09 Aug Deloitte Retail Trends 2017
The perfect storm of cost pressures, rising inflation and slowing wage growth is impacting consumer confidence and dampening demand.
Retail Trends in 2017
Here’s a mid-year update of the predictions we made in January on the five key top trends which are transforming retail in 2017:
1. Retail’s next digital tipping point
2017 is shaping up to be a new digital tipping point for retail as ecommerce continues on its relentless growth trajectory. This is being driven by the ambitious growth agenda of the leading pure-players who have now also taken on an omnichannel retailing approach and as for the rest, online is continuing to rise in importance. This is having a massive impact on the store estate in the US with 8,600 stores estimated to close in 2017.
2. Store 4.0 – fulfilment, inspiration & friction free
Online growth means that stores will play a different role in the future, one that is focused on experience. Many new store concepts use technology to either enhance the customer buying experience by offering a great product showcase or by finding ways to bridge the gap between the digital and the physical to make it more convenient for the customer.
3. Conversational commerce
Voice user interfaces (VUI) have divided commentators with detractors focusing on its limitations whilst proponents focus on the fact that it is a much more intuitive way of engaging with the online world. Retailers continue to experiment using voice to make consumers lives easier. Ultimately we believe customers will want the additional convenience of VUI.
4. The robots have their “AIs” on our jobs
Robotics and Cognitive Automation continues to be a hot topic in 2017. Many retails are using automation in both the front and back office to help deliver digital transformation and increase cost and operational efficiencies.
5. Agile at scale
Many retailers have embraced agile working in specific areas of their business – the challenge is how can retailers now scale this across their business. All retailers have to respond faster and faster to rapid changing customer demand. eCommerce start-up businesses have an advantage as many have adopted agile working from day one while the bigger players are still on the journey.
Find out first what’s on the Retail Leaders Circle community.