(R)Tech | Pressures Driving Industry Change
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Pressures Driving Industry Change

U.S. and global consumers are driving change in retail as never before. Ubiquitous internet access, and changing consumer values, preferences, and lifestyles, have led to unprecedented disruption in virtually every industry; retail perhaps more than any other. This digital revolution continues to transform the way customers buy and interact with retailers and products. And the pace and depth of these changes is both unprecedented and accelerating. Retail innovation chiefs see two trends driving the industry more than any other: the trends toward “ubiquitous and ultra-personal shopping” and toward a circular economy.

Technology

  • Retail everywhere
  • Augmented and virtual reality
  • Distributed manufacturing
  • Advancements in biotechnology

New Consumption Patterns

  • Self- and community reliance
  • Rise of the sharing economy
  • Empowered consumers
  • Circular economy

Demographics

  • Shifting demographics
  • Urbanization in the U.S.
  • Global economic shifts
  • New approaches to health and wellbeing

Resource Constraints

  • Decline in ecosystem services
  • Water insecurity
  • Resource scarcity
  • Time scarcity

Big Data and Transparency

  • The ubiquity of data
  • Radical transparency

Politics and Economics

  • Geopolitical instability
  • Energy transformation
  • Education revolution
  • Coping with climate change