The retail renaissance is well underway. Disruption of traditional retail business models has given way to transformative online and offline change ― redefining the customer experience. Retailers that manage to navigate mercurial consumer demands and evolving retail technology, and can seamlessly integrate digital into the store will benefit from the industry’s metamorphosis ― coming out stronger and more profitable on the other side.
In fact, retail sales during 2019 are forecast to increase between 3.8%-4.4% to more than $3.8 trillion, despite threats from an ongoing trade war, the volatile stock market and the effects of the government shutdown, according to The National Retail Federation (NRF).
NIKE: THE GROUNDBREAKER
“We're leading the industry through a retail revolution,” Mark Parker, Nike’s chairman, president and CEO declared last December.
The statement is justified. Just one example of the footwear and apparel retailer’s many recent ground-breaking moves includes the opening up its new House of Innovation concept in both Shanghai and New York in November 2018.
NORDSTROM: THE INVENTORY-LESS STORE
Nordstrom introduced its Nordstrom Local concept a year and a half ago, and doubled down on the initiative in late 2018 with two new locations in the Los Angeles market.
SAM'S CLUB NOW: WALMART’S SCAN AND GO CONCEPT
In response to the success of Amazon’s cashierless Amazon Go concept, Walmart has gone live with Sam’s Club Now, a test lab store for its mobile-first shopping experience powered by the new Sam’s Club Now app. Sam’s Club Now is a technology lab that doubles as a brick-and-mortar store, where the retailer can incubate, test and refine its latest retail technologies.