You work as an assistant at the Modern Retail Association. You have been asked to give a speech on the future of retail at a seminar for students of retail marketing and management at the University of California, San Diego.
In the speech you analyse the current challenges for the retail industry, and you discuss how retailers can survive and thrive in the future.
The Future of Retail
There are lots of pros for shopping online, but there are many cons too. An example could be about clothes, sometimes you can't assess if the size and color fit you or even like the substance.
It could be about makeup, where you have picked the wrong skin-color because you thought it fitted you as you assessed by the pictures you saw at the website. Those small details have a huge impact on us to make the decision and take action to purchase and keeping it.
So, how can the "brick and mortar" industry survive and thrive in the future? Well, it won't be easy. The industry is seeking new ways to lure customers by creating unique experiences for consumers.
The industry is focusing on the concept of "service experiences" because it has a big impact on the customers' purchases.
The costumers often purchase based on how the stores provide good service experience. If customers experience bad service in the store, they will very often choose not to buy in the store even if they liked the product.