To oversimplify a bit of evolutionary theory, if a species cannot adapt, they will go extinct.

There are distinct parallels happening in the retail world right now as consumer demands have evolved over the past several years. One pivotal moment that disrupted the traditional retail model was the advent of online shopping, primarily spearheaded by Amazon. This gave consumers access to a huge catalogue of products at potentially discounted rates, topped off by having those items shipped directly to their doorsteps. It introduced a new level of convenience never seen before in the retail space.

This newfound convenience increased the standards and expectations consumers had with their retail experiences. Instead of having to settle for a full priced product in one store, consumers have the option to check online for better deals with minimal extra effort. Initially, this led to speculation that brick & mortar retail would become obsolete because of e-commerce. However, e-commerce has brought a new element to the retail space and has started being used to enhance traditional brick & mortar businesses. This has led to experimental ideas permeating the market, all in an attempt to find what things work for the always-connected generation.

By looking at some retailers who are implementing cutting edge ideas today, it will become evident just how much the retail space will evolve as players look to experiment and find what works with new-age consumers. And while not all retailers will be innovating on the same level, there are core themes that can be mapped to a variety of business plans which will help establish the retail identity in the future.