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Technological Innovation and Future of Retail Industry - How will Consumer Adoption of Technology Reshape the Retail Industry?

 

DUBLIN, Mar. 14, 2014 /PRNewswire/ --Research and Markets (http://www.researchandmarkets.com/research/w7wvqn/technological) has announced the addition of the "Technological Innovation and Future of Retail Industry - How will Consumer Adoption of Technology Reshape the Retail Industry?" report to their offering.

(Logo: http://photos.prnewswire.com/prnh/20130307/600769)

Report covers evolution of modern retail, effect of technology and emergence of omni channel retailing. The report also captures current issues retailers are facing while adopting omni channel and offers solutions to problems available through new Point of Sale terminals. The report also includes case studies of top retailers who have adopted omni channel retail.

The United States has a well-established retail industry. The retail industry has generated sales revenue of US$4.5 trillion from about 3.8 million retail establishments in 2013. Offline sales and online sales contribute to 94% and 6% of the total sales respectively.

Until early 2000's, the retail industry in the U.S. was primarily a brick and mortar system. The primary purpose of stores was to distribute products. Stores were in many cases the only means of distributing products to a specified market. Currently the brick and mortar sales are $4.25 trillion which grew at a CAGR of 2% over the last 5 years. The industry has undoubtedly witnessed slump in sales in the last five years with the emergence of ecommerce.

In the last 8 years ecommerce has played an increasingly important role in the U.S. retail industry. Electronic commerce is a type of industry where buying and selling of products or services are conducted over electronic systems such as the internet and other computer networks. The emergence of ecommerce has not affected the product prices, but has also resulted in bringing about a change in the way in which business is conducted.

The primary driver for the ecommerce industry has been the consumer adoption. Today's, consumers are increasingly embracing digital technologies and devices at all stages of their buying journey. Ecommerce gained momentum since 2005 and since then it has posed threat to the traditional retail system Current sales of ecommerce industry are pegged at $263 Billion. The ecommerce industry has witnessed a phenomenal growth of 14% CAGR in the last 5 years and is expected to grow at a compound annual growth rate of 12.5% through 2018 where as the brick and mortal retail is expected to grow at almost 1/4th of ecommerce.

To overcome this drop in sales and to compete with the ecommerce industry; traditional retailers started launching their own online stores - Multi-channel sales strategy. In this process, many retailers attempted ecommerce, by setting up online operations as standalone businesses with separate technology. The channels available to businesses were created through Internet and mobile. This drastically changed the retail landscape. For example, email, text messages, e-commerce services and technology have created new opportunities for business. These multiple channels have helped in creating a reliable distribution channel that concentrate on different demographic populations. Multichannel contributes to the rapid growth of revenue, branding, loyalty and positive word of mouth.


Key Topics Covered:

I. Executive Summary

II. Evolution of Retail industry

III. Emergence of Omni Channel Retail

IV. Case Studies (Omni Channel success)

For more information visit http://www.researchandmarkets.com/research/w7wvqn/technological

Media Contact: Laura Wood , +353-1-481-1716, [email protected]

 

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