The Future of Retail
Delivered October 15, 2019. Contributor: ChristineD
Goals
Determine predictions of what the global retail landscape will look like in 2030 and beyond. The information will be used to help in building the credibility of a consultant.
Early Findings
THE FUTURE OF RETAIL: 2030 AND BEYOND
Some of the predictions on the future of retail in 2030 and beyond includes the following new developments.
- Retailers will be driven to massively enhance the in-store experience of their customers as a result of improved digital and direct-to-consumer strategies.
- Experiential sales events could also happen in discrete moments such as the Meccaland yearly beauty festival that is sponsored by the Mecca cosmetic company.
- Another experiential event that can happen more in the future is the basketball court facility in Nike's main store.
- The retail players will also leverage new technologies and data points to accurately anticipate their consumers' purchasing habits.
- Products that are used daily and need to be purchased regularly will be more integrated with connected devices that can automatically handle the replenishment.
- Retail locations will also take on the role of being brand ambassadors as more retailers integrate their in-store and digital operations.
- Shoppers can take advantage of the in-store experiential campaigns before buying the products online.
- Retail personnel can also get involved more in promoting the products to the customers instead of simply replenishing shelves.
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