THE FUTURE OF RETAIL
Summary
While the above concepts aren’t applicable to every retailer, there are several themes that stand out which provide insight as to what attributes retailers should consider when looking to adapt their businesses to the next generation.
1) Customer Experience
In order to differentiate from competition, retailers should constantly look for ways to connect with customers beyond the transactional level in unique and memorable ways. By offering a quality, interesting experience, customers are more likely to develop a deeper connection to the brand. When that bond is established, there is a greater chance at not only having repeat customers, but also acquiring new customers via word of mouth.
2) Convenience
As the retail space continues to innovate, there is a growing expectation on the side of consumers to be able to get what they want, when they want, wherever they want. From the retailer perspective, ensuring the product can reach as many people as possible with the least hassle possible is key. If there is red tape in the way of getting a product from retailer to consumer, other retailers marketing the same product will be able to scoop up business while everyone else is catching up.
3) Integration with Technology
Technology has the capability to enhance every type of retail endeavor; from making the checkout process slightly faster to giving established traditional retailers an online presence for the first time. Retailers will need to be aware of the constant advances in technology in order to prevent getting left behind the competition by not appealing to the always connected population. This is particularly true with Gen Z, who will be some of the first to have not known an unconnected world, and will eventually be the target demographic spending money.