Trace One and EDGE by ASCENTIAL have identified four generations of retail, which identifies the typical characteristics of retail development. Although markets transition at different speeds, the future of retail will increasingly be data and algorithm driven.
Edge by Ascential has identified four generations of retail, which identifies the typical characteristics of retail development. Although markets transition at different speeds, the future of retail will increasingly be data and algorithm driven.
China is the only market currently with widespread adoption of Generation 4 characteristics, but others will follow, and the digital ecosystem is now impacting retail in other markets too.
COVID-19 will accelerate the move to agile and faster ways of working. Businesses unable to respond at pace or unwilling to become more flexible will find themselves overtaken by more nimble competitors.
Retailers and brands will need to further accelerate partnerships and collaboration to drive quicker and more customer focused innovation. This will be key to unlock growth and drive engagement and differentiation.
Sustainability as part of a broader CSR agenda will require new and innovative solutions to solve key challenges like plastic reduction, and retailers will need to focus more on local and community driven engagement
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