Future retail
Technology disrupts industries. Technology also defines customer behavior. It only took a decade for mobile commerce traffic to equally match pc based commerce.
IT development always leads to eliminating the "middle-man". Retailers are the ultimate "middle-man". Here are the 4 changes that I believe will destroy retailers and ultimately change customer's lifestyle.
Change 1. Computers will be everywhere.
Computers and screens will both be smaller and ubiquitous. The TV will no longer be required as every wall is both a touch panel and a screen. Internet will be an instant access. Computers will project 3D images wherever we install them. And we will easily contact and connect with companies without opening our phone/computers.
Change 2. Sensors, IOT (Internet of Things) and AI will destroy retailers.
Our refrigerator will sense the current items within and "push" us to empty perished items. It may also further recommend new tastes or brands that are introduced.
AI will automatically search and reorder based on our preferences. Computers will purchase the price lowest price available. There will be no need for retail chains as the manufacturers will deliver directly to the customer. The power shift will change from retailers to IT infrastructure companies.
Change 3. Brick-and-mortar shopping is no longer needed.
Why purchase offline when it could be easily delivered home? Brick-and-mortar shopping will only exist for eye shopping / compulsive purchasing (not a sustainable business for retailers).
Samples will be delivered directly to customers will be given the option to purchase/rent/subscribe. Again, not an ideal model for current retailers.
Change 4. 3D printing will enable customized products.
Underwear, cell phone size etc will be customized and 3D printed based on customers' habits and unique posture. Customized manufacturing will be as cost effective as mass-manufacturing.
How to prepare
New technology will also require the maintenance needed. Here are a few skills that individuals should at least personally prepare.
Coding - education for coding will be available easily from books to Youtube clips. Knowing how to interact with computers will be an priority qualification.
Data analysis - companies will be overwhelmed by data on customers. Understanding and utilizing big data, thick data and other data analysis techniques will be an absolute requirement.
Ending Comment
In the movie "Hidden Figures" , Dorothy Vaughan encouraged her coworkers to study the computer language to "keep their jobs" and not be replaced. Computer-related technology will be the future and I encourage others to prepare as well.
Originally written at Wordpress on May 24, 2017.
Relocated and updated February 18, 2018. January 20, 2020
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