Neves, the new retail era is one anchored in augmented retail, a blend of the digital and physical. Jun 02, 2014 below are nine mainstays of the future of retail. From mall developers to popup shop suppliers, we know that bricksandmortar help to keep your business vital. In retail, the lines between manufacturing, retail, domestic and digital spaces are all becoming blurred and out of this, a new shopping culture will emerge. The future of retail 11 predictions on the disruptive. Retail systems research, march 2017 facebook iq study of us internet users, september 2015 2. The future of retail depends on todays policy decisions. The future of retail report was developed from multiple research phases conducted januaryfebruary 2017 on behalf of synchrony financial with consumers and retail industry experts including. Contactless payment could become the next game changer, impacting the pointofsale experience and with it instore layout and shop floor design. At the close of 20, amazon reported holiday season sales were at an alltime high with more than 36. Evidently, retail trade is one that cuts off smaller portions from large lumps of goods.
Retail management i about the tutorial retail management is an activity of selling products or services to their endusers. James llewellyn, uk head of shopper, gfk mission possible. What the data suggests todays online retail landscape. The retail experience center rec showcases item intelligence solutions and explores item connectivity applications in a realworld retail environment. Issue k051914 the future of retail real estate a tsunami. Psfk is the worlds leading business intelligence platform for customer experience innovation. In the rapidly evolving retail landscape, consumers needs still drive their purchase decisions. You have shoppers, products and the retailers themselves, all of which have their own trends and ways of marketing. Smart trade policy that eliminates trade barriers at home and abroad and facilitates international commerce will help american companies grow and be more competitive. The future of retail special report, published in the sunday times, examines how retailers must innovate to overcome these challenges, through investing in mobile commerce, implementing new payment technologies and rethinking the purpose of physical stores. Every ceo, senior executive, cmo and cio is obsessed.
Sep 14, 2017 the future of retail is stores that arent stores. Retailers will focus on transforming mobile apps into a personal concierge of sorts when shoppers enter a store. This special report from zdnet and techrepublic looks at the digital transformation of shopping, and how retailers are using tech to keep up. It also introduces you to visual merchandising, retail marketing mix, and etailing. They discussed how the key to success in the retail industry today lies in trust, customer care, and really understanding human behavior. Only the brave will win 6 2 introduction10 3 futurecasting process 14 4 looking back before we look forward 22 5 retail trends and challenges manufacturers, retailers and shoppers 26 6 disruptive forces on the horizon 38 7 the future of the shelf 52 8 its all about the data 64. Embracing a new framework of physical and digital is the core of blended retail, a single channel vision that mixes real world experience with dynamic data that allows retailers and brands to. The current context of retail is extremely challenging. The future of retail is stores that arent stores the. Fast company articles and posts tagged future of retail with a unique editorial focus on innovation in technology, leadership, and design. While the economy may look pretty bleak and offline retail sales have yet to rise to the same levels of 2006 and 2007, there is good news when it comes to retail sales. How much will us consumers spend on retail and ecommerce next year. Feb 10, 2015 in todays retail climate this might look out of place, but the electronics retail store of the future will also sell smart apparel picture a winter coat with a builtin smart watch. Chen says that a retail experience that emphasizes human interaction and pleasant environs could just become the new normal, much like how.
You couldnt escape the headlines about the retail apocalypse in 2017. In reality,we live in an omnichannel environment,where both the. Retail is being reshaped by the interplay between economic, social and technology, changing customer expectations and the emergence of new business models and channels. Pdf retailers have embraced a variety of technologies to engage their customers.
In todays retail climate this might look out of place, but the electronics retail store of the future will also sell smart apparel picture a winter coat with a builtin smart watch. According to gartner, the global spending on technology in the retail sector is estimated to grow by. Mar 10, 2016 most retail outlets whether conventional brickandmortar shops, digitally enhanced stores like macys in the u. According to kantar retails global database, by 2020, nonstore retail is expected to account for 12% of the overall u. To assist our customers and community to navigate this change the future of retail publication brings together a range of case studies of australian retail businesses. Sudden shifts or step changes can dramatically affect the sector. The future of retail 11 predictions on the disruptive forces. This article focuses on the future of retailing by highlighting five key areas that are moving the field forward. Retail management 2 in my whole retailing career, i have stuck to one guiding principle. While total retail growth contracted, the online market expanded, driven by increases in the number of internet shoppers and higher expenditure per head. The wallless, omnichannel, smaller footprint, incomesegmented, fixedincome shoppers, and custom retail shopping experience will alter the need and purpose of many existing retail assets. Only the brave will win 6 2 introduction10 3 futurecasting process 14 4 looking back before we look forward 22 5 retail trends and challenges manufacturers, retailers and shoppers 26 6 disruptive forces on the horizon 38 7 the future of the shelf 52 8 its all about the data 64 9 summary and next steps 70. Jan 16, 2018 the retail sector is going through a fundamental change as companies find new ways to use data and intelligence, greg jones, director of industry solutions for retail at microsoft, said at.
