World Retail Voice Blog Post
Retailing in a Disrupted World
Disruption, disturbance, interruption; there have been many words used to describe the changes going on in the retail industry of late. Evidently for any industry to survive, we all know that change is imperative, yet it’s interesting to consider that the word ‘change’ just doesn’t seem to fully capture the enormous transformation that the industry is experiencing today.
Why is this? Is it the speed at which this transformation is occurring, whereby companies struggle to keep up to date with the constant interruption of new technology? Or is it the unsettled mood of consumer behaviour, where companies are left seeking to understand if mobile, online or in-store purchasing will be the preference of the future and thus decide which requires the greatest investment?
Be it the pace of digital disruption or a disruptive consumer, or both, disruption is certainly the word ‘du jour’ and fittingly forms the basis of our theme for this year’s World Retail Congress: ‘Retailing in a Disrupted World’.
Our exploration of this theme will consider this subject from two angles, looking at internal forces – the innovations, changing culture and new business models that are causing disruption in the world of retail, and the external forces of a disrupted world that are impacting the retail industry – namely new technology, the influence of the millennial generation and shifting market dynamics.
Here, we wanted to share some examples of this retail disruption as an eye-opener to the topics that we will explore at the Congress:
Fast-paced innovation – Amazon are one of many companies developing innovative solutions that will take consumer fulfilment to the next level
The new business models of the retail disruptors – These companies have each re-imagined the traditional core operating model for retail to develop agile, innovative concepts that are shaking up the industry
‘Disruptive’ consumers – The millennial generation – A new generation of wired up, digital savvy consumers whose fingers sit firmly on the digital pulse of the internet’s source of information and knowledge.
Digital Disruption – The evolution of the digital space, with new disruptive technology offers enormous opportunities for retailers but must be carefully navigated.
For more information on the topics addressed as part of this year’s programme please view the agenda here. Join the conversation to understand how retailers will progress in this new age of disruption.