Welcome here, at the University of California.
My name is Rachel Green and I am an assistant at the Modern Retail Association. I am here today to inform you all about the future of retailing. I speak here today, because of the relevance regarding your current education.
In this speech, I will talk about the future within the retailing business as well as point out some issues in the business. Lastly, I will discuss how we can keep retailing alive and how to thrive in this environment.
It is believed that physical shops are dying. That the retail business will not be here in the near future. Even though, others point out that it is simply evolving, and not dying . It is noted, how the malls can, not be replaced by e-commerce, but actually help the e-commerce with reaching customers . As long as the business keeps evolving, we should be doing just fine .
To start off, I would like to address some issues within this business. We all know about the digitalisation and how the internet is slowly taking over everything. Especially, you guys! You are the future for all of us and the experts when it comes to technology.
Which is partly why it is growing so rapidly. In the last couple of years, we have seen how the physical shops are losing customers and have to close whereas the e-commerce are gaining customers as well as visitors.
These visitors are almost just as important as the customers, because whenever someone notices you it’s a win. Even though digitalisation sounds bad for retailing, it might be the opposite. Whenever a new online shop starts, people are sceptical about it - is it even real?
What if I get hustled? All these insecurities and unanswered questions. These are the factors needed for physical shops and retail in general to survive. If you go to a physical store, you know they will be able to take responsibility for their actions.