Mapping out the future of the retail industry

00:05:16
https://www.youtube.com/watch?v=ir-Ay2WoDBU

Zusammenfassung

TLDRThe retail industry is experiencing unprecedented changes due to the pandemic, with a shift toward e-commerce and enhanced in-store experiences. Executives highlight that physical stores remain crucial, serving as fulfillment centers while combining both online and in-store shopping. Technology, particularly AI, is expected to improve customer engagement by customizing experiences and understanding needs better. However, the industry faces challenges in adopting new technologies and remains behind in some areas. As retailers invest proactively now, they aim to bridge existing gaps and prepare for the future landscape of retail.

Mitbringsel

  • 🏪 Stores are essential for modern retail success.
  • 🖥️ E-commerce trends accelerated during the pandemic.
  • 🔍 AI will transform the shopping experience.
  • 📦 Physical stores will act as fulfillment hubs.
  • 👗 Fitting room tech will enhance customer satisfaction.
  • 📈 Retailers must bridge technology gaps for future growth.
  • 🎯 Customer intent will be better understood through AI.
  • 🛒 Online and in-store shopping must coexist harmoniously.

Zeitleiste

  • 00:00:00 - 00:05:16

    The retail sector has faced significant changes over the past few years, especially post-pandemic, where e-commerce habits surged due to lockdowns. Industry executives believe that physical stores are now more critical than ever, serving as fulfillment centers rather than just display spaces. The blend of online and offline shopping is essential, as consumers appreciate in-person experiences alongside digital innovations. Technology is not replacing brick-and-mortar stores but rather enhancing them, contributing to a more interactive, sensory-rich shopping experience. Executives foresee advancements in artificial intelligence and personalized retail services, where retailers will function similarly to digital assistants, understanding consumer preferences better than traditional search engines. However, despite advancements, many retailers still have a long way to go regarding technology adoption and must make strategic investments to prepare for the future.

Mind Map

Video-Fragen und Antworten

  • How has the pandemic reshaped retail?

    The pandemic accelerated trends in e-commerce and the importance of stores as fulfillment centers.

  • What is the predicted future of retail technologies?

    Retailers are expected to adopt AI to understand customer intentions better, improving the shopping experience.

  • How are brick-and-mortar stores evolving?

    Stores are now seen as critical to business, combining fulfillment with in-store experiences.

  • What role does technology play in retail's future?

    Technology enhances the customer experience, not just in online shopping but also in physical stores.

  • What will change about the search experience in retail?

    Search engines will become more intuitive, relying on customer history and preferences.

