Retail Executive

JAN-FEB 2018

Retail Executive is the trusted advisor to top retail executives from the industry’s most profitable retailers. We help retail executives succeed in their job role and grow their business via exclusive, actionable, peer-driven content.

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Transformational Trends From (R)Tech Center For Innovation B Y R I L A UBIQUITOUS AND ULTRAPERSONAL SHOPPING: Shopping will be invisible and ubiquitous, embed- ded into natural gestures and conversation, managed through a connected ecosystem, and will encompass all channels and all customers. URBANIZATION: Despite a pause or even reverse in city growth in the late 20th century, cities are now experiencing a resurgence. Shifting patterns of settlement have implications for infrastructure, people's lifestyles, and for consumer pri- orities and demands. GLOBAL ECONOMIC SHIFTS: The economic center of the world is moving south and east, with middle class growth in those economies. Meanwhile, global economic inequality is rising; the United States has the greatest wealth disparity of all the developed economies in the world. THE SHARING ECONOMY: Rather than buying new products to consume, people are increasingly sharing or renting things like cars, bikes, power tools, clothes, housing, and even leftover food. This trend could grow and continue to create a new form of consumer economy in which experiences and access to items are more desirable than ownership. NEW CONSUMPTION PATTERNS 1 TECHNOLOGY 2 BIG DATA & TRANSPARENCY 3 AUGMENTED REALITY: Augmented reality (AR) allows computer generated im- ages to be superimposed on the user's real-world envi- ronment, generally through a cellphone, headset, or video game. Augmented reality applications will increasingly be used in retail environments to give consumers product information and help them interact with brands. DISTRIBUTED MANUFACTURING: Technological advances are making localized produc- tion easier than ever, and 3D printing and information technology could disrupt and localize conventional manufacturing. Industry is using networks of geo- graphically dispersed manufacturing facilities, and 3D printers have become affordable for consumers to own for their homes or use in their local community. EMPOWERED CONSUMERS: Empowered by social media and easy access to data, consumers are better and better informed about the ecological and social impacts of their buying habits and have greater means to create pressure for change. THE UBIQUITY OF DATA: The accumulation of vast amounts of data, combined with an exponential increase in computing power, has enabled the use of new and powerful insights in every aspect of society. Companies that successfully leverage Big Data can provide highly targeted products and ser- vices. At the same time, the proliferation of individuals' The (R)Tech Center for Innovation and RILA, in partnership with The Forum for the Future, performed extensive research and interviews with its membership and prioritized the trends driv- ing change in the retail industry. This report is repurposed from the initial Retail Horizons toolkit, initially developed in 2014. These 22 trends address six categories: 6 TRENDS The list By RILA 6 TRANSFORMATIONAL TRENDS FROM (R)TECH CENTER FOR INNOVATION RETAILEXECUTIVE.COM JANUARY/FEBRUARY 2018 12

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