We’ve Misunderstood the future of Retail
Grab and go convenience, the remote POS, scanning QR codes for loyalty; as technology outpaces retail, consumers are driving new retail in-store experiences.
Retail is in a fantastic period of transition, the likes of which we’ve never seen before in the history of the marketplace. In the coming years, we’ll see new technology change the future of shopping forever.
Our smart cities will be even more convenient. This kind of hyperconnectivity escapes definition, because for many of us, we didn’t think in our lifetimes we’d see this much progress so fast. Amazon, Walmart, Alibaba and others are forging a new path to the connected store that’s approaching levels of automation.
In just a few short years we’ll see advances such as:
- A genuine personalization in responsive retail environments
- A Sustainable ‘last mile’ ecosystem where it will be easier than ever to restock consumable items
Exponential technology at the retail store and in consumer fulfilment
- Internet of Things
- Smarter voice AI of personal assistants
- Delivery drones
- 3D-printing
- Digital influence of augmented reality (AR) in-store
- Biometric payments and blockchain security of identity
- Deployment of AFCs, air-fulfilment centers by Walmart, Amazon and others.
The Divide between big-box and local merchants will grow
In short, we’ve misunderstood the future of retail. The Gen Z consumer will drive a new kind of retail that will both be optimised for human customer experience and personalized by AI in ways we’ve yet to fully envision.
The human element of local stores will prevail, however big-box retail will transform into another kind of consumer fulfilment mediated by environments embedded with technology and connected devices.
Enjoy the video. [Sources: World Economic Forum, Futurism, Tech Insider]
