New technologies and altered consumer behavior require a new blueprint for success in the retail industry. The internet has made retailing much more transparent and companies are competing to deliver customer experience and to provide products that fulfil individual needs. Understanding that technology is the driving force behind change in the retail industry is vital. Consumer analytics, smart retail stores, Artificial Intelligence and digital payment methods will alter the retail sector significantly.
Trends & Challenges
Personal recognition will help to tailor offerings to individual needs
Digital wallets challenge traditional payment methods
Consumer analytics and AI predict consumer behavior and impact business decisions
Smart retail stores will enhance customer experience