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Automatisches Blättern:
  • 00:00:06
    >> WELCOME BACK.
  • 00:00:07
    THE RETAIL SECTOR HAS BEEN
  • 00:00:08
    UNPRECEDENTED UPHEAVAL OVER THE
  • 00:00:10
    LAST SEVERAL YEARS WITH EVEN
  • 00:00:12
    MORE CHANGES LIKELY COMING IN
  • 00:00:13
    THE COMING YEAR.
  • 00:00:14
    CNBC SPOKE WITH INDUSTRY
  • 00:00:16
    EXECUTIVES ON THE STATE OF
  • 00:00:17
    RETAIL AND WHAT THEY PREDICT
  • 00:00:19
    THE RETAIL LANDSCAPE WILL BE
  • 00:00:21
    LIKE.
  • 00:00:21
    FIVE YEARS FROM NOW.
  • 00:00:22
    CURRENT AND FORMER CEOS WEIGHED
  • 00:00:23
    IN ON A NUMBER OF TOPICS AND
  • 00:00:25
    CHALLENGES CURRENTLY FACING THE
  • 00:00:26
    INDUSTRY.
  • 00:00:26
    JOINING US ON SITE ARE THE
  • 00:00:28
    AUTHORS OF THAT ARTICLE, CNBC'S
  • 00:00:30
    OWN MELISSA ROCCO AND GABRIELLE
  • 00:00:33
    FROM -- THANK YOU SO MUCH FOR
  • 00:00:35
    BEING HERE.
  • 00:00:35
    MELISSA, LET'S START WITH YOU.
  • 00:00:37
    BECAUSE IT FEELS LIKE IN THIS
  • 00:00:39
    KIND OF POST PANDEMIC ERA, WE
  • 00:00:41
    LOOK BACK, AND THERE WERE SO
  • 00:00:43
    MUCH CHANGE THAT TOOK PLACE
  • 00:00:45
    FROM SUPPLY CHAIN, TO
  • 00:00:47
    TECHNOLOGY ADOPTION, TO JUST
  • 00:00:48
    THE WAY THAT CONSUMERS ARE
  • 00:00:52
    PURCHASING THINGS.
  • 00:00:52
    YOU KNOW, ADOPTING MORE E-
  • 00:00:54
    COMMERCE HABITS, ONLINE
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    SHOPPING HABITS FOR EXAMPLE
  • 00:00:56
    WHEN YOU'RE STUCK AT HOME.
  • 00:00:58
    HOW DID THAT TIME PERIOD REALLY
  • 00:01:02
    RESHAPE RETAIL?
  • 00:01:02
    AND HOW ARE CEOS LOOKING AT
  • 00:01:04
    THAT AS MAYBE ACCELERATING SOME
  • 00:01:06
    TRENDS THAT COULD'VE HAPPENED
  • 00:01:08
    FIVE YEARS FROM NOW?
  • 00:01:09
    OR THREE YEARS FROM NOW?
  • 00:01:10
    >> ONE OF THE RESOUNDING
  • 00:01:12
    TAKEAWAYS, LESLIE, WHEN WE
  • 00:01:12
    SPOKE TO CEOS AS WE TALKED
  • 00:01:14
    ABOUT THE IMPORTANCE OF THE
  • 00:01:15
    STORE.
  • 00:01:15
    I THINK DURING THE PANDEMIC, A
  • 00:01:16
    LOT OF US THOUGHT THEY WOULD
  • 00:01:17
    FADE FROM RELEVANCE BUT NOW
  • 00:01:18
    THOSE STORES ARE PLAYING A
  • 00:01:20
    CRITICAL PART OF THE BUSINESS
  • 00:01:22
    BY SERVING AS FULFILLMENT
  • 00:01:23
    CENTERS.
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    THEY'RE NOT JUST HELPING A
  • 00:01:25
    COMPANY SHOW OFF THEIR PRODUCT,
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    THEIR HELPING PACK AND PICK AND
  • 00:01:29
    DELIVER ORDERS AND GET CLOSER
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    TO THAT CUSTOMER BREAKDOWN
  • 00:01:33
    COST.
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    PEOPLE OF A BRACE ONLINE
  • 00:01:34
    SHOPPING.
  • 00:01:34
    THE TWO HAVE TO BE COMBINING,
  • 00:01:36
    AND WORKING TOGETHER.
  • 00:01:37
    >> SO OBVIOUSLY, THE STORE,
  • 00:01:41
    VERY IMPORTANT.
  • 00:01:42
    AND SHOCKINGLY, UBIQUITOUS.
  • 00:01:43
    ESPECIALLY SINCE I THINK IF WE
  • 00:01:44
    WERE HAVING THIS DISCUSSION,
  • 00:01:45
    MAYBE TEN YEARS AGO, LOOKING
  • 00:01:47
    AHEAD TO WHAT FIVE YEARS WOULD
