The retail industry is changing, fast.
Over the past decade, we have seen this sector move to a primarily online function and innovate to meet the needs of an ever-shifting assortment of consumers.
In fact, 2019 showed great progress for e-Commerce to close the gap in total market share of sales compared to brick-and-mortar retail. As well, many unknowns about pending legislation and its effect on merchants around the world can cause some anxiety for those in the industry.
Despite these unknowns, one thing has become apparent: Consumers are continuing to shop more and more. Evidenced by 2019’s record-setting holiday season, brands that strategically navigate the complex world of retail will reap an abundant reward.
The idea that there’s a ‘retail apocalypse’ is far-fetched; rather, the retail industry has been overtaken by the digital transformation. Merchants need to be aware of the constantly shifting nature of commerce and prepare accordingly to ensure they keep pace with the many factors impacting their business.
This article will explore the changes affecting many aspects of the retail industry, to give brands a glimpse into the future and predictions of what is yet to come.