Technology Changing Retail

Helen Schifter is an expert observer of the changes that technology has brought to so many different industries. Certainly, among those industries have been the retail industry. Some will argue that no industry has been affected in a more substantial way than has the retail industry and sector.

According to Helen Schifter, this has been a long time coming; and any educated consumer and observer of the changes coming to industries writ large could have forecasted these changes. Not all these changes have been anticipated by industries, and this has been an issue that they continue grappling with.

Let’s be clear. Among all the industries that have been affected, none have felt the effect as tremendously as the retail industry. Especially with the recent COVID-19 pandemic, one must consider the social distancing guidelines in place in so many states and also on a national scale. People are being especially conscious and aware, and cautious to avoid touching when possible.

So as to ensure this is the case, people are no longer shopping in general terms in-store. Instead, they’re doing so online. This has been a function of the technological transformation of the retail industry. Some retailers and their respective companies have been the beneficiaries of these changes. Others, remain backward and not forward-looking. This is an unfortunate reality for them, given how rapid these changes are happening.

The velocity with which these changes are happening is indicative of the nature of technology more generally. Technology allows for more efficiency. It also ensures that things move at a far quicker pace than they otherwise would under normative circumstances. Let us not lose sight of this fact.

So when one considers what the future holds for the retail industry; one MUST not forget to consider technology as a substantial variable and factor in the equation. This is a reality that cannot be lost on anyone. If one wishes to be well-informed about the retail industry and its machinations, one must also keep up with the continued advancements and developments of technology.

Only then, will one be able to grasp the full breadth and scope of the changes coming to the retail industry. Without any equivocation, these changes are going to continue being drastic. They are going to be substantial. And it’s pivotal that everyone is on board and ready for the changes to take effect.