The power balance between those who sell and those who buy has changed dramatically in recent years. Seventy-five per cent of all shoppers research purchase-related information online and compare prices, place orders and post reviews. According to the authors, even seasoned retail executives are in awe of the fundamental nature of the changes taking place.
Here five distinguished retail experts contribute to consulting firm McKinsey’s perspective on the future of retailing looking at questions such as: Which of today’s retail formats will survive? What will set the winners apart from the losers? How can retailers benefit from evolving technology and changing shopping behaviour?
It is not all bad news for traditional retailer. Consumers will still want to visit some stores for many of the same reasons that they already do: convenience, sociability and the ability to buy cheap goods.
Ironically, there’s a back-to- the-future aspect to the new order emerging. Customer- centricity means returning to the kind of thinking that prevailed when small retailers bought the merchandise that they knew individual customers would like.
