The next decade is expected to be the golden age of the consumer, with shoppers having more choices and control than ever before. They will be presented with a growing array of products and services, often personalized to their specific needs and wants. Consumers will continue to demand price and quality transparency along with a wide range of convenient fulfilment options. Overall, the retail experience is poised to become more inspirational, exciting, simple and convenient, depending on the consumer’s ever-changing needs. We have created this blog – Future of Retail in Digital World: Report, based on a recent report published by the World Economic Forum.
Trends Driving the Future of Retail
1. The empowered consumer A new breed of consumers is shaping the industry’s future, where incumbents must adopt disruptive technologies and business models to cater to them. Increasingly empowered consumers will have ready access to information, which means they will make decisions differently. They will use technology, especially mobile devices, in day-to-day decisions and tasks. They will also be hands-on, creating and controlling unique, personalized experiences.
To better understand how this premium on experience is going to reshape retail and the CPG industries, three areas need to be considered:
- The expanded consumer equation
- Low- versus high-engagement experiences
- Consumer influence on the value chain
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2. Disruptive technologies
Eight new technologies are expected to disrupt the retail and CPG industries, offering unprecedented opportunities. They will be adopted at different rates, but each will fundamentally change some aspect of the end-to-end value chain and redefine the core operations of the retail and CPG industries.
The eight technologies are:
- Internet of Things (IoT)
- Autonomous vehicles (AV)/ drones
- Artificial intelligence (AI)/ machine learning
- Digital traceability
- 3D printing
- Augmented reality (AR)/ virtual reality (VR)
3. Transformative business models
A range of new business models have already blurred the boundaries between online and offline retail. Over the next decade, as new models proliferate in the online space, physical stores will continue to exist, but will require an evolved value proposition for consumers.
For large multichannel retailers, the brick-and-mortar store will continue to make the largest revenue contribution until at least 2026, partly thanks to evolved value propositions that include offering services outside their traditional scope (e.g. healthcare or financial services). However, stores will transition from distribution channels through which they merchandise products, convey information and process purchases, to places that tell stories and are platforms for discovery, engagement, experience and interaction.
At the same time, digitally enabled models will emerge that can be adopted into current business models – both offline and online – to better serve consumer needs and create the next frontier of digital retail.
Access the complete World Economic Forum report.
There you have it: Future of Retail in Digital World: Report. If you want to learn more about cutting-edge mobile engagement solutions, or want to get one for your business, visit our website at https://www.gofindo.com.
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Gofindo can help you build great loyalty programs and connect with customers on mobile platforms. Our app platform can automatically update contact information, send automated promotional offers and deals to customers, automate mobile marketing, and engage customers to keep them interested and provide feedback. So don’t hesitate to contact us today if you have any questions or want to develop an app for your business.
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