Innovation

Retail 4.0: The Next Step in the Evolution of Brick-n-Mortar Experiences

MEDICIGlobal Head of Content

In the UK alone, an estimated 1,267 shops have been closed or earmarked for closure since January 2018 – potentially putting 25,159 jobs at risk. The situation is no better in the US – after shutting down more than 5,000 stores in 2017, nearly 5,000 more store closures were announced in 2018. According to CNBC, more than 70 million sq. ft. of retail space closed in 2018, largely attributable to the fact that retailers with massive floor plans are the ones shuttering stores.

Massive closures by the largest retailers are not necessarily indicative of the death of brick-and-mortar experiences as we know them. While an increasing emphasis on e-commerce could translate into greater convenience for customers and bring down the costs for retailers, all while opening revenue-generating opportunities, it’s not enough to stay competitive anymore. Retailers have to take a step beyond simple digitization to truly compete with Amazon, Alibaba, Tencent, eBay, and the likes.

The future of brick-and-mortar retail is in hyperconnectivity between former competitors. And there are two important illustrative examples for the retail industry to look at to be able to evolve beyond physical changes in remaining stores and even beyond competing online –...

Elena Mesropyan

MEDICIGlobal Head of Content

Elena is a research professional with a background in social sciences and extensive experience in consumer behavior studies and marketing analytics. She is passionate about technologies enabling financial inclusion for underprivileged and vulnerable groups of the population around the world. Elena has been recognized as one of the Top 100 Women in FinTech 2018. Prior, she has been ranked in the Women in FinTech Powerlist 2017.