Future of Commerce
Disrupting Retail: eCommerce Breathes New Life Into The Retail Industry
The Retail Renaissance?
For hundreds of years, retail operated the same: Supply was centralized in physical marketplaces and malls and shoppers traveled to geographical hubs to shop for what they needed. eCommerce changed everything; it inverted the model. Now, demand is decentralized and shoppers can be anywhere, shopping at all times of the day.
Retailers and brands are now faced with meeting increasing customer expectations about when and how their goods are procured whether that's from a store shelf, delivered to their doorstep, or a combination of both. To thrive, retailers are faced with listening to their shoppers, mastering omnichannel strategies, and delighting their customers across channels—from their storefronts, to their website, to communication about delivery, to the unboxing experience. It's a lot. But, new retail and logistics technologies are making it possible to grow, flourish, and breathe easy amidst the disruption.
In this chapter, Bryce Phillips from evo started his business online and moved into physical retail, and illustrates how listening to customers and making the retail experience unique makes all the difference; Patrick Herning from 11 Honoré details how they were able to use data to find their customers and bring high fashion to plus-size women, giving all customers a seat at the table; Kristen Miller of Stylyze discusses how the soul of retail is contingent on building customer relationships and connections; Jesse Genet of Lumi unpacks the demographic shift impacting retail and how younger generations are pushing retailers and brands to catch up with their pace.
Founder and CEO, evo
As retailers, we’re going to have to keep innovating and avoid standing still. What works today may not work tomorrow. The retailers that will continue to exist and thrive—in spite of Amazon—have to do things in a way that’s unique to them. The design, the experience, the people with whom they interact—the things that are not robotic or transactional—have to come to the surface.
Co-Founder and CEO, 11 Honoré
Giving your customers what they want has never been easier. Incredible technology lets shoppers connect with merchants directly, and maintain a conversation, giving us an abundance of data that helps us personalize the customer experience. The good news is that we can now provide service that exceeds customer expectations every step of the way. The bad news: there are very few excuses for providing an experience that's less than outstanding. If you don’t, someone else will.
eCommerce has made the world’s inventory available at our fingertips. The first big behavioral shift was to price-shop everything. Now, more specialized and higher-end retailers have discovered there’s still demand for personalized service across the customer journey. Despite the façade of anonymity or removal of human interaction with eCommerce, shoppers still value the human connection—retailing with soul.
Founder and CEO, Lumi
Technology has dramatically reshaped the shopping experience in recent years, but that’s nothing compared to what’s coming. What’s about to kick eCommerce into high gear is a cultural, demographic shift. As consumers, we’re now at a point where we know how eCommerce works. There’s finally an alternative to the way retailers have done business for the past several hundred years. The jig is up.