Who will succeed and who will fall short as the retail sector goes through a wave of creative destruction?
eMarketer’s latest report, “The Future of Retail: Nine Things to Watch for in the Coming Year,” digs into questions of pricing, technology and even politics as key factors over the next 12 months. eMarketer subscribers can read the full report here. Nonsubscribers can purchase the report here.
One of the keys to survival, said the author of the report, Yory Wurmser, is customer experience. “Although price consciousness would suggest that consumers always want the lowest price, it’s more accurate to say they will pay the best price for the value,” said Wurmser. “They are willing to pay a little extra for shopping experiences that reduce friction in shopping and buying products.”
Data from GfK shows why the value proposition is so important. It found that US consumers across all income categories put a higher premium on having more time than money.
In a special, two-part edition of eMarketer’s “Behind the Numbers” podcast, analysts Yory Wurmser, Krista Garcia and Patricia Orsini discuss some of the other trends covered in the report.