For today’s online shoppers, on-demand services, inventory transparency, curated recommendations, mobile- supported experience and flexible delivery options have become table stakes. As consumers return to stores, they expect these services within physical locations, as well as immersive moments and entertainment, personalization and hyper-convenience.
To drive growth within today’s competitive marketplace, retailers must exceed consumers’ expectations and implement long-term, sustainable strategies. We see multiple companies – across retail sectors – responding with truly transformative innovations. Leaders are capturing new business value by delivering exceptional service, embracing experimental platforms and channels, and testing selling models that put the consumer in control. What’s more, retailers are shifting their entire business model to embrace purpose-driven initiatives that support social impact promises and environmental goals as much as the company’s bottom line.
Underpinning these transformative strategies is a wealth of data gleaned from consumers, which is then further explored for meaningful connections using artificial intelligence and machine learning technologies. Going forward, retail transformation will advance through test and learn iterations, smart data applications, personalized services and digital transformation technology, all through the lens of community and social impact.