Retail is becoming more complex than simply selling goods to customers visiting a store. The digital technology is fundamentally changing the nature of the retail. Modern retailers have to make their goods available via websites and mobile apps, run e-commerce websites in parallel with bricks and mortar stores, deliver goods to the consumer's front door and be actively present in social media.
The consumers are becoming more demanding and they are now driving the change by pushing businesses to provide more innovative, smarter and more personalised products, services and advertising. Consumers expect seamless experience across all channels, quick and secure payments and more relevant experience.
This challenge of technology developments and changing consumer behaviour is both daunting and rewarding. While some retailers will disappear, some will grow if they can change to find better ways of reaching out to customers and competing with new and existing market players.
The debate will focus on:
Lambert van Nistelrooij MEP and EIF Steering Committee Member