Retailing is in the turmoil of multiple channel transitions.
A significant demographic shift is transforming the retail industry. With the aging of Baby Boomers comes the rise of the Generation X who gave birth to a Dot.com era in the 1990’s. In addition, the younger Generation Y, also known as the Millennials, who were born into a technological, electronic, and wireless society, starts to dominate the retail environment. It is inevitable that retailers must adjust to meet the needs of a technology-dependent market.
Technology has considerably reshaped the retail industry, changing the way retailers sell their products and services to customers. Online retailing, pioneered by Amazon, has disrupted all retail segments, pushing brick-and-mortar retailers to build their digital channels, which is now by far the fastest-growing channel worldwide. Always-connected personal devices with easy access to price and product information have become a norm and an indispensable part of our daily lives.
The impact of these major transitions led to the dawn of a new paradigm, referred to as the “omnichannel“ retailing which led to a global shift in shopping behavior; shoppers buy anything, anytime, anywhere, using any connected devices. In response to this new paradigm, the entire retail industry has created a new “omnichannel” ecosystem to provide shoppers the right product, at the right time, at the right place through any device.
The preoccupation of retailers nowadays is knowing the best practices for omnichannel retail, recommended course of action, practices that need to be followed, and most particularly how to implement them successfully. It is for this reason that this blog OmniRetail-Experts.com has been developed to investigate different courses of action and practices that global best-in-class retailers implement to cope with the new paradigm.