This article was first published on Blog – Civic Technologies, Inc.
The retail industry has had one of the most inconsistent recoveries since the Great Recession of 2008. Until recently, annual retail sales growth was sluggish as Americans pulled back on spending. However, the National Retail Federation (NRF) announced the strongest growth in retail holiday sales in 12 years at the end of 2017. Over November and December 2017, sales rose 5.5 percent to $691.9 billion – a positive sign for the retail industry’s future.
As the retail market evolves to keep up with consumer demands, innovation has taken center stage. Experts predict that the retail industry will be shaped by “emerging technologies that change the way consumers interact with their favorite brands, a shift in preferences, and the emergence of new battle lines for e-commerce.” Savvy consumers are demanding more from their favorite retailers as convenience and instant gratification have become the new normal with technological advancement.
In the coming months, we will be diving deep into modern retail with a series of articles featuring the most compelling innovations in the retail industry. First, we’re digging into the current state of retail and what’s next for this trillion-dollar industry.
The current state of retail
By definition, retail is “when a business sells a product or service to an individual consumer for his or her own use. The transaction itself can occur through a number of different sales channels, such as online, in a brick-and-mortar storefront, through direct sales, or direct mail. The aspect of the sale that qualifies it as a retail transaction is that the end user is the buyer.”
The retail industry has evolved dramatically over the past few decades, but the end goal remains the same. Retail is all about providing an excellent shopping experience. As the world shifted into the digital era, ...
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Blog – Civic Technologies, Inc.