Four Ps to dominate retail in 2020: Frost & Sullivan


January 19, 2020 | By RetailME Bureau

The retail industry will undergo massive changes as the age of disruption continues to impact consumer behaviours and buying trends, indicates research & consulting firm Frost & Sullivan offering a view into 2020.

“Every aspect of retail will be disrupted by evolving technology and demography. Looking ahead, one can expect the stores of tomorrow to be points of engagement, monotonous purchases to become fully automated, any touch-point or space to become a place of commerce, and for customers to always remember the experience,” said Murali Krishnan, senior industry analyst, Frost & Sullivan.

In this constant flux, retailers should understand and prepare strategies to retain customers and gain an edge over the competition through the four Ps:

  • Person: Generation Alpha as the new wave of “digital native” influencers and future customers
  • Place: Reinvention of physical retail as a point of engagement from a small box to a “novel” box
  • Points: Advent of new points of commerce such as in-vehicle commerce
  • Process: Advances in technology such as artificial intelligence (AI), automation and augmented reality (AR) / virtual reality (VR) disrupting the prevailing retail process

“Social commerce is gaining prominence with Instagram stories and online virtual stores finding strong foothold with the Gen Y and Z consumers. This signifies a major shift in the retailing model with major implications to the future of stores and virtual presence taking precedence over physical presence,” observed Archana Vidyasekar, global research director, Frost & Sullivan.

Comments

comments

Previous Article Next Article

YOU MAY ALSO LIKE /


Almarai, Carrefour, Emirates have the most loyal customers

UAE-based Carrefour will become the first retailer in the region to offer new levels 

Continue Reading

February 22, 2021 | By RetailME Bureau

The Organic Farmers’ Market is back in Bay Avenue for its 12th 

Continue Reading

February 17, 2021 | By RetailME Bureau

UAE-based  Lulu Group recently inaugurated its first-ever all-female staff store in Jeddah, 

Continue Reading

February 15, 2021 | By RetailME Bureau
Jones the grocer

Jones the Grocer, the gourmet grocer and cheese retailer launches the Jones 

Continue Reading

February 1, 2021 | By RetailME Bureau

UAE-based Al Maya Supermarkets is hosting a two-week food festival at select 

Continue Reading

January 17, 2021 | By Lawrence Pinto

Locally-owned supermarket Spinneys has launched its ‘Power of Plants’ initiative in the 

Continue Reading

January 17, 2021 | By RetailME Bureau
Cookit

Carrefour UAE has launched “Cookit Yourself” — a curated recipe box created 

Continue Reading

January 5, 2021 | By RetailME Bureau
Al Islami Plant-Based Burger

UAE-based Al Islami Foods, one of the largest frozen food companies in 

Continue Reading

January 3, 2021 | By RetailME Bureau
Marks & Spencer's plant-based range

Marks & Spencer’s plant-based range now offers over 25 vegan products including meat-free 

Continue Reading

December 23, 2020 | By RetailME Bureau

World’s largest fully integrated online brand in fresh fish and meat e-commerce 

Continue Reading

December 14, 2020 | By RetailME Bureau
Koita

Homegrown, organic and plant milk company, Koita has announced its expansion into 

Continue Reading

December 9, 2020 | By RetailME Bureau
Middle East's vegan revolution

Today’s on-demand streaming services are ripe with docu-series and explainer videos on 

Continue Reading

December 3, 2020 | By Shruthi Nair




Download Images RetailME Magazine