The retail sector in today’s world is changing like never before.
Interacting with touch-screen systems; Interacting with Alexa; Cortana and Google Assistant, the generation today prefer digital shopping. Something as simple as “grocery shopping” at nearby markets has become a special occasion as people prefer weekly grocery being delivered at their doorsteps. With time, the implementation of technology in spheres of retail, store, and e-commerce is growing exponentially.
Economists have quoted that. “All the brick mortar stores will die eventually to the vast online competition”. But that’s not true, future includes both the physical and online stores. Did you know there are more reasons for retail store shopping than to acquire goods or services? The secret is that we shop to satisfy other graver desires:
- The need to communicate
- A wish to socialize
- A desire to disconnect from daily routine
And, sometimes a small wish to be out there in public could encourage people to shop at local retail markets. Why else would celeb’s entertain hordes of pap while shopping at the retail stores for the things which could be delivered to their doorsteps easily? The physical, in-person experience of shopping at a retail store supports greater value than getting them delivered at your doorsteps. The excursion of shopping far more social activity than a means to acquire goods and services.
There is no certainty on how the retail store business will grow, but one thing is for sure the retail stores will be a lot different in the future. Let’s discuss the future of retail store somewhere 20 years down the line.
Stores will have an artistic touch, how? The brick and mortar shops will be more than a place to pick-up mass-produced goods. In the coming years, under the assistance of experts, people will be able to design and co-create goods. The future of retail store calls for focus of partnership and customization for unique personal shopping experiences.
Whether it is customizing a bicycle or a notebook, the experience will be certainly different with a shop display.
Unlike the current trends of lead conversion, the future retail store will focus on “transformation”. The sole purpose of shops will not be restricted to the conversion of buyers into customers, rather convert them into followers of the brand itself. The store would affirm a prospective to be an emotional center for any brand, encouraging more brand trust. The economics of WWW competition means that retail shops will have no other option but to automate their brick and mortar environments to endure cost-effectiveness. Major retailers like Target and Walmart are heading in this direction by excelling in how to shop display.
We all know how annoying is that when retailers ask for personal information to promote meaningless offers. Maybe in the future, progressively rational retailers will attract shoppers for a more explicit exchange of value encouraging customized and enjoyable experiences in exchange for relevant personal information.
The younger consumers are often regarded as impatient with an avid passion for what’s next and next. So, managing a shopping mall with 100 or more shops for years won’t serve the need. The future would be of short-term leases, retail brands will be encouraged to evolve quickly.