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.
PROPRIETARY RESEARCH AVAILABLE
We found some proprietary research from one of our data partners which may be helpful:
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Proposed next steps:
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Our initial research found some predictions on what retail will look like in 2030 and beyond. Given that there are available resources on this topic, we propose continuing the research to provide 5-7 additional predictions on what the future of global retail would look like in 2030 and beyond (or in 10-20 years).
We also recommend undertaking additional research to provide 5-7 global retail trends that are expected to happen in 10-20 years' time. For each trend, we will provide a description, the reason why it will become a trend, and any available data of companies that might be manifesting the trend in the future.