Five Drivers of Change
Observing recent strategies in retail and developments in technology and trade leads me to believe that the following issues are in play – together these will form the vortex of those changes:
- Balance of power between retailers and consumers
- The mix of retailing channels – stores, online, mobile and social
- Globalization of the demand chain
- The changing nature of money, currency and finance
- The tsunami of data and the tools to analyze it all
These trends are already emerging in various corners, their adoption by mainstream retailers will take time, effort and long investment. Technology development and customer expectations will further shape the retail proposition over the next five years.