What's next for Retail?

The future of retail will be more interactive and personalised. While brick and mortar stores are still important, the number of demanding customers will increase, and retailers will need new ways to keep pace with the changing demands. Now is the time for brands to rethink their physical footprints and consider new ways to attract shoppers. In the next three years, expect to see a lot more innovation and more brick and mortar store closures.

While many retailers have embraced technology, others have not and are failing to make the transition. With the rise of e-commerce and mobile devices, most retailers struggle to turn customer insights into actionable customer strategies. As retailers look to build or expand their online presence, they must find new ways to connect with customers and leverage tech-enabled resources. In the end, it's all about delivering a more personalized experience for customers.

The future of retail will be more uncertain, and it will require a rethink of crucial elements of the business and how it operates. Whether a traditional store or an online retailer, creating a consultative customer experience is critical for attracting consumers. A new retail strategy must be based on the customer's needs - one of which is the speed of delivery of online purchases. To get the most out of a new approach, retailers should partner with existing delivery platform providers. For instance, companies like Walmart are experimenting with flying drones and driverless cars. Using new technologies and partnering with 3rd party providers, these strategies are not only scalable but sustainable.

A pivot in customer service is crucial to ensure a positive customer experience. Advanced chatbots can answer questions and assist consumers. In-store engagement is also essential, so retailers should embrace new technologies that are already available. They can also leverage digital tools to enhance the shopping experience for customers. The consumer shopping experience is constantly evolving, and the next wave of digital technologies is only beginning to explore this potential.

The shift to a digital-only model of retail has been a significant change for many industries. Rather than relying solely on foot traffic to drive sales, retailers need to move toward a more personal and interactive experience.

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