The Future of Retail 5 trends reshaping the future of retail in and beyond! Every trend firm, every consultancy.
E-commerce will soon not be something worth noting anymore. We can already see how the line between e-commerce and retailing is gradually disappearing, and before long e-commerce and online retailing will just become a natural part of retailing.
The consequences are can be huge as a USD billion online world is transformed into a USD 8—10 trillion global retail market. This creates a lot of questions about what form retailing will take in the future. Which role will bricks-and-mortar stores play? What business models will be successful?
Who will survive and who might perish? One thing is certain; the world of retail will look very different ten years from now.
Retail sales in the US and many European markets are still below the levels seen before the onset of the financial crisis in Many players are trying to gain market shares and to push competitors out by attracting customers with substantial discounts.
The idea is that you need to be big to succeed; larger brands can achieve lower production costs, and the biggest stores and malls will have the largest gravitational pull on consumers. In many cases, however, this will turn out to be a risky strategy, because the saturated and matured retail market is ripe for some radical nonlinear shifts.
The double-digit growth of online retail sales seen in America and other places is part of this change. Online retail is clearly growing at the expense of traditional retail outlets. This is not just a simple question about e-commerce replacing traditional stores, but a complex process involving several interacting trends.
The drivers of change include a cocktail of deleverage and thrift in the face of lower economic growth, gradual demographic change and changing consumer behaviour and expectations, combined with new technology and social innovations. Seven drivers of change 1. Aging and tech savvy.
The demand for online purchasing opportunities is increasing as more tech-savvy generations are getting older. A quarter of US consumers aged 24 to 35 currently do around a quarter of their shopping online, according to The Economist.
This is driving the growth of online sales and will continue to do so in the next 10 years. At the same time, many baby boomers with decent pension savings are retiring. They do not intend to save as much for their children as earlier generations, and are using their savings to improve their own quality of life.
This is a clear trend in countries like Denmark, where luxury spending between and grew three times as much among couples over 60 years old, compared to the average Danish household.
They also have the means to pay for delivery of products they buy, as they grow older and get more dependent on help to carry their stuff home.This year's report focuses on the theme of “Transformative change, reinvigorated commerce”, looking at the latest retail trends and the future of retailing through the lens of young consumers.
Deloitte Consumer Review: Digital Predictions This PRI Research Article examines the history of retail technology adoption in the U.S., emerging technology that is impacting retail today, and how retail store formats will change in the future and integrate various digital technologies. The atmosphere in a retail store is carefully crafted to influence shoppers.
Select a retailer that has both a physical store and an online store. Describe the elements of the physical store’s atmosphere, such as the colors, lighting, music, scents, and décor%(12).
will play a key role in food security in the future, but consumer acceptance of it in food is far from certain. n The U.S. biotech industry generates $98 billion in annual revenue and employs roughly million people. n The garage biotech movement is an extension of the hacker principle applied to genetic engineering and synthetic biology.
Today’s retail trends are driven by the anticipation that consumers will spend confidently throughout Market growth is projected to reach a healthy to percent 1, with heated competition among store formats, channels, and players expected to continue. List and briefly discuss the trends impacting the future of retailing.
(AACSB:Communication) Answer: •A slowed economy and tighter consumer spending •New retail forms, shortening retail life cycles, and retail convergence •The rise of mega retailers •Growth of non-store retailing •Growing importance of retail technology •Green retailing .