Retailers’ constant experimentation with new concepts and formats helps to lay the groundwork for the industry’s future. For this reason, Euromonitor International profiles the most innovative new concepts in retail each year. This edition explores innovation across five key areas: New Digital Interfaces, Responsible Retail, Simplified Shopping, Experiential Retail and Data-Driven Retail.
This report comes in PPT.
As technology continues to advance, the landscape of consumer connections is undergoing a transformation. More and more retailers are embracing novel technologies such as livestreaming, AR/VR and the metaverse to establish innovative and immersive connections with consumers.
Responding to increasing consumer demands and regulatory pressures, retailers are investing in new concepts that prioritise a responsible approach towards both the planet and people. These initiatives encompass a range of solutions, including addressing food waste, promoting responsible resource usage, reducing carbon footprint and better supporting those in need.
Consumers desire a seamless shopping experience, leading retailers to prioritise the simplification of shopping processes both online and offline. For example, they are actively developing frictionless checkout, in both physical stores and online. New concepts aim to streamline the shopping journey, remove barriers and enhance overall customer satisfaction.
As brick-and-mortar stores again attract foot traffic in the wake of the pandemic, expectations of unique in-store experiences are increasing. Retailers are actively introducing new concepts that offer unique experiences, create new touchpoints and encourage consumers to spend more time within the stores, aiming to provide a distinct and engaging shopping experience.
Retailers utilise advanced tools such as algorithms, AI and data analytics to enhance operational efficiency, improving back-end operations and elevating customer experiences. This includes enhancements in inventory management, supply chains, pricing, marketing strategies and providing a hyper-personalised consumer approach.
Retail is the sale of new and used goods to consumers from a business for personal or household consumption from retail outlets, kiosks, market stalls, vending, direct selling and e-commerce. Retail is the aggregation of Retail Offline and Retail E-Commerce. Excludes specialist retailers of motor vehicles, motorcycles, vehicle parts. Also excludes fuel sales, foodservice sales, rental transactions, and wholesale sales (e.g. Cash and Carry). Sales value excluding or including VAT/Sales Tax. Retail also excludes the informal retail sector. Informal retailing is retail trade which is not declared to the tax authorities. Informal retailing encompasses (a) sales generated by unregistered and unlicensed retailers, i.e. retailers operating illegally, and (b) any proportion of sales generated by a registered and licensed retailer that is not declared to the tax authorities. Unregistered and unlicensed retailers operate predominantly (although not exclusively) as street hawkers or operate open market stalls, as these channels are harder for the authorities to monitor than permanent outlets. Activities in the illegal market, which is usually understood to refer to trade in illegal, counterfeit or stolen merchandise, are included within our definition of informal retailing. Activities in the “grey market”, which is usually understood to refer to trade in legal merchandise that is sold through unauthorized channels – for example cigarettes bought legally in another country, legally imported, but sold at lower prices than in authorized channels – will be included as informal retailing if no tax is paid on sale by the retailer. However if the retailer pays tax – for example on cigarettes bought legally in another country but sold at a lower price than standard – the sale is included within formal retail.
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