The retail industry is in the midst of a retail renaissance as we move from the ‘olden days’ of a person walking in to a store to simply purchase a commodity, into a new technologically advanced era where artificial intelligence helps customers make informed purchasing decisions leveraging associate or customer facing technology along with augmented reality that enables them to view products on their body or virtually in their homes. Technology is bringing new life to brick-and-mortar stores as the physical and digital worlds collide.
The store is not dead, it’s digitized…
Over the past twenty years, many in the retail industry have predicted the demise of the physical store. That seemed like a reasonable assumption given the accelerated growth of e-commerce and advancements in mobile technology; however, the reality is, the store is still the foundation of retailing. It is where the tactile and sensory experience comes together for the consumer, but the traditional store concept is changing.
Disruption and adaptation are changing the retail model and blurring the lines among retailers, brands and wholesalers. Online pure-plays are opening brick-and-mortar stores and traditional retailers are experimenting with new store models and in some cases, expanded experiential brand strategies that include new revenue sources, such as services or food and beverage options. Retail is theater and with technologies like augmented reality (AR) and virtual reality (VR), the retail store is no longer the only stage where the theater of retail can take place. New technology will further empower customers as they can dictate their own personal stage and experience.
The physical store remains the foundation of retail; however, a significant and fundamental transformation of retail is underway and will change the requirements for the store of the future.
We recently conducted our 20thAnnual POS/Customer Engagement Survey and compared our findings on retailer capabilities with consumer expectations from the BRP Consumer Study (report coming soon!) to take a closer look at what the store of the future looks like. BRP’s SPECIAL REPORT: The Future Store gives you a closer look at what consumers expect from the store.
Download the report now because the future store is here, ready or not.