Technology today is fundamentally changing the way consumers think about everything, including shopping. Our on-demand economy means that your customers’ expectations are changing quickly. Things like convenience and value are worth more than ever before, but your customer also wants it wrapped in a pretty and painless shopping experience. Panelists in the “Culture: The New Currency of Retail” discussion argued that retailers are no longer just selling products, but rather, they are selling culture, which they referred to as “emotional ROI.” What’s more is that while e-commerce makes up a hefty $340 billion market, the majority of retail is still happening in stores with a massive $4.7 trillion market. Therefore, we’re seeing online giants like Amazon begin to flip the digital script on shopping and explore avenues of real-world retail. Here’s a take on what these trends really mean for retailers and the future of shopping.
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