Shifting customer preferences, new technologies and sustainability pressures are shaping the future of retail
The retail sector is fast-moving and continues to experience significant change as shifting customer preferences, new technologies and sustainability pressures impact the environment in which retail operates. As consumers use a wider range of channels to make purchases, the sector is also becoming increasingly complex.
This report considers a range of trends impacting the retail sector, including shifting demographics, new customer needs and desires, emerging technologies, the changing role of the store and shopping mall, and a focus on transparency and sustainability.
By 2020, the entire concept of convenience and value will shift. Convenience won’t be defined in the traditional terms of time and ease. The highest currency will be relevance.”
The rise of online shopping does not mean that the physical store is obsolete. Instead, the store is evolving to fulfil different needs by providing unique experiences and better-quality customer service. Improved data analytics and greater access to more data will enable retailers to generate a much more complete picture of the customer, taking into account income and demographic fragmentation as well as individual preferences, decision-making patterns and behaviours. This will continue to improve the quality of a retailer’s engagement with customers and encourage long-term loyalty.
We know that about 60% of our customers buy both online and in shops, so the approach is to make it absolutely seamless for them to move from one to the other – the art of sales is consistent across channels.”