The Transformation of Retail

In the last few years, retail has been in a state of profound transformation.

The COVID-19 pandemic has strongly accelerated this transformation in areas such as:

Fast-changing consumer behaviour

• Over the last few years, consumers have been strongly shifting what they buy and how they do so. They are better informed, price sensitive, and looking for convenience, personalization, and a seamless omni-channel experience.
• Consumers are also more focused on health and well-being, protecting their privacy, promoting equity and diversity, and environmentally conscious.
• COVID-19 has accelerated these trends and it will be interesting to analyze what will stick in a post-pandemic world.

Rapid technological innovations

• The omni-presence of smart phones and the Web have made big data and data analytics vital to success.
• Advances in neuroscience, behavioural economics and artificial intelligence are unlocking the secrets to human desire and behaviour.
• New technologies are allowing customers to experience frictionless and enhanced services and companies to transform their supply chains.

As a result, retail has become one of the most innovative sectors and remains a growing and vital industry for the global economy

• The innovation of retail is not only due to the rise of Amazon, Alibaba, and Tencent but also to retailers such as Walmart, Nike, Lululemon, and new D2C and technological players such as Warby Parker, Shopify and Lightspeed.
• Traditional areas of retail, such as department stores, malls, etc, are suffering.
• To succeed, retailers need to embrace digitization and the full omni-channel experience.
• An industry in continuous growth that represents a significant amount of the GDP (10-15%) and employment (10-20% of the workforce) in most countries around the world.

The Future of Retail Education

Future students aspiring to impactful retail careers, need an in-depth curriculum that focuses on the fundamental, integrated aspects of retail management.