The idea of quickly popping into my local grocery store and walking out with everything I need for dinner, without waiting in long lines, is undoubtedly appealing to almost every shopper. That desire to streamline in-store shopping and reduce friction is what Amazon Go is all about and what has made its arrival, and potential expansion, the talk of the retail industry. Of course, shoppers are demanding a streamlined and personalized shopping experience across all retail channels, but many are left wondering what the impact of associate-free checkout will mean for the future of hourly retail workers. http://bit.ly/BR2M77vWS
From bricks and mortar to mail order to internet sales — the history and evolution of retailing is an interesting study. Today, merchants must have a digital presence to stay relevant because consumers have shifted to digital for almost every aspect of their shopping needs; this is especially true with the increasing availability of same day and other immediate delivery offerings. http://bit.ly/BR2MaFxtq
Almost every day we read about another major retailer closing its physical locations. Wellknown brands like Sports Authority and Payless have liquidated and filed for bankruptcy, respectively. A little over a year ago, Ralph Lauren announced it was closing its flagship store in Manhattan as part of its plan to help optimize the store portfolio and shift toward new and innovative customer experiences. http://bit.ly/BR2McNZbq
In retail, it’s important to create a smooth shopping experience for the consumer, who may well see shopping as a way to escape whatever stresses and hassles they’re experiencing in their daily life. Or, alternatively, dread the prospect of trawling around shops and appreciate anything that makes it a headache-free process for them. http://bit.ly/BR2mB66Zp
Are you ready for the group that has replaced the baby boomers as the finanacial juggernaut that will determine the style and demands of retail for the next 10 years?
Millennials (the generation born roughly between 1980 and 2000) are emerging as a retail juggernaut. According to data from Accenture, there are around 80 million Millennials in the U.S., and they spend $600 billion annually. By 2020, the firm expects their spending to grow to 1.4 trillion and make up as much as 30 percent of total retail sales.