Good evening, everyone. I hope you are all doing well. My name is Anna Clark and I work as an assistant at the Modern Retail Association.
I am here today to talk about a current and most relevant part of your education, namely, the future of retail. I assume that many of you already know that the retail industry has seen significant change over the past years.
It is no secret that an essential reason for this has been the development in e-commerce.
I am disclosing no secret when I say the retail industry is in a developmental phase. The big question now is: How can retailers survive and thrive in the future? Firstly, innovative technology is of great importance. Shopping needs to be fast, easy, and trouble-free.
To make that happen, retailers need to evolve, innovate, and unify their omnichannel efforts. Accordingly, all eventually irritations need to be removed, so the path to purchase gets as frictionless as possible.
Let us take an example: have any of you ever gone to a store hoping to buy something only to find that it is out of stock? Or have you struggled with transporting several heavy shopping bags home? I think most of us can nod in recognition.
All stores need to prevent bad experiences like these and make it easy for consumers to get what they need freely.
Furthermore, one of the most important things to focus on is experience economy. In other words, creating a unique experience in the store, and offering the consumer more than just a physical product.
I would like to give an example of such a store, a shining example of how both experience economy and a frictionless path to purchase can be done. Some of you may know the brand, Rebecca Minkoff.
In their physical stores, technology is used to transition a shopper from uncomfortable moments to the next part of the shopping experience. The first thing shoppers can do is order a drink and watch the latest runway show.