Young shoppers are a difficult demographic to serve as compared to old shoppers that drive significant shopping volume.
In a newly released report, Forrester analyst Sucharita Mulpuru says that although young shoppers often get the most attention they are difficult to serve and have less income than any other group.
There has been a transformation in the retail sector in the past five decades and it will keep changing in the coming years. While a large number of apparel and grocery stores will wrap up their business, bright future is expected for those providing services to health and education sector.
The shopping landscape is becoming competitive and eBusiness professionals can leverage near-term technology investments like omnichannel fulfillment and dynamic pricing to improve margins.
Longer-term inventions like 3D printing should be utilized to significantly transform shopping.
More competitive landscape
Retail landscape is set to get more competitive in the coming years and eBusiness and channel strategy professionals should strategize how to address shoppers over 35.
Strategists should continue investing in loyalty programs and integrate their loyalty programs to mobile devices as they help customers to access real-time information about any offers company has.
Mulpuru advises retailers to search for adjacencies in other growing categories and pursue a startup strategy as the size of the retail pie has been shrinking over time. For this reason, companies should consider early potential acquisitions of interesting concepts to maintain and grow share.
Looking forward, more retailers will disappear in the future and mediocre store associates will lose their job if they don't deliver at work.
Also, retailers will have to extend the store hours to offer greater convenience to customers in order to compete with those selling via web.
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