As online shopping increases, retail spaces have to change their offerings from products to experiences to survive.
According Jorij Abraham, Director of Research and Advice at Ecommerce Europe, “Consumers today are more aggressive than retailers. It used to be the other way round.”
A study on future consumer behavior by Ecommerce Europe reveals that half of consumer shopping will soon be done online, “I couldn’t have imagined 10 years ago that online shoe shopping will be this big. So now, I wouldn’t be surprised if the same happens to cars and houses. In short, I’m expecting for almost everything to soon be available online.”
This trend has such a huge impact on retail structure that Abraham says, “Shopping centers will cease to exist as actual places for shopping. To survive, they’ve to be transformed into spaces for entertainment and unique experiences.”
Retailers with old legacy infrastructure and equally outdated mindset and process have a lot of work cutout for them, “It’s a must for these old players to quickly adapt, be customer-centric, and embrace new technologies.”
As retail never stops and continuously changes, Abraham has three tips for retailers:
Retail Experience: Views on the Retail Transformation
Jorij Abraham was interviewed at the Pan European StrategyForum Retail event in Spain on the 21st of April 2016. For more on our upcoming events, visit the Event Calendar »
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