The retail sector has been hit by political and economic uncertainty, rising inflation, dented consumer confidence and falling sales. With 889 million monthly active users on wechat and over 55% of mobile consumption time in china spent on its products, tencent has the advantage in terms of its mobile user database. The future of retail is ai and robotics investing us news. Flexibility to provide for changing layouts and uses is an increasingly important factor, as. In the past six months retailers like amazon, target and kroger have taken public and deliberate steps to think small by focusing on online shopping and opening smaller brick and mortar stores.
In retail, the lines between manufacturing, retail, domestic and digital spaces are all becoming blurred and out of this, a new shopping culture will emerge. For uk and european retailers wanting to stay ahead of the game, the 2nd annual ft future of retail summit brings iconic global brands and exciting new startups into one lively space to share their thoughts on the future of the shop, and shopping. While reimagining physical retail, it will be critical for retail and cpg companies to continue to innovate and. Future retail limited is an indiabased company, which is engaged in the business of retailing a range of household and consumer products through departmental store facilities under various formats. The psfk x suzy future of retail 2020 survey quantitative research featured in this report was taken from the psfk x suzy future of retail 2020 survey, a bespoke, original survey of 500 us consumers age 1855, conducted in partnership suzy, the realtime consumer polling platform. The company is primarily e ngaged in the business of multibrand retail trade. This article focuses on the future of retailing by highlighting five key areas that are moving the field forward.
The australian retail sector has had more than its fair share of challenges over the past 12 months none more so than a consumer who, through the power of technology, has become far more discerning and valueconscious. Here he shares the top 11 trends shaping retail and also offers an indepth presentation and video overview of his. Each year, psfk s future of retail 2020 conference highlights the needtoknow ideas and innovations driving successful commerce today. The second era of digital retail 1 executive summary. Evidently, retail trade is one that cuts off smaller portions from large lumps of goods. Exponential technologies ai, vr, 3d printing, and networks are radically reshaping traditional retail. Psfk on the future of retail and the brandless experience. The pace at which retail is evolving is incredible and it is difficult to predict what house of fraser would look like in 20 years, let alone five. Psfk future of retail 2018 5 key pillars of blended retail as the shift away from big box stores and endless sales racks intensifies, brands, merchants and shopping centers are asking the questionwhat will the future of the store be.
Welcome to our september 2017 client insights publication, future of retail. The concept of a physical store, whether at malls, downtown districts or shopping centers, is not going away any time soon. Fast company articles and posts tagged future of retail with a unique editorial focus on innovation in technology, leadership, and design. Psfk future of retail conference at this nyriw flagship event, an audience of changemakers learn from pioneers shaping tomorrows customer experience. Psfks future of retail 2020 report summary presentation. Shaping the future of retail for consumer industries 5 at the same time, the shift to ecommerce will drive a reduction in physical retail footprint, whether the sheer number of stores and or their respective size. On personal utility psfk founder piers fawkes to give nrf 2020 keynote on the latest trend driving the future of retail. The platform got its first public outing at the farfetchos event. Leading retailers are beginning to make sweeping changes to keep up with consumer demands.
Featuring insights from experts both at emerging startups and leading corporations, this halfday program will explore how the best retailers and brands will play to, meet with, expect, serve and reward each of their customers in is the age of personal utility. This report presents trends from the perspective of brands, shoppers, retailers and communitieshighlighting how technology and our senses play a role in the retail experience both in and out of the store. This technology primer continues that work in partnership with leading retail solutions provider cisco in order. After the entrance of ecommerce in india, the face of the retail industry has changed drastically. Be it online or on the high street, the retail industry is changing fast. Lesson 1 an overview of retailing introduction the word retail is derived from a french word with the prefix re and the verb tailer meaning to cut again. Future retail history future retail information the. In a recent study, 58 percent of retailers agree that businesses focused only on brickandmortar stores will not survive past the near future, and 72 percent of respondents stated that they believe one or more prominent merchants will disappear in the next onetothree years. Opinions expressed by forbes contributors are their own. As physical stores are still an important aspect of the retail environment, retailers will need to assess whether digital infrastructure in stores will be sufficient to meet future demand. Tencent, for example, has also been active in the new retail battle. The future of retail special report, published in the sunday times, examines how retailers must innovate to overcome these challenges, through investing in mobile commerce, implementing new payment technologies and rethinking the purpose of physical stores. The future of retail business in india softwaresuggest blog. From mall developers to popup shop suppliers, we know that bricksandmortar help to keep your business vital.