  • 00:01:49
    BE.
  • 00:01:49
    EVERYONE WOULD SAY, OH,
  • 00:01:50
    COMPLETE, AMAZON IS TAKING OVER
  • 00:01:52
    THE WORLD.
  • 00:01:52
    E-COMMERCE IS THE WAY OF THE
  • 00:01:54
    FUTURE.
  • 00:01:54
    BUT I THINK WE LEARNED THAT
  • 00:01:55
    PEOPLE DO ENJOY THAT IN STORE
  • 00:01:58
    EXPERIENCE.
  • 00:01:58
    AND GABY, ONE THING THAT REALLY
  • 00:01:59
    STRUCK ME FROM YOUR PIECE IS
  • 00:02:02
    JUST WHAT THE CEOS ARE
  • 00:02:03
    EXPECTING IN TERMS OF
  • 00:02:05
    TECHNOLOGY, AND HOW IT'S NOT
  • 00:02:06
    NECESSARILY A REPLACEMENT FOR
  • 00:02:08
    BRICK AND MORTAR BUT SOMETHING
  • 00:02:09
    THAT IS ADDITIVE TO THAT
  • 00:02:11
    EXPERIENCE.
  • 00:02:11
    >> YOU'RE ABSOLUTELY RIGHT.
  • 00:02:13
    THIS IDEA THAT RETAIL INSTEAD
  • 00:02:16
    IS COMPLETELY FALSE I MEAN WE
  • 00:02:17
    EVEN SPOKE WITH CEOS OF
  • 00:02:19
    DIGITALLY NATIVE COMPANIES
  • 00:02:20
    TALKING ABOUT THE IMPORTANCE OF
  • 00:02:23
    STORES, AS IT IS FOR CUSTOMER
  • 00:02:25
    ACQUISITION.
  • 00:02:25
    THERE'S SO MUCH TECHNOLOGY CAN
  • 00:02:26
    HAVE IN THE STORE NOW.
  • 00:02:27
    SOMETHING THAT THIS EPO OF
  • 00:02:29
    NEWMAN MARKUS MENTIONED TO ME
  • 00:02:29
    IS THAT WHEN IT COMES TO LUXURY
  • 00:02:31
    IT'S AN OPPORTUNITY TO BRING IN
  • 00:02:33
    A FULL SENSORY EXPERIENCE, WITH
  • 00:02:35
    THE SMELL IN SOUND AND VISUALS.
  • 00:02:38
    HAVING THAT OPPORTUNITY TO HAVE
  • 00:02:39
    A THREE 60 EXPERIENCE WITH THE
  • 00:02:41
    PRODUCT.
  • 00:02:41
    EVEN SOMETHING AS SIMPLE AS
  • 00:02:42
    FITTING ROOM TECHNOLOGY.
  • 00:02:43
    HOW THAT CAN INCORPORATE
  • 00:02:45
    BETWEEN ONLINE SHOPPING IN
  • 00:02:47
    STORE SHOPPING.
  • 00:02:47
    GETTING THAT FIT CORRECTLY,
  • 00:02:48
    WITH A MIRROR THAT KNOWS YOU
  • 00:02:49
    BETTER THAN YOU DO.
  • 00:02:50
    AND WHAT THEY SAID IS THAT IS
  • 00:02:52
    GOING TO LOWER RETURNS,
  • 00:02:55
    INCREASED CUSTOMER
  • 00:02:55
    SATISFACTION, SO MUCH FUN
  • 00:02:56
    THINGS TO COME.
  • 00:03:01
    [LAUGHTER]
  • 00:03:02
    >> IT SOUNDS A BIT LIKE, OKAY,
  • 00:03:04
    NOT SURE.
  • 00:03:04
    >> ONE OF THE PEOPLE YOU SPOKE
  • 00:03:06
    TO SAID THAT THE SEARCH ENGINE
  • 00:03:07
    IS GOING TO BE LIKE THE
  • 00:03:09
    CASSETTE TAPE.
  • 00:03:10
    WHAT WAS THAT -- ?
  • 00:03:11
    >> THAT WAS MARK LORI.
  • 00:03:13
    FORMERLY OF WALMART.
  • 00:03:15
    HE RAN WALMART E-COMMERCE
  • 00:03:16
    BUSINESS AFTER WALMART MADE A
  • 00:03:18
    VERY BIG ACQUISITION.
  • 00:03:19
    HE WAS, HIS POINT THERE WAS
  • 00:03:21
    THAT WITH ARTIFICIAL
  • 00:03:22
    INTELLIGENCE, THE INTENT OF A
  • 00:03:23
    CUSTOMER IS GOING TO BE MUCH
  • 00:03:25
    MORE UNDERSTOOD.
  • 00:03:25
    YOU'RE NOT GONNA BE GOING TO
  • 00:03:27
    AMAZON.COM, OR WALMART.COM AND
  • 00:03:29
    TYPING IN RED SWEATER.
  • 00:03:30
    THERE'S GOING TO BE A BETTER
  • 00:03:31
    UNDERSTANDING OF WHAT YOU WANT
  • 00:03:33
    BASED ON YOUR SHOPPING HISTORY
  • 00:03:35
    AND YOUR ENGAGEMENT, THROUGH
  • 00:03:37
    MAYBE A CHATBOT, HOW YOU USE
  • 00:03:38
    THE MOBILE APP OF A COMPANY.
