New business models, channels and shopper expectations continue to change retail, redefining industry rules and relationships and disrupting the path to purchase. This content provides strategies for adapting to these shifts and offers a framework to map the future of retail. To guide the retail industry through this reinvention, Euromonitor partnered with the National Retail Federation (NRF) on an abbreviated version of this report, which was published externally.
This report comes in PPT.
Digitalisationis ushering in new business models and infusing others with a digital twist, disrupting the retail industry. As business models evolve and new partners and competitors emerge, retailers and brands are challenged with redefining their roles and relationships.
As the traditional retail playbook evolves, retailers are diversifying revenue streams, with many shifting beyond just selling merchandise. Value-added services for shoppers, media networks and ecosystems are avenues that retailers are exploring.
While the objective remains the same – serve the shopper with the right product at the right time – identifying that right moment has become harder in the digital era. The digitalisation of the path to purchase has led to a wider range of channels and ultimately consumer choice.
Shoppers continue to evolve. The digitalisation of retail, which was accelerated by the pandemic, is at the core of many shifts. In particular, the move towards online channels is leading to more personalised interactions and elevating shopper experiences.
To navigate these generational shifts in the industry, Euromonitor developed the Retail Reinvention Framework to conceptualise and quantify the biggest tensions. This framework can help you predict and prepare for the future of retail wherever you operate.
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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