All content on is for your general information and use only and is not intended to address your particular requirements. This technology primer continues that work in partnership with leading retail solutions provider cisco in order to identify. Insights, interviews and concepts on building value, driving sales and boosting loyalty. The future of retail lafutura global trend network. The retail business model is being disrupted and the industry knows it. Future of retail about gfk future of retail convenience choice price experience conclusion as we look to the future of retail, we see a move towards lifestyle stores organized by need states. A large base of consumers prefers to purchase online rather than taking themselves to the brick and mortar stores. Why farfetchs store of the future platform will be an. Help your shoppers visualize their purchases in their world. The future of retail is consumerconnected and cognitive. Future retail history read about future retail, history of future retail on the economic times.
Insight report shaping the future of retail for consumer. The company has access to approximately 20 compact hypermarket. This piece draws on a new report, shaping the future of retail for consumer industries, which can be read here. This major report from psfk provides a roadmap to help retailers build more compelling experiences with shopper data. The government is a lso doing the retail industr y few favours when it comes to ta xation.
The omnichannel retail playbook report looks at how, in order to stand out from the competition, retailers and brands must make the best use of their customers time and attention by designing. The technology is being used by retailers such as neiman marcus and sephora. Speaker organizations include b8ta, museum of icecream, nike and zola. Psfk s research shows that offline retail will be smaller and dedicated to experience and service. At the same time though, the future for brick and mortar stores doesnt have to be as dreary as it looks. The future of retail business research and insights. The one constant in retail is its dynamic, everchanging nature, and my list of retail trends of 2016 offers the opportunity for brands to deepen their shopper relationships, heighten sales associate engagement and deliver better, more meaningful shopping experiences.
Alibabas new retail is not the only concept pushing chinese retail into the future. Psfk is a recognized thought leader in the retail sector. Foundations for the customerfirst business 4 future of retail 2017 report responsive operations performance technology empowered frontline 4 5. Psfk on the future of retail and the brandless experience in the brandless experience, a brand which is trying to optimize themselves for a search engine queries, names itself based on what. Imagining the retail store of the future the new york times. Future value retail limited is formed as a specialized subsidiary to spearhead the groups value retail business through big bazaar, food bazaar and other formats.
In the future of retail, it takes a fully integrated experience to keep and sustain consumer attention. Available as a free pdf, the 80page report points to 10 trends that psfk believes will impact the retail sector over the next 3 to 5 years. James llewellyn, uk head of shopper, gfk mission possible. Leading analyst, futurist and author brian solis explores the future of retail. Only the brave will win 6 2 introduction10 3 futurecasting process 14 4 looking back before we look forward 22 5 retail trends and challenges manufacturers, retailers and shoppers 26 6 disruptive forces on the horizon 38 7 the future of the shelf 52 8 its all about the data 64 9 summary and next steps 70. The history of how alibaba and amazon have come to dominate retail through ecommerce has been told countless times. I cant think of a more exciting time to be in retail, to be at the forefront of change and part of an industry that has the potential to provide a better life for millions around the world. Most retail outlets whether conventional brickandmortar shops, digitally enhanced stores like macys in the u.
There are plenty of opportunities to make this switch and head towards more communityoriented businesses. As competition thickens, it takes more than price, convenience, or selection to earn sales. The playbook outlines how companies can transform their stores into experience. Apply to customer service representative, beauty consultant, personal shopper and more. Long time in the working 2 years and counting, farfetchs store of the future platform for stores is finally coming. If you own a brickandmortar business, or are thinking of setting one up, youve likely seen plenty of reports that imply the future of shopping is online and that it is also mobile. See the infographic on history of indian ecommerce. In particular, the content does not constitute any form of advice, recommendation, representation, endorsement or arrangement by ft and is not intended to be relied upon by users in making or refraining from making any specific investment or other decisions. Retailers will soon move to a model by which they sell to customers whenever, wherever and however they want to buy. Its pioneering study of trends and patterns in the retail market, the future of retail 2016 report, helps brands and retailers define better shopper experiences for their clients. The future of retail is ai and robotics more the future of brickandmortar retailers may lie in a combination of artificial intelligence and robotics, an analyst says.
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