Good evening everyone. My name Is Nohaila Daanoune. I work as an assistant at the Modern Retail Association. I’ve been kindly asked to give a speech on the future of retail as well as discuss how retailers can survive and thrive in an industry controlled by technology.
We have all experienced the baffled evolution of technology and it is pretty obvious that we are moving towards a society that is controlled by technology. We as people have become busier and more simplified, and therefore we seek the easiest and most functional solutions as possible.
We are constantly simplifying retailing and giving the consumer the chance to solve problems in a way that is time saving and customized to work around our schedule. You might not feel this drastic change but it is here.
Notice how online shopping has grown tremendously in the past few years? We are able to order what we need at any time given. Now this has its advantages and disadvantages.
Online shopping has of course solved a lot of issues for families that do not have as much time to go to physical stores but take a look at certain companies such as Toys “R” Us, Payless Shoe Source, the Limited, J.C. Penny and more, who unfortunately have not been able to compete nor live up to the current expectations of online shopping.