Retail Reimagined
RCSC340 Consumer Behavior in Retailing - Spring 2023
Retail Reimagined: “The Next Normal”
The current pandemic has a deep impact on the ways that consumers shop with everlasting changes. On the one hand, consumers are rapidly embracing digital retail technologies, yet, with a heightened focus on pricing, and, on the other hand, retailers seem to be hastily adapting to regulatory, competitive, and behavioural changes.
A thought-provoking paper by McKinsey, entitled “Retail reimagined: The new era for customer experience” will serve as a stimulus for our discussions.
You can find the paper here:
McKinsey, 2020, “Retail reimagined: The new era for customer experience”, accessed on May 13th, 2021.
Class slides and FlipGrid
Class slides in a PDF format
Download before class
Record your FlipGrid exercise after class
The next normal
Out of the many changes, both from consumers and retailers, which changes will be lasting? How do you anticipate the “next” normal for retail shopping?
Please, read the assigned paper, and then click the button below.
2. Small and Medium Retailers
Technology is becoming pervasive in the current retail, and new technologies, such as artificial intelligence, drones, big data, and predictive analytics, are expected to integrate more in retail. However, how can small and medium retailers cope with these technological advances?
Despite these challenges, small and medium retailers have some advantages of major retailers (*):
In-store shopping accounts for 90% of overall retail sales
53% of consumers value quality over quantity, so small retailers should focus on niche products, that differentiate them from major retailers
75% of shoppers are more inclined to buy from a store that recognizes them
77% of shoppers are more likely to shop in a store with a loyalty program
Do you want to read more?
Here is a nice infographic:
https://www.arrowheadgrp.com/blog/mom-and-pop-shops/
(*) Source: https://www.arrowheadgrp.com/blog/mom-and-pop-shops/
Contact
You can book office hours by going to: https://calendly.com/jose_mendoza or by clicking the button below.
Professor Jose Mendoza
(203) 428-7976
josermendoza@icloud.com