Supply Chain Brain: How Supply Chain Technology Enables the ‘New Retail’ Customer Experience
April 4, 2019 In the News
Today’s “new retail” — a shopping experience that seamlessly blends digital and offline commerce — is still in its infancy. But it’s already defining the future of technology, business and operational strategies for companies worldwide.
Millennials are now the largest demographic cohort of shoppers in the U.S. Currently, 80 million millennials spend $600bn a year. Spending will rise to $1.4tr annually by 2020 — a full 30 percent of all retail sales, according to Accenture. This surpasses the combined spending power of the baby boomers for the first time in history.
What does the spending power of millennials mean for retailers? It means that their target market is shifting to those who have grown up with technology at their fingertips. They use (perhaps take for granted) the technology-powered conveniences all around them, including ATMs and mobile phones. They have also embraced an entirely new level of personal convenience and immediacy with services such as Lyft, Doordash, and PrimeNow.
This combination of technical savvy and convenience-seeking consumers is driving new demands of the retail shopping experience. They demand a new e-commerce journey.
Read more about this new e-commerce journey from the original article on Supply Chain Brain: https://www.supplychainbrain.com/blogs/1-think-tank/post/29544-how-supply-chain-technology-enables-the-new-retail-customer-experience.