: How will a bricks and mortar store be relevant to the customer purchase journey of the future?
On the surface, this might seem like a simple question of the future of bricks and mortar retail, and whether the shift to online purchase is just a question of time. However, if this is the case then why are we even considering the question and why hasn’t that happened already? The point of the question is to ask when and where the ‘decision to purchase’ will be made in the future. Through the internet age, consumers have embraced the ability to be able to research potential purchases, either via manufacturer websites or user-generated content. In many cases this education was empowering, but the final decision to purchase a particular solution was still made in-store, influenced by engagement with the product and professional advice.
This could just talk to generational buying behaviour, and maybe in the future, Millennial’s or Gen Z will be content to take their purchase cues from influencers online. Certainly a growing amount of influencer content incorporates a ‘call to action’ to their audience, offering purchasing opportunities via direct links to known e-tailers. It is also worth considering online and offline converging. Part of the reason online influencers recommend online retailers is the ability to track and therefore be remunerated. The obvious disruption for this would be offline tracking, which is already underway. Google is already implementing offline tracking for Adwords, because it sees the inherent value in being able to track offline visits. Some shops have Google beacons in their stores, which enables them to track this metric against their ad spend.
Follow this to its logical conclusion, and for the consumers of tomorrow, all points in the purchase journey happen in the digital domain, on a mobile device .
If so then what can offline retailers do to disrupt this pattern, and create in-store experiences that complement and augment this journey?
To find out the views of a cross-section of industry experts, and to have your say, come along to our event:
“The Future of our Industry” will be held on Thursday 16th May 2019 at the Victory Services Club, Seymour St, London, W2 2HF – a 2 minute walk from Marble Arch Tube Station.
We anticipate that this event will be highly attended, so please book now to avoid missing out on a vital event designed to support your business, and inspire you with new ideas to help you to tackle this tough climate.
Tickets including lunch buffet and evening meal are just £49 + VAT for members, and £99 + VAT for non-members. Email firstname.lastname@example.org to reserve your place today.
11:30 – Arrival and buffet lunch
13:00 – Welcome and Opening Remarks – Anthony Short
13:30 – Panel 1: ‘If 80% of the population claim they aspire to play a musical instrument, why isn’t our industry more diverse?’
14:30 – Panel 2: ‘How will a bricks and mortar store be relevant to the customer purchase journey of the future?’
15:30 – Break
16:00 – Panel 3: ‘Should the Government have an obligation to support the High Street and if so how?’
17:00 – Panel 4: ‘How can you run a profitable music business in the future?’
18:00 – Summary – Anthony Short
18:15 – Bar opens and evening meal
22:30 – Close
We have a number of people who have already kindly offered to be part of the panels, please let us know if you would like to take part?
Plus, we have secured a number of hotel rooms at the venue at excellent prices, let us know as soon as possible if you would like one:
£123.75 for single occupancy
£168.50 for double occupancy