The Future of Retail - Five ways e-commerce and high street stores are evolving to suit changing consumer behaviors

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The world of retail is constantly changing and evolving. Every year key businesses go bankrupt and new ones emerge from the ashes to claim the top spot. In this highly competitive business landscape the offering is everything and businesses more than ever need to know their niche inside out. More than that though, consumers themselves are always changing and new consumer groups emerge with each generation, each with their own tastes, lifestyle choices and preferred methods of purchasing.

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Today bricks and mortar stores are turning into something new, less sales focused and heavily supported by online retail. Delivery of products is inadequate to meet customer expectation and too expensive and huge investment is being made to help it catch up with the times. Generation Y&Z are the dominant consumer groups today and they act differently than the groups that came before them. Technology is due to enhance stores and close the gap between online and instore.

Despite all the press talk about younger generations there is less attention being paid to the fact that the wealthier older consumers are now much more online and internet savvy and there are opportunities in selling to these customers. In this report we look at the future of retail and what the landscape is beginning to look like.

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Despite the enormous shift online for retail and commerce, bricks and mortar stores are very far from finished. Customers still enjoy and use the traditional format, but that format now has a wealth of online competitors diluting its brand value.

The best new stores and online sites have merged their online and high street presence so that one complements the other. But even further than that, the online giants that have benefited from incredible growth in retail sales are now starting to eye up the opportunities on the high-street too, with the aim of bolstering their online offering or taking down high-street opponents. This has caused a number of interesting new high-street retail experiments and a kind of streamlining of the high-street, as dying older businesses are culled and innovative new concepts are tried out.

The holy grail of the online retail business community is reliable, super-fast delivery. The reason for this is that delivery quality can make or break customer satisfaction and is perhaps the one element which has traditionally not been controlled by the retailers themselves in the process of ordering a product online. The carriers themselves cannot be controlled by the retailers and even the very biggest retailers are beholden to a limited amount of potential delivery agents.

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As the timely and secure delivery of a product is critical to the overall experience, e-commerce companies have traditionally had no control over a vital aspect of their business. However the future of e-commerce will require new ideas and methods of delivery and in 2018 we are beginning to see these elements emerge.

Generations Y&Z are not so different to the groups that came before them, in terms of their wants and desires in life, but there are some environmental elements that influence how they choose to live which retailers need to take into account. Some are doing much better than others however and those that stay in the past quickly become irrelevant, with an average of 40 significant retailers going bankrupt every year since 2007.

It has been a rule that retailers need to have a good internet presence for close to a decade now, but Millennials and in particular Generation Z are deeply entrenched in the internet and many have no experience of life without the internet making it of critical importance.

Scope

- Learn about the new key players in the retail market and the direction it is headed
- See how new consumer behaviour is effecting the retail market
- Examine the new trends in online retail and delivery services
- See the direction of travel in bricks and mortar stores
- Examine the new technology that is being introduced to retail.

Reasons to buy

- Why are so many bricks and mortar stores going bankrupt, yet online companies are moving into the highstreet?
- What new technology is coming to retail to enhance the shopping experience?
- Why is delivery so expensive and why are major players building their own fleets?
- What new opportunities are there in retail and what consumers could be better catered for?
- What are the demands of millennials and generation z doing to companies?

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