January 17, 2019

Retail 4.0: The Next Step in the Evolution of Brick-n-Mortar Experiences

In the UK alone, an estimated 1,267 shops have been closed or earmarked for closure since January 2018 – potentially putting 25,159 jobs at risk. The situation is no better in the US – after shutting down more than 5,000 stores in 2017, nearly 5,000 more store closures were announced in 2018. According to CNBC, more than 70 million sq. ft. of retail space closed in 2018, largely attributable to the fact that retailers with massive floor plans are the ones shuttering stores. Massive closures by the largest retailers are not necessarily indicative of the death of brick-and-mortar experiences as we know them. While an increasing emphasis on e-commerce could translate into greater convenience for customers and bring down the costs for retailers, all while opening revenue-generating opportunities, it’s not enough to stay competitive anymore. Retailers have to take a step beyond simple digitization to truly compete with Amazon, Alibaba,…

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