The pace of change within the retail industry is accelerating and shows no signs of slowing down.
Some businesses are struggling to keep pace with new consumer trends and other disruptive forces. In fact, 45% of retailers say consumers’ purchasing behaviors are extremely unpredictable, albeit important to understand, according to Retail Systems Research (RSR).
“How, when and where people shop has changed, and retailers need to shift how they think about the overall shopping experience to meet consumer expectations and demands,” said Kevin McKenzie, Global Chief Digital Officer at Westfield Labs, the innovation lab for mall operator Westfield. “As we continue to see the physical and digital worlds blend, the focus of retail is going to become more about creating fully immersive shopping experiences that start at the point of consumer inspiration and need.
Access this feature to learn how retailers such as Lowe’s are building and managing their innovation labs.
