Retailers recognize that consumer expectations are driving change. Many are embracing the opportunity to test innovative ideas. But transforming at scale is proving to be the bigger challenge.
Empowered by technology, consumer expectations are disrupting retail. But the disruption we’ve seen in the last 10 years is nothing compared with what’s to come. Glimpses of the future are to be seen in our world today, but choosing what will become a future reality takes bold confidence.
When it comes to implementing change, companies without a legacy have the luxury of agility. But for retailers with hundreds or thousands of physical stores, the challenge is more daunting. Retailers are now highly motivated to rethink their business models, there’s no shortage of innovative pilots and concept stores, but how to implement the best ideas profitably and at scale is fast becoming critical.
Exploring the future of retail
EY is helping retailers anticipate tomorrow’s consumer needs and build the transformation road map. Together with World Retail Congress, retailers and futurists, we’re exploring the question “What kind of retailer will you become?”, supporting retailers to identify future retail scenarios at the World Retail Congress' Hacks.
Each hack is a unique environment for retailers to challenge their own assumptions about the future and immerse themselves in future world scenarios that anticipate the needs of future consumers. And, crucially, start building the road map to help them take action to create competitive advantage for tomorrow.