Retail Touchpoints, US: Cognizant’s Chief Digital Officer and Global Consulting Leader, Retail, Consumer Goods, Travel and Hospitality, Discusses the Future of Stores

“Retail’s transformation will look very different in five years as digital technologies continue to proliferate and consumer preferences and shopping habits change as a result,” writes Scott Clarke. “Retailers that offer the right combination of experiences, create inviting store environments and put the customer at the center can establish a unique market position in today’s hypercompetitive, ever-changing, human-centric digital economy where there is no room for mediocrity.” Excerpts:

“While retail stores are closing at an alarming rate, the demise of physical retail is exaggerated. In fact, America’s top retail chains reported a net increase of 4,000 new store openings in 2017 and are projecting a further net increase of more than 5,500 new stores in 2018.

Despite the proliferation of online shopping, physical stores will remain the hub of retailing for the foreseeable future. Online sales in the U.S. across all retail categories are not anticipated to exceed 20% by 2025, which leaves plenty of opportunity for physical stores to thrive. But physical retailers must determine what the offline experience will look like and how they can create memorable experiences that will attract and retain consumers.

Perhaps most critical, retailers need to determine which technologies to use and build a dynamic platform that connects different devices into a single ecosystem, and can adapt as new technologies become available. Technology and data will enable associates to make real-time, in-store decisions that enhance customer experience. Making analytics and artificial intelligence core competencies will enable retailers to create and sustain a unique value proposition.”

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