The future of retail is a widely debated topic at the moment. Due to a lot of high street stores closing, there are speculations that in the future the majority if not all sales will be done online.
At the same time, people argue that it is simply not possible to remove all physical stores because for some the in-store experience is extremely important. For many, actually seeing the product they want to buy in person and getting the appropriate customer service is key especially if it is something more expensive like a car or luxury clothing or jewelry.
Even though the physical retail stores may still be a thing in the future, the modernization of methods how the product is marketed is already happening. Social media plays a huge role in retail today. A lot of companies advertise themselves through outlets like Facebook and Instagram. Many brands reach out to so called “influencers” and send them stuff for free under the condition that the person will advertise it.
Another way the retail can change or has somewhat changed already is with the implementation of digital assistants. As the AI gets more and more advanced, in the future it may not only direct you to the product you want but also select things you might like through your description. Of course, today it’s also possible but with a person sitting on the other side of the screen. Hopefully it will transform into a completely automated system.
All in all, there are already so many aspects of retail that have changed that we couldn’t have imagined existing even ten years ago. So we could only speculate on what will happen next and how it will affect us as a consumer.
Hans' Blog 