The economic turbulence and disruptive technologies have changed the retail segment as we know forever. Today’s customer is a technology driven organism who is used to having real time information available at the touch of a button. Customer behavior has changed dramatically and at a pace that many retailers are finding it hard to cope with.
A growing number of customers are moving to the online and mobile platform for shopping due to smart phone penetration. Disruptive technologies like smart phone have made anytime shopping a reality. In these fast paced tectonic changes, the retailers who are able to provide a more enriching and personalized multichannel experience to the customers will be the winners and the ones who lag behind in the technological race will be out of the game as brick and mortar stores will become less and digital retailing will be the future trend. The amazing performance of Alibaba is an example of the retailing future.
Retailers need to utilize the social intelligence to improve their omni channel offerings and come up with more interactive and personalized customer experience. The stores will not perish altogether however it will be the online anytime, anywhere personalized shopping that will get the customers loyalty and attention.
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