Retail Re-imagined

Retail Re-imagined – 3 key issues in the new world of Omnichannel

As personalised consumer-centric experiences are fundamentally changing the way we shop, high street retail stores are not dying, but they are definitely changing. With this comes opportunities for the sector but also significant risks, according to insights from leading law firm Russell McVeagh.

Special Counsel Liz Blythe says that retail is becoming increasingly omnichannel with the new high street no longer distinguishing between online and offline customers, and physical stores becoming highly integrated, with digital platforms designed to encapsulate the best of both online and offline worlds.

This technology-driven customer experience is allowing retailers to engage with customers by adapting to shoppers' preferences and customising online and in-store interactions prior to, during and post purchase. Technology is improving customer experience in almost every aspect of the retail supply chain, which is in turn, driving even higher expectations from shoppers.

"Drone technology, for instance, potentially offers faster, more flexible and less expensive delivery options, and we are also seeing continued investment in automated warehousing, robotics, AI demand planning and consolidated online and offline inventory systems. Payment is another aspect of retail undergoing change," she says.

While this highly-connected and personalised brand of retail presents significant opportunity, it also gives rise to potential risks:

For more insights, see the full article attached and available here.

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