The Future of Retail

The Future of Retail

What does the future of retail look like? Certainly more focused on customer experience, enabled by new technologies. But how will the balance between the physical and the digital play out?

To seize the opportunities and leverage new technologies, retail executives will need to reimagine everything they know about running their business. On this site, we have gathered a complete collection of insights, predictions, cases and events about the future of retail to get you ahead of predictions.

Let’s define the future, today.

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Imagine

Use the stepping stones to discover the future of retail

  • Imagine if over half of your high income consumers pull back on shopping spend based only on a perception of worsening financial position

    Income bifurcation is widening and this bifurcation is altering purchase behaviors and playing out differently by category. How much and why consumers change spend differs by category, and brands that understand the impact of consumer bifurcation behaviors and category drivers are winning. How to become “future-proof” in the face of the next consumer recession?

    Learn the impact of income-driven changes in consumer behavior as it relates to preferred formats, channel choices and shopping around between economic groups:

    Download the report
  • Imagine a world where you can customize your products. You can design them yourself. You can break down the wall between consumer and producer. You can be both.

    A challenge to selling ethically produced products is getting consumers to follow through on their good intentions. One survey by a cloud supply chain platform found that 45 percent of consumers said they would pay more for responsibly manufactured clothing and footwear. So why, then, aren't there more kinds of fair-trade or ethically sourced products available to consumers? It comes down to human behavior.

    Listen to a podcast episode on how to better guide consumer behavior:

    Listen to the podcast
  • European retailers remain the most globally active as they search for growth outside their mature home markets.

    The region has the highest number of Top 250 retailers, with 87 companies based in the region (34.8 percent), up from 82 in FY2016. The biggest risk to the Eurozone is political. The global economy is currently at a turning point. With inflation accelerating in major markets, governments making shifts in monetary and fiscal policies, and most of the emerging markets experiencing significant currency depreciation, the global economy will slow down in the near future.

    Read what this means for the retail industry in Global Powers of Retailing 2019:

    Read the report
  • Imagine if we could buy our clothing online, and change sizes at the local physical store, without problem?

    When thinking about your company's last mile and return services, have you ever asked yourself the following questions: How do I perform compared to my direct competitors? What can I learn from other, Best-in-Class retail segments? Am I able to face new entrants that offer seamless last mile services?

    In a series of six industry deep dives, we will share our point of view:

    Read the deep dives
  • Imagine a world with no physical stores, only Amazons and Alibabas. Imagine the birth of the first ever physical store in this reality. How would you design it?

    The store is not dead, but its purpose has shifted from service to experience. From one channel to omnichannel. From physical or digital, to phygital - are you ready for the connected store?

    When most people think of connected stores, they imagine interactive screens, smart mirrors and adaptive displays. Interestingly, people are rarely using them, because even though they look nice, these objects don’t always address people’s needs. Do not make this mistake and install technology that customers don’t care about. The in-store revolution must be driven by data about customers needs.

    Learn more about how to capture the right data:

    Download Connected Stores
  • As part of an ecosystem of technology and solution providers and AMF Fastigheter, we jointly created a Retail Innovation Lab inside The Lobby in Sweden.

    At the heart of the lab is Deloitte Digital’s iOS-based ‘Connected Store’ solution, previously only set up in London and New York. The Connected Store - powered by Deloitte’s ecosystem of partners and alliances, including Salesforce, Apple and numerous start-ups - inspires retailers and consumer product brands to reimagine their omnichannel shopping experience.

    Read about the connected store experiment, and the benefits and features of the connected store:

    Video: Explore The Lobby
  • Imagine a world where you can gather as much data as you need about your customer preferences from your physical stores, as you do from your ecommerce.

    Digital supply networks enable the whatever-whenever-wherever shopping experience. Retailers and consumer-packaged goods companies are struggling to keep pace with increasing customer expectations of having whatever they want, whenever and wherever. The transformation to an effective omnichannel market offering begins with the recognition that omnichannel supply chain leaders are moving away from the linear logic of traditional supply chain thinking.

    Learn more in the Digital supply chain in retail report about how digital supply networks can help fulfill the customer-driven shopping experience AND competitive differentiation and profitable growth:

    Download the report
  • Imagine having an AI-based, smart toothbrush letting you know when you need to go to the dentist and how to better brush your teeth.

    The consumer products sector is leveraging technologies to disrupt the ordinary and pave the path to new feats. These technologies, however, don’t exist in isolation—they “communicate” with one another to create powerful outcomes, helping companies improve efficiency and profitability while enhancing the customer experience. There are many ways in which disruptive technologies can be useful to both consumer product companies and their consumers.

    Read the article
  • Imagine if all your HENRY’s (High-Earners-Not–Rich-Yet) were more driven by sustainability and deeper values than status and luxury?

    The luxury goods market display growth despite a slowing economy. Digitization and growing millennials and Gen Z define the future. Despite the recent slowdown of economic growth in major markets including China, the Eurozone and the US, the luxury goods market looks positive. In an age of fast changing trends, luxury companies have started to keep an eye on the new consumer classes of the future, are committing to make significant investments in digital marketing and increasingly using social media to engage their customers.

    Read the Global Powers of Luxury Goods 2019 report about trends and issues that are driving the luxury industry:

    Download the report

Webinar
The Future of Retail

Thursday 6 February 2020, 11:00 CET

For some it is already a fight for survival. Looking beyond the dramatic headlines, it is clear that the industry is transforming – with new channels driving growth as the old channels decline, and with retail being reinvented.

Meet the speaker
Ian Geddes

Partner

Dare to imagine

At Deloitte, we not only use our industry expertise and global presence to make thought-provoking predictions about the future — we also empower you to build it.

Your future begins with a bold idea. And we have the end-to-end capabilities, deep insights and innovative power to convert your idea to reality. We understand the hearts and minds of your customers and help you transform in a collaborative way, across all aspects of your business — and we do so in respect of the future society we want to be a part of.

Let’s reimagine your business today so that you can build tomorrow.

Maria Skuladottir profile picture
Maria Skuladottir

Manager

Deloitte Iceland
+354 8677902

Hilma Jonsdottir profile picture
Hilma Jonsdottir

Senior

Deloitte Iceland
+354 8927476