Six Actions Retailers Can Take to Remake the Future Store

Six Actions Retailers Can Take to Remake the Future Store

By Michelle Evans, Senior Head of Digital Consumer Research, Euromonitor International

In recent years, store formats have blurred, with consumers turning to the digital channel across the path to purchase. As a result, the fundamental purpose of physical and digital channels continues to evolve. Coronavirus (COVID-19) accelerated this transformation, giving a temporary preview of a world where consumers only visit stores to transact and turn to digital to shop. This is unlikely to be the new reality, as social-distancing measures loosen; however, the intensity of the crisis brought these shifts into greater focus.

Retailers operating brick-and-mortar outlets will need to rethink long-term strategies to compete as the percentage of goods bought in store will continue to fall. While not a retail apocalypse as some postulate, the essential role of a store is being redefined. The first wave of digital disruption was focused on how stores could compete with e-commerce, but this next wave will hone in on integrating and uncovering synergies.

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