  • 00:03:39
    IT'S GOING TO KNOW YOU MUCH
  • 00:03:41
    BETTER.
  • 00:03:41
    AND THERE'S NOT GOING TO BE
  • 00:03:42
    THIS KIND OF LIKE, HE WAS KIND
  • 00:03:44
    OF DESCRIBING, SEARCH ENGINES
  • 00:03:45
    ARE GONNA LOOK REALLY DUMB.
  • 00:03:46
    THEY WON'T KNOW WHAT YOU WANT.
  • 00:03:47
    THEY WON'T KNOW YOU AT ALL.
  • 00:03:49
    INSTEAD, WE'RE MOVING TO A
  • 00:03:51
    WORLD WHERE RETAILERS, IF THEY
  • 00:03:52
    DO IT RIGHT, WILL SERVE ALMOST
  • 00:03:55
    AS A DIGITAL ASSISTANT.
  • 00:03:56
    THEY WILL BE PROVIDING THAT,
  • 00:03:57
    ALMOST LIKE A BEST FRIEND WHO
  • 00:03:59
    KNOWS EXACTLY THE KIND OF
  • 00:04:00
    SWEATER YOU MIGHT WANT, THAT
  • 00:04:01
    YOU'RE LIVING IN A CLIMATE THAT
  • 00:04:03
    YOU MIGHT NOT NEED A SWEATER,
  • 00:04:04
    YOU MAY NEED A SHORT SLEEVE
  • 00:04:06
    SHIRT FOR VALENTINE'S DAY FOR
  • 00:04:08
    EXAMPLE.
  • 00:04:08
    KIND OF GETTING TO KNOW YOU
  • 00:04:09
    BETTER AND BEING MORE
  • 00:04:11
    SOPHISTICATED AND CUSTOMIZING
  • 00:04:13
    THAT EXPERIENCE.
  • 00:04:13
    >> ALMOST A LITTLE CREEPY TO,
  • 00:04:15
    LIKE THE MIRROR.
  • 00:04:17
    >> ABSOLUTELY.
  • 00:04:17
    >> GABY, HOW ARE YOU SEEING,
  • 00:04:18
    BASED ON THE PROGNOSTICATIONS
  • 00:04:20
    OF WHAT THESE EXECUTIVE C FOR
  • 00:04:22
    THE NEXT FIVE YEARS, HOW ARE
  • 00:04:23
    YOU SEEING INVESTMENTS TODAY
  • 00:04:25
    TAKING PLACE AT THESE RETAILERS
  • 00:04:27
    -- DO YOU THINK THAT THEY ARE
  • 00:04:29
    MAKING THE APPROPRIATE
  • 00:04:30
    INVESTMENTS TO BE READY FOR
  • 00:04:31
    FIVE YEARS FROM NOW?
  • 00:04:33
    OR DO YOU THINK THERE'S SOME
  • 00:04:34
    SIGNIFICANT GAPS OUT THERE?
  • 00:04:35
    >> IT'S A GREAT QUESTION.
  • 00:04:37
    BECAUSE COVID REALLY
  • 00:04:39
    ACCELERATED THIS TIMELINE.
  • 00:04:40
    YOU TOUCHED ON AT THE BEGINNING
  • 00:04:41
    OF THIS CONVERSATION, THESE ARE
  • 00:04:42
    CHANGES THAT WERE COMING, BUT
  • 00:04:44
    THAT COVID MADE SO MUCH FASTER.
  • 00:04:46
    THERE IS A LOT OF REACTIVENESS
  • 00:04:47
    OVER THE LAST THREE YEARS, NOW
  • 00:04:50
    IS RETURNING INTO 2024,
  • 00:04:51
    RETAILERS ARE IN A POSITION
  • 00:04:52
    WHERE THEY'RE TRYING TO BE A
  • 00:04:53
    BIT MORE PROACTIVE IN GETTING
  • 00:04:54
    TO THE RIGHT PLACE.
  • 00:04:55
    INVESTING IN THE RIGHT
  • 00:04:57
    TECHNOLOGIES.
  • 00:04:57
    EVERYONE ALWAYS SAYS THOUGH
  • 00:04:58
    THAT THE RETAIL INDUSTRY IS SO
  • 00:04:59
    FAR BEHIND WHEN IT COMES TO
  • 00:05:03
    TECHNOLOGY.
  • 00:05:03
    SO THERE'S ABSOLUTELY A LOT OF
  • 00:05:04
    GAPS, BUT WE ARE SEEING A LOT
  • 00:05:05
    OF RETAILERS LEAN INTO A.I..
  • 00:05:06
    THEY ARE DOING SOME THINGS WITH
  • 00:05:08
    IT NOW.
  • 00:05:08
    NOTHING SUPER COOL AND
  • 00:05:10
    EXCITING.
  • 00:05:10
    I'VE YET TO BE WOWED.
  • 00:05:11
    BUT IN THE NEXT FIVE YEARS FROM
  • 00:05:13
    NOW, IF THEY REALLY FOCUS ON
  • 00:05:15
    THE OPERATIONS, FOCU
Tags
  • Retail
  • E-commerce
  • Technology
  • AI
  • Consumer Behavior
  • Shopping
  • Fulfillment Centers
  • Post-Pandemic
  • Store Experience
  • Future Trends