What Does the Future of Retail Look Like?

BenQ Corporation

With the advent of the Internet came a myriad of changes that have altered our modern world at an ever-increasing rate, not the least of which is the way retail is executed. And brick-and-mortar outlets are being forced to adjust accordingly in order to survive in the face of e-commerce and digital shopping.

Changing the Face of Retail

The Internet has facilitated the entire process of selling and buying, increasing the number of competitors tenfold. This includes international companies like Harvey Nichols selling items with an enticing foreign flair, as well as numbers of smaller businesses selling unique items targeted to niche groups.

As a result, American shoppers are no longer limited to the United States. And the barriers of entry to the U.S. retail sector are disappearing before our very eyes, meaning international competitors can enter the already-crowded market with ease.

While consumers are loving the new, unconventional Internet way of retail life, traditional stores with physical locations are less infatuated. Combined with decreasing traffic to their stores, the new cutthroat environment is disastrous for retail businesses that were less than a decade ago the anchor of American commercial life.

What the Future Looks Like for Traditional Retailers

In order to survive, brick-and-mortar retailers are going to have to adjust in radical ways and change their strategies entirely. This can mean one or more of a variety of things:

• Establishing smaller locations where customers can experiment with merchandise and other products.
• Offering a wider range of items.
• Quickly cycling through products to keep up with fads and trends.