How is the retail environment changing/evolving?
How is the retail environment changing/evolving? Define Internet retailing and describe the current state of Internet retailing. How have companies had to adjust their retail strategies as a result? In your discussion, explain the impact of digitization on traditional retailers, bricks-and-mortar stores, and the shopping experience, as well as the use of data to meet customers' needs.
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Retail environment
The retail environment is undergoing radical changes from the last few years. There is more and more emphasis given to customer interests and customer satisfaction. Technology enabled customer experiences are making a prominent mark in the retail environment. Technology is being employed to let the customer feel, experience and choose the right design or right model as per their interest in the retail industry. The retail environment also implemented several strategies to improve customer purchase experience, there are self-operating kiosks being implemented for quick purchase and exit of the customers. Retail industries are also employing technology software for monitoring the inventory stock levels of different items in the markets and also using automatic replenishment of the stock levels. This reduces the extent of manpower needed for operations as well as contributing to better revenues and profits for the company as well. Internet retailing is the novel trend, wherein there is facilitation for customers to order online and they can pick up the items by hand in the retail stores, or alternatively can get items delivered at door. E-commerce is also another important form of internet retailing, where customers can order items from anywhere in the country or world and can get them at door. Easier access to the items, cheaper items, variety all became possible with E-commerce flexibility. As of now Internet retailing is shooting up, more and more customers are using them from the apps on the mobiles and PCs. Obviously, companies need to develop strategies to tap in internet retailing opportunities. They should enable provisions to grab the market from internet retailing. They should develop strategic capacities to take advantage of this business. Digitalization made it mandatory for traditional retailers and brick and mortar stores to invariably develop capacities to cater to these markets. Digitalization improved customer experiences, by making them feel, experience the products. Purchase data analytics and customer trends working for strategic planning operations of the retailers. Digitalization is enabling all these advantages (Laudon & Traver,2016).
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