Retail continues its shift and adjustment to technology
Through out recent years regular retail as we know has seen a significant change. Albeit retail sales has seen an increase and hit a record of $5.7 trillion in 2017 towards $4.06 trillion in 2009, which is an increase of 43 % according to U.S Census, the markets are changing.
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Retailing is undergoing major shifts. Consumer behaviour is changing due to technological advances, consumers are vastly moving toward online. Companies whom do not se this shift or take action will end up like Blockbuster. Blockbuster failed to anticipate online consumerism.
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(The convenience of home-shopping)
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Although consumers might never fully abandon “brick-and-mortar” stores, companies must adjust. Many companies are responding with a variety of solutions, converting to online shops partly or wholly, buy online pick-up in store, flagship stores in major cities with online sales or a combination of all. Companies must adapt through technology, service, marketing, pricing, branding and significantly consumer’s convenience must always be in focus.
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Recently we saw adidas take a step towards consumers behaviour shift and adjusting accordingly. adidas are expected to close several “brick-and-mortar” storefronts around the world in 2018 according to Danish adidas CEO Kasper Rorsted. Also announcing their shift to focus more on online sales, adding that “over time, we will have fewer stores but they will be better”. This follows another retail giant Footlocker whom will be closing approx. 110 stores in the US alone.
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While technology advances so will retail have to evolve, what will be the next shift in consumer behaviour? 3D printing? In the future people might be printing their own goods, toys, tools, shower-heads, bottle openers, mounts, kitchen appliances the list goes on & on. Although 3D printers currently to expensive to have a significant impact but imagine when they will become just as affordable as a regular printer or flat-screen TV? Toy maker Hasbro is already developing and designing software program for blueprints to use for 3D-printers. What will the future bring?
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(Photo credit to respective owners, adidas, AKENZ)

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