The pandemic changed the game for the retail sector, but as we move into the post-pandemic world, the sector is still finding its feet.
Ismail Amla, EVP Professional Services at NCR spoke to Scott Galloway Professor of Marketing at New York University School of Business about how the retail landscape is changing and how retail businesses can adapt to the new normal.
With the restrictions of the pandemic having now eased, the retail market is settling down. As shops were shut down and people spent more time in their homes, many believed that the sector was about to experience a step change in development.
Although that did happen, with e-commerce soaring, the last couple of years have seen it slip back. Development, suggests Galloway, is probably roughly where it would have been expected to be had the pandemic never happened. Rather than a step change, we have seen a blip with many consumers reverting to previous habits once restrictions eased.
Experts under-estimated the resilience of brick and mortar retail and that can have implications for how the market progresses into the future. Customers still desire the social element and the chance to interact with products that only traditional retailers can offer.
The future of technology in retail, therefore, may be somewhat different from most people’s expectations. Looking towards that future, this podcast covers those developments that might influence innovation including membership programs, e-commerce, and the need to blend omnichannel experiences that link physical and online retail.
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