Retail CIO Outlook Weekly Brief
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The retail landscape has witnessed a significant transformation over the past decade and has been continuously evolving.
FREMONT, CA: With significant advancements in digital channels with the US market reporting growth every month, set a record in 2017. The market is rapidly evolving, and retailers have to adapt to the new transitions in demographics, attitudes, and consumer preferences. The 2019 market is defined by emerging technologies that are altering the way consumers interact with their choice of brand, a shift in preferences, and the beginning of a new battle line for e-commerce.
1.Brands as a Culture
Most of the consumers are shopping guided by their emotion instead of their wallets. The younger generation is changing preferences and attitudes concerning corporate responsibility, social consciousness, and more have already impacted how retail brands showcases and positions themselves. The trend has lead to brands having to equate their interior culture with their exterior identity, and transforming companies into what some have dubbed culture orders. The companies are immensely capturing consumers outside of the traditional shopping parameters and becoming cultural figures.
2.Making E-Commerce Shipping Faster
E-commerce is consistently moving towards becoming the most popular shopping medium throughout the board. Currently, most of the major brands have an online presence and offer comparative prices. Even biggies like Amazon and Walmart have become homogenous in this regard; hence, retailers try to differentiate themselves ad have found other avenues to deliver value to consumers.
This trend is deemed to continue as brands evaluate innovative ways to segregate themselves from a highly saturated market.
3.The Rise of Experimental Retail
The traditional in-store retail strictly focused on products being sold. Moreover, consumers have been moving away slowly but securely from strict shopping for products, instead of seeking a more engaging experience. This trend has been carried forward mostly by millennials and their preference for experiences over things.
The introduction of virtual reality augmented reality, and improved mobile technology will push the retail brands to add sheets and new experiences to their retail models.
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