If retail doesn’t evolve with its customers they will struggle to survive in these competitive markets. Being aware of how customers change and the phases retail has gone through can support business owners in shifting their strategies. Let’s go through the retail evolutions.
Retail 1.0
Retail 2.0
Retail 3.0
Here technology starts to become king with the e-Commerce technology boom and global selling. Customers can now start ordering without leaving the comfort of their own home. Technology is really important to 3.0 retailers and drives the majority of their business.
Retail 4.0
Retail 5.0
The newest stage of retail has reimagined physical stores that possess self-checkout systems as well as AI and robots. Going back to the physical store might seem like a step backward but costumes are really looking for a reason to go out. Mixing the latest tech with a brick and mortar store excites customers to try the newest convenient innovation.
