Technology for retail? It’s been such a hot topic for 5 years+. But the Amazon effect – well in place and taking major market share away from brick and mortar way before Covid – was super-charged in 2020 and 2021. Crisis is too mild a word, for national retailers. Where do we go from here?
Nikki Baird, in this article on Forbes, explains dynamics that in-store tech suppliers need to know.
- While retail sales during the pandemic have overall been far better than anyone had anticipated, the future of the store still sits upon a knife’s edge. Stores will always play a role – they’re not going away. But if 2022 is nothing else, it will be the year that retailers define whether that store role is robust or anemic. Retailers must figure out how to adjust their stores to meet the new realities of shopper – and employee – expectations, or they simply will not succeed.
- Stores have long been challenged by the rise of omnichannel. Where consumers once chose the retailer before they chose the brand, now consumers educate themselves online and choose what they’re going to buy long before they decide where to buy it from. Consumers are no longer blank slates when they walk into stores and store associates are no longer the most knowledgeable and influential people helping consumers along their purchase journey.
- And now four major forces have come together to force retailers to revisit so many of these eroding decisions. Retailers don’t have to get these right immediately – they have most of 2022 to figure them out, but the clock is already ticking. Consumer behaviors shaped by the pandemic are already hardening into immovable expectations.
Read about the four major forces in retail, here.
Market Views – data paths, and data points:
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