The future of retailing
Throughout the marketing course we have discussed a wide variety of concepts related to retail
marketing. We have dissected e-commerce companies such as Amazon that leads the market with
innovation and drives retail world forward. Amazon by itself has numerous patents and potential
projects all based off the idea of innovation. The online leader also has official plans out for a grocery
store that will be run through the use of artificial intelligence technology and robots, they are now
testing it in some parts of the world but will end up being in all main cities. After researching and
learning how one company alone has been able to bring about such significant change in the retail
industry, I wondered, what exactly will the future of retailing be like. It’s safe to say that our society as a
whole has seen a great deal of change in the last decade. Just 10 years ago our world was very
different and it hard to fathom what our lives will be like in another 10 years. It is not possible to be able
to predict exactly how societal changes such as advances in technology will affect our culture and our
everyday way of life, let alone the world of retailing. One thing is for certain: changes are coming,
especially for retailers. It is inevitable and companies would do well to learn of these new changes
coming and prepare as best they can.
If it impossible to predict the future, how are retailers supposed to form plans? The answer is that the
`Future´ is actually happening right now. Much of the technology that will affect us in the next 10 years
has already been created, although it is not ready to be available on the market or implemented on a
large scale. An example of this is the robot. We know of course that robots exist yet we also are aware
that they are, at this time, only available for wealthy people or early adopters of technology.
It would be beneficial to retail executives to pay close attention to the early talk of innovative
technology. Companies should be learning of any new advances in technology early on so that when
the time comes, they will be ready to adapt. In today’s world it is increasingly important to stay current
and on top of the latest technology. Falling behind even a little can easily end a business. While it is
difficult to fully predict how the future of retailing will appear, there are many different ideas and theories
as to what changes will occur and how these developments will affect retailers.
For starters the future includes costumers who, due to mobile phone technology and the internet, are
more informed than ever before. Every time we shop, we hold in our hand a device which allows us the
power to research products, view customer feedback, compare prices with other store and even send
pictures trough apps such as Instagram and get advice from friends. In addition to giving costumers
greater choosing power and knowledge on products, smartphones also affect business as they provide
a new method offering faster service and added convenience. According to The Outsider Book “the
widespread adoption of increasingly powerful smartphones with larger screens will continues to improve
the e-commerce experience People will be more likely to shop on their mobile phones and computers,
while physical stores will shrink in size. The site suggests that the boundaries between physical and
online stores will soon be blurred, and the physical retail store will evolve to be a showcase for actual
products and styles. The focus of physical stores will be to offer an experience opposed to today’s
typical model which focuses on using the space for the physical storage and sale of merchandise. In
the Book outsiders the writer predicts that the future includes significant growth of online shopping.
Kahn writes that ``Physical stores will not go away but even when purchase is ultimately made in a
physical store the shopping process will frequently start online. Kahn adds that one key lies in a
company’s ability to observe shopping behavior through market research technology. The article
emphasizes the importance of learning exactly what consumers are paying attention to when viewing
an online advertisement or online product assortment on a website. This opens up a new realm of
future retailing: big data. In the future customers will have more buying power and information. Yet
future consumers will also have less privacy. This is beneficial to retailers and in the future with the help
of big data technology, companies will be more able than ever to capture crucial data about customers
and create advanced marketing analyses.
CEO and founder of telecom touched upon the growing importance of big data in the entrepreneur
article titled Why the future of marketing will blow your mind. Big data is essentially a term that relates
to extremely large data sets that can be analyzed trough computer software to reveal trends, patterns,
and associations particularly involving human behavior. In the article Mehta claims that traditional brickand-mortar retailers do not stand a chance in competing with the personalization and convenience
provided by online shopping. He adds that every action and inaction from what customers are clicking
on how to much time they spend looking particular items, can be compiled and studied easily using big
data technology. The increasing use of big data as a marketing tool will allow give retailers the chance
to gain an intimate look at what goes on in the minds of their customers. Even though it is helpful tool,
companies must be wary of incorrectly utilizing big data. In the Elsevier journal of retailing, eric
emphasized a strong need for marketing/economic theory when performing large data analyses.
Predictive algorithms are not always accurate abed Bradlow warns that without theory managers might
fall into the trap of apophenia. While it has potential risks, one thing is still clear, big data is going to be
a crucial. Tool for future retailers. Technology to analyze customer information has already been put in
place by companies and in the future, it will only be more advanced and widely used.
Aside from more advanced market research technology and big data, technology in general will be
used more by retailers in the future, in attempts to engage more customers. Digital signature will
become more common and will be used to grab the attention of customers and showcase deals and
store information. In his article Punnet Mehta mentioned many ways in which technology will be used to
hook passerby’s. Mehta suggests the in the future, new virtuality-reality technology could be used to
attract and engage customers. Shoppers will access information and special offers through augmented
reality while moving through a store or seeing how they would look wearing something without trying it
on. The website digital commerce reiterates this very point “augmented reality will overtake virtual
reality and play an increasingly important role in the retail experience. Just think you can try on a dress
or suit virtually via retailer’s app and quite possibly adjust venues settings to reflect a ball or important
meeting. This kind of technology could completely transform the retail industry and the physical retail
store will become more experience-based.
