Dublin, June 26, 2024 (GLOBE NEWSWIRE) -- The "Retail Reinvention: A Framework for Future Growth" report has been added to ResearchAndMarkets.com's offering.
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.
The Retail Reinvention: A Framework for Future Growth global briefing offers an insight into the size and shape of the retailing industry, highlights emerging trends, their effects on retailing in markets around the world, on the development of channels and consumers' shopping patterns. It identifies the leading companies and brands, offers strategic analysis of key factors influencing the market - be they the developments of new store types, the importance of non-store retailing, economic/lifestyle influences, private label or pricing issues. Forecasts illustrate how the market is set to change and criteria for success.
Key Findings
New ways of selling upend industry norms
Digitalisation is 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.
Retailers look to diversify revenue streams
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.
More channels complicates the shopper journey
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.
Shopper expectations continue to evolve and elevate
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.
A framework to map the future of retail
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.
Company Coverage:
- Carrefour
- Naver
- Publicis
- Stanley
- Walmart
- Wegmans
Key Topics Covered:
Introduction
- Key findings
- Retail Reinvention
- Seismic shifts are leading to a retail reinvention
- Digitalisation is a major force driving these generational shifts
- Three key areas driving change across retail sector
- Retail Reinvention
New ways of selling emerge
- Newer business models like marketplaces challenge traditional ways of selling
- Direct to consumer is one of the most disruptive models
- More non-retail brands are now selling products on platforms
- New ways of selling upend established industry rules and relationships
Retailers diversify revenue streams
- Retailers seek to add new services in effort to diversify revenue streams
- Retailers view their digital and physical assets as potential advertising platforms
- Case study: Carrefour and Publicis partner on retail media joint venture
- Retailers build ecosystems to increase customer lifetime value and loyalty to business
- Case study: Walmart continues to expand beyond core wholesale business
- Retailers of the future will move beyond just retailing
Channel expansion complicates shopping
- Increased digitalisation gives way to a more complicated path to purchase
- Food purchases: A battle for shopping occasions
- Food spend shifts towards more convenient or value-orientated channels
- Case study: Wegmans' location in Manhattan blends grocery and foodservice channels
- Retailers are challenged with how to differentiate in the era of channel expansion
- Retailers and brands need to find new ways to stand out
Expectations evolve and experiences elevate
- Rapid pace of digitalisation is powering many shifts in shopper behaviour
- Case study: Series of viral moments spurs Stanley craze with new audience
- Digital shoppers are demanding greater personalisation
- Case study: Naver's AI tools provide shoppers with recommendations while they shop
- Shoppers increasingly consider other factors besides price when making a purchase
- Rising expectations will necessitate knowing shoppers at a deeper level
Conclusion
- Recommendations
- Introducing the Retail Reinvention Framework
- Definitions for the Retail Reinvention Framework
- How to use the Retail Reinvention Framework
- How to activate the Retail Reinvention Framework
- Questions the Retail Reinvention Framework can support
- How We Support the Retail Ecosystem
For more information about this report visit https://www.researchandmarkets.com/r/hsl7w0
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
