New Concepts in Retail

March 2024

Retailers’ constant experimentation with new concepts and formats helps to lay the groundwork for the industry’s future. For this reason, Euromonitor International profiles the most innovative new concepts in retail each year. This edition explores innovation across five key areas: New Digital Interfaces, Responsible Retail, Simplified Shopping, Experiential Retail and Data-Driven Retail.

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This report comes in PPT.

Key Findings

New Digital Interfaces

As technology continues to advance, the landscape of consumer connections is undergoing a transformation. More and more retailers are embracing novel technologies such as livestreaming, AR/VR and the metaverse to establish innovative and immersive connections with consumers.

Responsible Retail

Responding to increasing consumer demands and regulatory pressures, retailers are investing in new concepts that prioritise a responsible approach towards both the planet and people. These initiatives encompass a range of solutions, including addressing food waste, promoting responsible resource usage, reducing carbon footprint and better supporting those in need.

Simplified Shopping

Consumers desire a seamless shopping experience, leading retailers to prioritise the simplification of shopping processes both online and offline. For example, they are actively developing frictionless checkout, in both physical stores and online. New concepts aim to streamline the shopping journey, remove barriers and enhance overall customer satisfaction.

Experiential Retail

As brick-and-mortar stores again attract foot traffic in the wake of the pandemic, expectations of unique in-store experiences are increasing. Retailers are actively introducing new concepts that offer unique experiences, create new touchpoints and encourage consumers to spend more time within the stores, aiming to provide a distinct and engaging shopping experience.

Data-Driven Retail

Retailers utilise advanced tools such as algorithms, AI and data analytics to enhance operational efficiency, improving back-end operations and elevating customer experiences. This includes enhancements in inventory management, supply chains, pricing, marketing strategies and providing a hyper-personalised consumer approach.

Key findings
Innovation is essential in retail to meet the evolving needs of consumers and businesses
As a key component of virtually all new retail concepts, technology is reshaping the industry
This briefing will explore retail innovation through the lens of five themes
Digital interfaces offer innovative shopping formats and are gateways for product discovery
Extending opportunities for engagement via new digital interfaces will be critical
Leveraging social media and new technologies are top priorities for retailers
Virtual experiences help consumers find inspiration and discover new products
Emerging technologies facilitate immersive experiences
Retailers adopt technologies for sustainable solutions to meet consumer demands
Retailers continue to navigate reporting challenges and embrace i nnovations
Retailers anticipate consumer behaviour shifts due to climate change and respond accordi ngly
Retailers launch concepts aimed at minimising waste
Retailers are investing in technologies that support sustainable initiatives
Retailers increasingly seek to simplify shopping by offering intuitive and appealing solutions
The future of retail will be focused on making the shopping experience easier
Customer experience and convenience remain strategic priorities for retailers
Automation and digital tools target convenience-seeking consumers
Greater inclusion and personalisation are making the shopping experience better
Retailers bet on innovative concepts to drive in-store traffic and organic online publicity
Investments in experiential retail will increasingly reshape physical stores across channels
The role of physical stores is evolving from being transactional to interactional spaces
Experiential concepts are becoming a catalyst for retail innovation and differentiation
More retailers are prioritising experiences to build lasting relationships with shoppers
More retailers bet on data-driven strategies to optimise operating efficiency
Technology will continue transforming retail across the value chain
More retailers bet on data-driven technologies to develop customer-centric strategies
Data-driven innovations are transforming the online shopping experience
Smart utilisation of technology is becoming critical to gain a competitive edge in retail
Retailers are planning on shifting their investments towards growth and expansion
About Euromonitor’s Syndicated Channels Research


Retail is the sale of new and used goods to consumers from a business for personal or household consumption from retail outlets, kiosks, market stalls, vending, direct selling and e-commerce. Retail is the aggregation of Retail Offline and Retail E-Commerce. Excludes specialist retailers of motor vehicles, motorcycles, vehicle parts. Also excludes fuel sales, foodservice sales, rental transactions, and wholesale sales (e.g. Cash and Carry). Sales value excluding or including VAT/Sales Tax. Retail also excludes the informal retail sector. Informal retailing is retail trade which is not declared to the tax authorities. Informal retailing encompasses (a) sales generated by unregistered and unlicensed retailers, i.e. retailers operating illegally, and (b) any proportion of sales generated by a registered and licensed retailer that is not declared to the tax authorities. Unregistered and unlicensed retailers operate predominantly (although not exclusively) as street hawkers or operate open market stalls, as these channels are harder for the authorities to monitor than permanent outlets. Activities in the illegal market, which is usually understood to refer to trade in illegal, counterfeit or stolen merchandise, are included within our definition of informal retailing. Activities in the “grey market”, which is usually understood to refer to trade in legal merchandise that is sold through unauthorized channels – for example cigarettes bought legally in another country, legally imported, but sold at lower prices than in authorized channels – will be included as informal retailing if no tax is paid on sale by the retailer. However if the retailer pays tax – for example on cigarettes bought legally in another country but sold at a lower price than standard – the sale is included within formal retail.

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