Question

Please finish in 300 words.

How is contemporary retailing different from retailing 20 years ago? 5 years ago? Give me an example of a retailer and their progression over the past 20 years in retailing.

Answer 1

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Abstract

Constant connectivity, contextual relevance, and a multi-screen world are changing both online and offline shopping.

As the digital and in-store experiences blur, it is opening up exciting new possibilities for forward-thinking retailers.

Connsumers no longer see a distinction between online and offline shopping. Whether it’s searching on a laptop, browsing main street shops or hanging out at the mall -t’s all shopping

Contempory retailing are the modern retail formats which provide a wide variety of products and services to customers and offer an ideal shopping experience with an amalgamation of product, entertainment and service all under a single roof.

Wheras retailing is the process of selling consumer goods or services to customers through multiple channels of distribution to earn a profit. Retailers satisfy demand identified through a supply chain.

Retail markets and shops have a very ancient history, dating back to classical era. we can see the below main changes in retail secotor since 20 years ago to today's modern world.

1) Rise of E-Commerce in Retail Industry : 1990

The growth of ecommerce mirrored the growth of the internet. As more and more people had access to the digital world, they became more interested in shopping there.

Initially, some people were skeptical of providing personal data and payment information online, but the development of SSL security protocol in the 1990s helped to assuage those fears.

2) Social media opportunities: 2007.

Social media opportunities have been both an opportunity for retail brands to capitalize on and a new challenge for them to conquer

In 2011, Facebook rolled out sponsored stories as a form of early advertising. Marketers could capitalize on the huge amount of data people provide Facebook to target very specific customers

3) Retail slows while ecommerce grows: Modern day : 2011

There are drastically changes happen to retail sector on Today if compared with retailing that was exist 20 yeares ago.

In a decade, ecommerce sales have grown from 5% of the retail market share to nearly 15%.

Customers are hungry for online shopping experiences, but not all ecommerce is created equal. Brands are developing strong multi-channel strategies.

What’s important to remember is that, even with record-high retail spending numbers, not all businesses are seeing a boom. Retailers that aren’t keeping pace with technological innovations and customer experience needs are closing their doors.

4) 77% of shoppers use mobile devices to search for products.

The proliferation of mobile devices is no exception. People are increasingly using mobile devices not only purchase items, but research and compare prices. Whether you’re a retail store or an ecommerce shop, this is good news for mobile advertising and a strong reason to have a mobile-optimized site.

5) Transpormation of Retailing in Today's World : 2020

As digital weaves itself deeper into the fabric of our lives, smart retailers understand making the most of new opportunities is not about gadgets or technology. It’s about human nature.

Forward-thinking retailers should be looking at how they are interweaving digital tools like mobile, context, and video with sales, m

arketing and customer service.

When these things are used well, the technology becomes invisible. Customers simply see retailers as being very good at giving them exactly what they want.

B) An example of a retailer and their progression over the past 20 years in retailing

Highly successful retailers know their why, and that gives them clarity of purpose and focus.

You can consistently produce, source, and sell the right products when you follow a specific vision.

It also helps you develop a precise company culture that you can stay true to, no matter what's going on around you.

We can take example of Solfire: an athleisure apparel company

Solfire is a Brooklyn-based active retail company that launched just a few short years ago. Their goall is to create a strong athleisure apparel brand that brings together individuals who are passionate about fitness.

Two things make Solfire successful: first is their solid commitment to producing high-quality products. The company only works with manufacturers that meet their standards to ensure that everything they sell is top notch.

Additionally, the retailer set up a community board to showcase all the studios, all the places people sweat, all of that within the area around the store.

The folks at Solfire also gather customer details so they can further engage them. They do this by handing over their iPad POS at checkout, so shoppers can fill in their information.

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