Question

how retail and consumer industry is prone to change in the next twenty years due to technological implementation. Technological innovation can posses a threat and and an opportunity for future business

Answer 1

The key factors through which the retail and consumer industry is prone to change due to technological implementation are as follows-

1) increase in number of Internet and social media user.

The whole economy is moving forward and so as the consumer need. Now any person can order anything from anywhere just sitting in one corner. And to complete companies needs advancement in their approach.

2) Rising number of smartphone users.

Day by day number of smartphone users are increasing.

Almost 80% people shop using their smartphone.

3) digital infrastructure-

Rapid development of digital infrastructure and digital money transfer lead to increasing presence of omni-channel retailers.

The boundaries between virtual and physical retailers is already collapsing.

The only thing which can save the retail business is the acceptance of technological advancement in their business so that they can satisfy the need of customer.