Shoppers make most consumption decisions, yet newer technologies e. This article focuses on the future of retailing by. The role of physical space in the digitalfirst retail future. The australian retail sector has had more than its fair share of challenges over the past 12 months none more so than a consumer who, through the power of technology, has become far more discerning and valueconscious. Blended retail is a single channel vision that mixes real world experience with dynamic data to allow retailers and brands to connect with the needs of the customerand it ultimately drive sales. The future of retail lafutura global trend network. The future of retail be it online or on the high street, the retail industry is changing fast. Imagining the retail store of the future the new york times. The future of retail slide deck kim bhasin and ashley lutz. As artifi cial intelligence gets increasingly intuitive and clever, personalisation. Jan 07, 2016 retail sales overall will increase three to four percent in 2016, and the portion generated on the internet will simply be one of many purchasing paths consumers can take, accounting for well. Online retail has been up ever since q109, and continues to grow, at above average, industry growth rates. A quantitative study with 1,016 consumers nationwide, and online discussions and halfday workshops. Before examining the food industry, it is worth assessing trends in the nonfood retail sector as a proxy for whats to come.
Forget ecommerce, or bricks and mortar, or even omnichannel sales. Lesson 1 an overview of retailing introduction the word retail is derived from a french word with the prefix re and the verb tailer meaning to cut again. Given retails steady migration to mobile and ecommerce, you may be wondering what retail will look like in the future. This major report from psfk provides a roadmap to help retailers build more compelling experiences with shopper data. Heres how to use physical stores to your advantage in the digital age. The future of retail is ai and robotics investing us news. We forecast that 2019 will mark another strong year for the sector, with total retail sales. In the us, for instance, we calculate that retailers accounting for nearly 30% of the sectors entire profit pool are currently at risk see figure 2. While reimagining physical retail, it will be critical for retail and cpg companies to continue to innovate and. This is no easy time to be a brick and mortar retailer.
Apply to customer service representative, retail sales associate, personal shopper and more. Retailers have embraced a variety of technologies to engage their customers. The funny thing about storesasexperiences is that, even as a notion that is shaping retails future, it also represents a return to its past. Leverage the contents of the future of retail 2018 report as a framework to guide your innovation strategy to rebuild a rich and effective brick. The retail sector is going through a fundamental change as companies find new ways to use data and intelligence, greg jones, director of industry solutions for retail at microsoft, said at.
The future of retail business research and insights. For a special livestreamed chat, katie sat down with tami erwin, chief operations officer for verizon wireless, and shelly palmer, author, strategic adviser, and linkedins number one voice in technology for 2017. Retailing 2015 confirms that the retail industry is becoming more complex and changing at an everincreasing speed. If you own a brickandmortar business, or are thinking of setting one up, youve likely seen plenty of reports that imply the future of shopping is online and that it is also mobile. The legend below outlines the major trends and can be read in conjunction with the case studies to provide. Naysayers see this as a battle between bricksandmortar and online retail as though there can only be one winner in the battle for survival. The retail sector has been hit by political and economic uncertainty, rising inflation, dented consumer confidence and falling sales. Insight report shaping the future of retail for consumer. The future of retail is stores that arent stores the atlantic. Retail and cpg customer experience big data analytics eretailing key points. Pricewaterhousecooperstns retail forward i pricewaterhousecoopers and tns retail forward are pleased to collaborate in bringing you this overview of the retail industry through 2015.
Retail sales overall will increase three to four percent in 2016, and the portion generated on the internet will simply be one of many purchasing paths consumers can take, accounting for well. This piece draws on a new report, shaping the future of retail for consumer industries, which can be read here. I cant think of a more exciting time to be in retail, to be at the forefront of change and part of an industry that has the potential to provide a better life for millions around the world. Youll hear this everywhere and theres a very simple reason. Kokou agbobloua, global head of flow strategy and solutions at societe generale, discusses retail strategies and how companies can achieve a return on capital. The omnichannel retail playbook report looks at how, in order to stand out from the competition, retailers and brands must make the best use of their customers time and attention by designing. Help your shoppers visualize their purchases in their world. Apr 12, 2017 forget ecommerce, or bricks and mortar, or even omnichannel sales. Shaping the future of retail for consumer industries 5 at the same time, the shift to ecommerce will drive a reduction in physical retail footprint, whether the sheer number of stores and or their respective size. The future of retail is ai and robotics more the future of brickandmortar retailers may lie in a combination of artificial intelligence and robotics, an analyst says. Most retail outlets whether conventional brickandmortar shops, digitally enhanced stores like macys in the u. The future of retail is online sanjit bhoumick, vice president, retail and analytics. The future of retail 05 the new digital customer 06 the new face of competition 08 what it takes 10 11 predictions on the disruptive forces in retail 11 your way to success 34 contacts35. The second era of digital retail 1 executive summary.
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