Regarding the future of the instore retail experience many different sources predict a similar idea: the
rise of personalization in shopping, for example a customer may be prompted to enter a store after he
or she receives an alert they are likely running low on certain product such as shampoo or moisturizer.
Using known information such as the date of the last purchase paired with previous buying behavior
companies could offer personalized advertisements and messages directed at the costumer that is
likely to be extremely personalized and relevant. Another possible future of retailing, personalizing
information for customers can both enhance and diminish consumer engagement with the firm because
consumers my recognize how much data and information retailers have about them and begin worry
about their privacy”. While personally directed marketing strategies can be effective, like big data they
too must be used correctly by companies
Similarly, it seems that the future customers will have more opportunities in the future to customize
products. In the Entrepeur article titled is mass customization the future of retail? The writer proposes
that customization is a largely growing trend in the retail industry. Brands such as wild things have
already embraced the culture customization. CEO of the Rhode Island company wild things put the
value of customization simplify “is you are a woman you may not want a chest pocket. So, then you
don’t click that button. I firmly believe this is the future of selling product to customers” According to the
article Schmaltz and wild things are far from the only company that is jumping on the trend “these days
customers can mix up their own cereal, design their own shoes, and even find the perfect artwork to fit
the exact space they´re decorating” While the notion of mass-customization is not new, it has never had
the ability to catch on. However due to today’s advances in technology it is now easier and more
feasible for companies to allow customers the option to customize. Weintraub echo’s this very idea “in
recent years, technology advances have made it easier for retailers to offer online design tools that any
consumer can understand and to fulfill orders for customized goods in a timely, efficient manner. Many
strongly feel that this is a very plausible future of retailing and that one-day people will have the power
to produce and have basically anything they want.
Technological advances have certainly led to changes in the retail world. The invention of the cell
phone and the creation of the internet alone have created a different culture among us as a society and
have altered the way of business and the way in which we have reach costumers and get people to
engage with a brand. These advances have also come in the form of tools for retailers. Through
electronics devices. We are now able to analyze big data and learn more about how we ae reaching
customers on a personal level. Social media applications have given customers the ability to read
reviews and gain more information about a product, while it has also given companies a direct platform
to reach and interact with customers. Our mobile phones will only become more involved in our lives
and intertwined with our retail shopping experiences. Physical retail locations will slowly shift to become
more experience based and companies will use technology to attract to customers into stores and
engage with retailers in more personalized way. Ecommerce will grow retailers will have to fight to keep
up with the fast-growing world of innovation
These ideas only touch upon the mere surface of what the future of retailing might hold. There are
many other aspects in which the retail world will change, including manufacturing, the supply chain, and
delivery. For example, many have claims about what future deliveries will be like. Entrepreneur guest
writer Puneet Mehta believes that in order to compete with companies like amazon who offer free
delivery services “More retailers will offer menu of flexible fulfillment options, whether it’s a preorder and
pickup in a store or shopping in a store offering free home delivery”. It is impossible for us to be 100
percent accurate in predicting the future of retailing yet it almost important that people in the retail
industry are paying attention to the changing trends and newly developed technology. In today’s world it
is increasingly more important for companies to stay on top of technology and learn to use it before it is
too late
BIBLIOGRAPHY
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parachute. Retrieved May 08, 2017, from :
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Crowley, C. (2017, March 21). How Amazon Plans to Become America's Go-to Grocery Store.
Retrieved May 05, 2017, from: http://www.grubstreet.com/2017/03/amazon-plans-to-becomeamericas-go-to-grocery-store.html
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Smith, J. (2017, February 23). The Future of Retail: a Look at 2026 from Five Vantage Points.
Retrieved May 05, 2017, from: https://www.digitalcommerce360.com/2016/05/12/future-retaillook-2026-five-vantage-points/
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Kahn, B. E. (2017). The Future of Retailing . Journal of Retailing; Greenwich ,93(1), 1-5.
Retrieved May 05, 2017, from: http://search.proquest.com/docview/1879601259?pqorigsite=gscholar

Mehta, P. (2014, June 02). Why the Future of Retail Will Blow Your Mind. Retrieved May 05,
2017, from https://www.entrepreneur.com/article/234407
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Weintraub, A. (2013, November 14). Is Mass Customization the Future of Retail? Retrieved
May 08, 2017, from: https://www.entrepreneur.com/article/229869
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Future Of Retail Mobility. Retrieved May 08, 2017, from
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