The e-commerce explosion is revealing the flaws of the retail store business model. Overhead and inventory hamstring brick-and-mortar stores’ efforts to compete with unencumbered online retailers. The consumer’s ability to go online easily to check the prices of competing products drives all prices down, so price is less of a differentiating factor. Brands must compete on other merits. Digital experiences changed shopping. Virtual reality and other technologies are increasingly blurring the lines between the digital and physical worlds. The components of a retail environment and the way people purchase products will keep changing radically over the next few years, says retail expert Doug Stephens. People still want to go shopping, but they will demand stimulating experiences. getAbstract recommends his insights to marketers, store owners, entrepreneurs, investors and potential retail disrupters seeking a cogent, pragmatic overview of the future of retail.
In this summary, you will learn
- How e-commerce and digital technologies are changing the shopping experience for retailers and customers,
- How brick-and-mortar stores can still thrive, and
- What trends will shape the future of shopping.
About the Author
Retailing expert Doug Stephens founded the Retail Prophet consultancy. He also wrote The Retail Revival: Reimagining Business for the New Age of Consumerism.