This year in 2017; the retail landscape is seeing a transformation of sorts. Never before have we seen bricks adapting to clicks in quite this way. Read on.
The U.S. Retail legacy of over-building has caught up with us; the rise of online shopping doesn’t mean what it used to mean. We are seeing a rise of retail ubiquity; as the next phase of what retail experiences will entail and which adapting to the new consumer will necessitate.
The energy-sucking Malls have become obsolete and the new consumer has arrived.
The Retail Apocalypse is Real for Malls
Nobody is Immune to Downsizing Store Space
These 20 big-box retailers are closing between 7 and 700 locations in 2017. The media calling it a meltdown might be a tad exaggerated, though?
But retail jobs are not doing so well; inspite of the lowest unemployment rate in recent memory.
The Future of Retail Jobs is Okay; if You want to Work in a Warehouse
While mentions of the “retail apocalypse” are good for news headlines, the new consumer considers mobile experiences as part of what retail experiences mean.
Retail is on the front lines of the intersection of technology and human-centric commerce. As such, in the next 10-20 years, it will be one of the most interesting industries to watch.
Store Closures are the Black Plague before a Retail Renaissance
The Rise of Artificial Intelligence in Retail is a Deal-Breaker
Yes consumers still enjoy shopping in physical stores; but how they do so is changing due to the gap between online and offline disappearing and the rise of artificial intelligence in retail.
If the new consumer is a mobile native and convenience addict, well, Amazon, care of Alexa, has that covered. Predictive algorithms are improving in their ability to suggest products and deals.
Voice Commerce will Change Shopping and Advertizing Forever
Alexa is learning; at a pace even Google is having trouble following. This is called many things, though the voice user interface (VUI), has a nice ring to it.
Google Home vs. Amazon Alexa is a battle in artificial intelligence the likes of which we haven’t seen before.
Product Discovery is Becoming Ubiquitous
How we used to search for products has been alterted by the mobile preference of the new consumer and will continue to do so more radically, as tech catches up with consumer preferences.
Store Closures Signals the End of Legacy Retail
What we are seeing today is unlike the rise of Walmart, this is because Amazon is a multi-vertical technology company; not just a Cloud solution, e-retailers, or logistics company.
Walmart has as much chance of competing with Amazon, as Snapchat has of competing against the combined might of Instagram, Facebook and WhatsApp.
It’s estimated in 2017, we are on pace for approximately 11,000 retail chain stores to close.
What retail will become is open for debate, however this isn’t your ordinary transformation of a sector or industry. This is a major component in how urban centers evolve in the history of human civilization.
This is not a story about retail bubbles bursting; the is a story about the gap between Amazon and everyone else increasing.
The Automation Economy Changes Retail Forever
This is a narrative about how capitalism evolves in the fourth industrial revolution. You can’t see Retail in isolation anymore; the retail pundits who cover retail alone are no longer qualified to give substantial evidence on what the future of retail even is.
As Amazon matures and scales into becoming an artificial intelligence company of fulfillment, what we once considered “retail” and “shopping” becomes obsolete.
Amazon’s in-house brands are growing as well:
It’s About What the New Consumer Wants
The future of retail is not just mobile; that’s incorrect. It’s artificial intelligence on an increasing variety of interfaces, mediums and in-store and online experiences. That to me is what retail ubiquity means.
Fast forward ten years, the year is 2027; Amazon is an advertising giant and a leader in 3D-printing fulfillment for consumers in the smart home. Consumables are automated; showrooming is done in virtual reality and predictive analytics is perfectly personalized to your consumer needs. – How often do you visit stores?
It’s not a binary price vs. convenience argument; artificial intelligence is what enables you to be customer-centric.
Amazon Echo Look
The way Amazon Echo can be leveraged in-store and at home is also interesting with regards to the intersection of the VUI and retail.