The convergence of 4 macro trends – a new normal economy, pervasive consumer technology adoption, individualization of the consumer and technology innovation – is reshaping retail.
While the underlying changes afoot are not to be trivialized, at times our industry is guilty of over-complicating relatively simple ideas. In doing so, the opportunity to have a meaningful conversation about how retailers can serve this new consumer is lost, and instead the focus shifts to describing what omnichannel retail is.
The tenets of retail haven’t changed – merchandise based on customer needs and preferences, be equipped to fulfill customer demand, make shopping an experience for the customer, engage with them at a personal level, reward them for their loyalty. What have changed dramatically are the capabilities retailers need in order to excel at each.