As economic pressures and the number of disruptive entrants increase for traditional retailers, the value adding potentials of technology will become necessary to survive. Here are six of the ways in which new technology may affect the retail industry: hubs may replace shopping centers, customers will become even more powerful, personalization will become an industry standard, subscription models will be even more common, cutting edge tech will make its way into the hands of customers during the purchase process, and product delivery will become even more expedited.
Over 800 locations designated as high street shops closed in 2016, while e-commerce figures were stable. This context has been a driving force behind the introduction of technology as an instrument to help improve companies' value proposition. The expected continuation of that trend are changes in where and how customers purchase products. With the introduction of hub shopping locations and a continued shift to e-commerce customers will be increasingly able to efficiently allot their time towards making purchases. Shopping experiences will be improved as companies attempt to differentiate themselves through the service they provide alongside their products. These improvements will come from customers being offered higher tech, more personalized shopping experiences including even how products are bought.
As the customer becomes more powerful, largely due to their ability to choose from more suppliers, changes will also come to payment and delivery services. These changes will be aimed at providing more diverse and efficient processes. The retail industry will need to become more customer centered as players try to keep and attract customers.
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