Will This Be The Retail Store of The Future?

(Reading time: approx 3 mins)

 

Ever year IBM releases what they call “5 in 5“. IBM predicts 5 life changing innovations that will occur in the next 5 years in the tech, health, education, and retail industry. We gravitated towards IBM’s retail prediction (naturally), and found that we have a very similar outlook on the retail store of the future. We’re not very far off from being alerted with a personalized discount for our favourite product as we stroll past a store.

 

 

The main two motivators for shopping are price and convenience.

 

Once brick-and-mortar stores figure out how to perfect the shopping experience and keep these motivators in mind, we will have happy consumers and happy retailers. IBM is betting that in the next five years, buying local will beat online. IBM states, “merging the tactility and immediacy of physical retail with the richness and personalization of online, local shops will make online-only stores seem downright quaint.”

 

What do you think of the retail store of the future? Will physical stores be able to compete with the Amazon’s of the world on price and convenience? Why do you flock to the internet to shop? Let us know in your comments below!

 

 

 

Discussion

  • egranata

    //The main two motivators for shopping are price and convenience.

    For me, Amazon and other online retailers win at both. Sometimes Amazon does not win at price…even then, the convenience of taking 5 minutes to order something versus getting in my car, driving to the mall, etc. outweighs the extra cost.

    I’ll buy local for perishables and for items that are unique to a retailer (junk stores, indie stuff, etc.) and could argue that those retailers should have an eye on ecommerce as well.

    • Emma Nemtin

      I’m with you. For speciality or niche items I usually seek them out online, instead of trolling stores for what I’m looking for. But I would love to be alerted with personalized discounts while I walk by a store.