For consumers, shopping in the 2020 retail technology environment is the most convenient it has ever been. Forward-thinking retailers are setting the expectations bar high for the rest of the pack.
Given the rapid pace of technological advances & social transformation, expectations for customer service & experience are now high. Consumer expectations are going global, while age-old national & industrial divides are shrinking. To stay competitive, many retailers must make a difficult choice on what to offer. Also how to make sense of it, profitability-wise.
Overall, retailers will likely have to be more judicious with investments & flexible with their plans. Ready to adapt, whether or not a recession comes or if tariff tensions continue. It seems that for 2020, those retailers who prepare for the worst will likely fare the best.
To be successful, organizations should constantly define & redefine what matters to their customers. Truly enhancing either the human experience or the convenience factor. The reality is that it is no longer enough to market product and price alone. While the quality of the product is still important, the point of differentiation between brands is now often dependent on their ability to market the service, delivery, and overall convenience that they provide.