The Future of Retail
In this highly competitive business landscape the offering is everything and businesses more than ever need to know their niche inside out. As consumers themselves are always changing and new consumer groups emerge with each generation, each with their own tastes, lifestyle choices and preferred methods of purchasing that’s why world of retail is constantly changing and evolving , every year key businesses go bankrupt and new ones emerge from the ashes to claim the top spot.
We live in an age where technology has penetrated every segment of civilization, from day to day living, governance to the retail industry, the internet has become a core medium for transfer and exchange of information between individuals, groups, and organizations. E-commerce has become the fastest growing trend where traditional retailing is rapidly transforming from brick and mortar stores to online retail stores as stores can’t remain a collection of shelves and hangers where customers browse and essentially help themselves. Customers can already help themselves online with just a few clicks.Delivery of products is inadequate to meet customer expectation and too expensive and huge investment is being made to help it catch up with the times. Generation Y&Z are the dominant consumer groups today and they act differently than the groups that came before them.
Technology is due to enhance stores and close the gap between online and instore. Despite all the press talk about younger generations there is less attention being paid to the fact that the wealthier older consumers are now much more online and internet savvy and there are opportunities in selling to these customers.
Here we look at the future of retail and what the landscape is beginning to look like.