Four Ps to dominate retail in 2020: Frost & Sullivan


January 19, 2020 | By RetailME Bureau

The retail industry will undergo massive changes as the age of disruption continues to impact consumer behaviours and buying trends, indicates research & consulting firm Frost & Sullivan offering a view into 2020.

“Every aspect of retail will be disrupted by evolving technology and demography. Looking ahead, one can expect the stores of tomorrow to be points of engagement, monotonous purchases to become fully automated, any touch-point or space to become a place of commerce, and for customers to always remember the experience,” said Murali Krishnan, senior industry analyst, Frost & Sullivan.

In this constant flux, retailers should understand and prepare strategies to retain customers and gain an edge over the competition through the four Ps:

  • Person: Generation Alpha as the new wave of “digital native” influencers and future customers
  • Place: Reinvention of physical retail as a point of engagement from a small box to a “novel” box
  • Points: Advent of new points of commerce such as in-vehicle commerce
  • Process: Advances in technology such as artificial intelligence (AI), automation and augmented reality (AR) / virtual reality (VR) disrupting the prevailing retail process

“Social commerce is gaining prominence with Instagram stories and online virtual stores finding strong foothold with the Gen Y and Z consumers. This signifies a major shift in the retailing model with major implications to the future of stores and virtual presence taking precedence over physical presence,” observed Archana Vidyasekar, global research director, Frost & Sullivan.

Previous Article Next Article

SHARE

YOU MAY ALSO LIKE /


Sunil Kumar, CEO, Spinneys

Starting as a shelf packer in 1994, Sunil Kumar saw his way 

Continue Reading

October 29, 2024 | By RetailME Bureau
Sunil Kumar and Debashish Mukherjee at MRF 2024

What does it take to sustain profitable growth in the post-IPO phase? 

Continue Reading

October 23, 2024 | By Anurima Das

Mahalle began its operations in 2022 as an “Authentic Turkish Grocery in 

Continue Reading

October 7, 2024 | By Anurima Das
Naresh Kumar Bhawnani, Founder & Chairman, West Zone Group

“Retail is a people’s business. When building a retail brand or the 

Continue Reading

October 3, 2024 | By RetailME Bureau
Sunil Kumar, CEO, Spinneys

From being one of the first retailers in Dubai to ban single-use 

Continue Reading

October 1, 2024 | By RetailME Bureau
Walid Shabana, Co-founder & CTO, Rabbit

For starters, Rabbit is a growing e-commerce grocery platform in Egypt always 

Continue Reading

September 30, 2024 | By RetailME Bureau
Arunachalam Palaniappan, CTO, Choithrams

In 2024 grocery retail major Choithrams has achieved several milestones underscoring its 

Continue Reading

September 12, 2024 | By RetailME Bureau
#Topshelftalks session at Food Business Forum 2024

Industry pioneers are embracing a comprehensive strategy that integrates consumer insights, digital 

Continue Reading

July 3, 2024 | By Anurima Das
#EdgeOfTomorrow session at Food Business Forum 2024

The regional grocery retail market is evolving fast keeping pace with constantly 

Continue Reading

July 3, 2024 | By Rupkatha B
#CartToCouch session at Food Business Forum 2024

If anything, the Middle East market is excited about quick commerce – 

Continue Reading

July 2, 2024 | By Rupkatha B
#EcoEchoes session at Food Business Forum 2024

From ethical and local sourcing to adopting cutting-edge technologies to curb food 

Continue Reading

July 2, 2024 | By Rupkatha B
#ByteSizedBreakthroughs session at Food Business Forum 2024

The regional grocery retail market is becoming more and more diverse, offering 

Continue Reading

July 2, 2024 | By Rupkatha B




Download Images RetailME Magazine