The manner in which retailers operate, merchandise and develop are driven directly by the experience consumers’ demand when shopping for goods and services. The shopping environment — whether online or in store — has drastically changed due to the increased power from the consumer, bringing new areas of opportunity that also carry new risk. As a result, the emerging trends that have developed over the past few years will continue to transform the way that retailers do business in years to come, including the rise of technology, the widening scope of retail and the shift in brick and mortar retailers.
Use of Technology
Technology may be the single most disruptive and innovative element affecting our society today, and the retail industry is no exception. This past holiday season, more consumers than ever before relied on their cell phones to comparison shop for a product while at the mall or in a store to ensure that they get the exact products they want for the best available price. While the convenience factor is appealing to shoppers, retailers are reaping the benefits of unprompted data collection from the ever-growing presence of technology in the shopping experience.