Building a new vision of Retail

The intention of this article is not to predict the future nor will it be the goal of the New Retail Leaders. The denomination of our project might sound stagy but that is not the intent either. Our aim is rather to celebrate the people who work in retail and shed light on their daily work. Retail can be described as the oldest job in the world and has forged civilisations whilst adapting to different eras and situations. The latest in date, with the mayhem that Covd-19 brought about, is no exception. In our ever-changing world and with the advent of the internet, the buying patterns of customers have become unpredictable. Yet, and despite the surge in online shopping, stores remain an important, if not arguably irreplaceable, part of the experience. The question now is how will that shape the future of retail? How are the decisions of key-stakeholders impacting the direction that the industry is taking? What does New Retail look like?

It is the whole service model that is changing. – Grégoire Baret, Senior Director, Omnichannel Experience, Groupe Aldo 2

Key Opinion Leader in the field, Michael Zakkour defines New Retail as “the complete integration of online, offline, technology, logistics and content that creates THE FOUR Cs — consumer centricity, convenience, customization, and consumer contribution.” 1 As a result, leading retail companies have abandoned the “channel” and “e-commerce” model for another one. The author explains that “Amazon, Alibaba, JD, Tencent, Walmart, Target, Apple  are dominating modern retail and consumption by building ecosystems focused on providing consumers the “4Cs” by way of the “4 Us”– Unified Technology, Unified Marketing, Unified Logistics and ultimately, Unified Commerce.”

Interestingly, those innovations can also be observed in smaller scaled retail companies where bold leaders are making different choices for their businesses. It is those stores we want to know about and look into.

The health crisis that we are going through, in addition to the drastic increase in purchases

on the web, has led us to significantly modify the in-store purchasing process. – Frédéric Jubelin | Director of Organisation and Information Systems at Krys 2

The importance of creating a borderless platform where Retail experts and Executives can join their minds together to discuss practical business cases and be inspired appeared as relevant. This is the main purpose of the New Retail Leaders.

Sources:

1 Zakkour M. (2019, July) New Retail: Born in China, Going Global2 White Paper by Proximis (2020)