2016 Retail Innovation Briefing
The retail industry is undergoing a massive time of transition due to changing consumer behavior and disruptive technologies. In-store visits are significantly down due to the massive shift to digital, so stores are working to push the online sale as well as reinvent the store environment to increase foot fall. But with technology changing rapidly and consumer expectations at an all time high, many stores are failing as evidenced by numerous store closings.
Retailers are working to compete with Amazon’s level of personalization, efficiency, price and overall customer experience, but it’s no easy task. They are quickly realizing that the days of a strictly transaction-focused/product-centric environment are gone. Today, it’s all about
relationships and engaging the customer wherever and whenever they choose to engage.
It’s not all gloom and doom however. There are many retailers who are successfully reinventing themselves by creating immersive, engaging retail environments, hiring knowledgeable, tech savvy associates, meeting heightened expectations around delivery and fulfillment and understanding the importance of the smart phone throughout the entire experience.
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