As e-commerce and online ordering gained popularity, many predicted the end of in-person shopping and the decline of brick-and-mortar stores. The COVID-19 pandemic only heightened these fears, leading to concerns about the future of physical retail.
However, contrary to these predictions, physical retail has not only survived but is thriving. In fact, recent studies have shown that consumers still prefer in-person shopping over online options. However, this does not mean that retail hasn’t had to adapt.
According to a JLL article titled “Prepare Yourself for the Future of Retail,” which was based on their Future Vision program consisting of interviews and brainstorming sessions with industry experts , there are several changes on the horizon for retail:
1. Increase in Drone Deliveries
Retailers like Walmart are already experimenting with using drones for deliveries within a 10-mile radius from their stores. This trend is expected to continue as more retailers adopt autonomous technologies such as drones or robots for delivery services.
2.Shopping Becomes More Digital
In addition to traditional brick-and-mortar experiences, consumers will also be able try on clothes virtually through mobile devices or VR headsets while at physical stores . Retailers should start building relationships with technology providers now so they can stay ahead when it comes integrating digital experiences into their store designs.
3.Accurate Site Selection Through AI Tools
With advancements in forecasting tools powered by artificial intelligence (AI), retailers will be able make more informed decisions about where they open new locations . These tools will also help them tailor store designs according local demographics data such as shopper lifestyles and psychographic profiles .
Overall,the future looks bright for both traditional brick-and-mortar retailers who embrace technology-driven innovations while continuing provide unique customer experiences.
