People, Products & Place: The Path To Reinvent The Retail Store
The Future of Retail Report 2015 challenges retailers to reimagine and reinvent their customer interactions.
Throughout most of history the basic idea of retail has remained the same–bring people into a space with products and give them some way to transact. Take the physical element away and the model fails to work. And for thousands of years that thinking held true, until the creation of the modern mail order service in 1861, which ushered in a completely new way for people to buy and sell. For the first time, people no longer had to be in the same location to shop. But despite its novelty, the service simply couldn't compete with the ease and convenience of buying from a local shop. As a result, retailers simply didn't need to evolve to be successful.