The Transformation of the Store

CIO Review – With the rapid adoption of smartphones, today’s consumers are always connected and have access to unlimited information at their fingertips. Consumers expect their shopping experience to transcend channels so that they can shop anywhere, buy anywhere, pick up anywhere and receive service anywhere.

“While the store isn’t going away, it’s about to get a whole lot more connected, mobile, smarter and exciting.”

The digital world is infiltrating the physical store, where consumers are equipped with their smartphones and a new set of expectations. While two-thirds of online transactions occur after a shopper visits the store, 90% of all retail sales transactions still occur within the store.

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. The store is still the foundation of retail; it is where the tactile and sensory experience comes together for the consumer. The store is the theatre for shopping. However, we are on the cusp of a significant and fundamental transformation in the store environment. Online shoppers are now accustomed to features such as product reviews, extensive assortments, one-click transaction processing and personalized recommendations.

Unfortunately, these expectations don’t dissipate when they walk into the physical store. Retailers must therefore infuse digital features into the store environment to exceed customer expectations. The store of the future must be mobile, relevant, personal, ubiquitous and secure.

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