Keynote
The future of shopping: what's in store?
- Online commerce is forecast to account for 50% of all purchases in China by 2021, driven by Gen Z and millennial preferences for the wider selection and lower prices found online.
- Consumer-to-manufacturer models and real-time demand signaling will enable factories to flex production capacity, while global data volume is projected to surge from 33 trillion gigabytes in 2018 to 175 trillion by 2025.
- Western retailers historically lag behind internet companies due to a lack of individual customer data, a gap that competitors like Nike are addressing by leveraging membership profiles for 250 million members to inform production and store placement.
- Shopify recorded a growth of over 60% in new store setups during the first six weeks of the pandemic, with strategies focusing on integrating e-commerce with social media platforms like Pinterest to engage audiences.
- The future retail model is anticipated to be "retail everywhere," where physical stores function as "brand theater" offering live expert interactions that complement online channels, exemplified by interactive experiences in stores like Nike's Paris location.
- As data collection expands, rising concerns regarding privacy and data exploitation will compel retailers to demonstrate loyalty by safeguarding shopper information while navigating the discomfort some customers may feel regarding detailed behavioral tracking.