Euromonitor International’s Commerce 2040 series outlines a vision for how consumers might shop in two decades. This report focues on how retail is evolving and considers the competing forces that will influence how shopping behaviour both online and in store will evolve in the years to come. By depicting this long-term view, companies can take meaningful action today to adapt to the changing retail landscape in the digital era.
This Commerce 2040 series explores how new technologies will continue to change the world and focuses on the impact these shifts will have on the future of commerce, both in terms of how it might evolve and what avenues might emerge.
While the retail industry is amid radical shifts, the principles for conducting business have not changed, even in the digital era. Nonetheless, the extent to which digital elevates consumer expectations is - and will continue - changing.
The evolution of the shopping journey is one of the most pervasive trends reinventing retail today. While purchases in the past were transactional in nature, now shopping is a journey, where the purpose is not just about buying, but also relationship building.
There are several competing forces at play that taken together will dictate how the retail industry evolves. These competing forces range from the role of humans versus bots in the commerce experience to whether consumers shop online versus in store to shifting power dynamics between retailers and brands.
How these competing forces take shape and where specific countries, companies and consumers land on the continuum will reshape the industry. In most cases, there is no right or wrong answer. The question relies on where the retailer or brand sees itself on the continuum and if that aligns with its consumer base
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