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"It's easier to love a brand when the brand loves you back." - Seth Godin
Deloitte research on the consumer experience found that we are not in the midst of a retail apocalypse, but a retail renaissance. The report, which was based on a survey of more than 500 traditional retail, pure play, consumer goods, and branded manufacturing leaders around the globe, showed that brand leaders are rethinking the consumer experience by investing in new emerging technologies like AI, mixed reality AR/VR, and engagement platforms to grow revenues and new customers.
Here are some examples that the retail apocalypse is exaggerated:Retail spend has outperformed GDP and risen every year since 2009.In 2017, 44 percent of consumers reported spending more on retail than 2016. Only 14 percent said they spent less.Brick and mortar is predicted to grow by $36 billion by 2022, and e-commerce is predicted to grow by $50 billion in the same period.
Deloitte notes that brands must understand that four key disruption behind the retail renaissance:
- Consumer disruption - Thanks to the proliferation of smartphones and connectivity, consumer expectations for speed and convenience have reached new heights.
- Technology disruption - No facet of retail has gone untouched by technological revolution, from awareness to purchase and from brick-and-mortar to ecommerce. Thirty-four percent of shoppers say they've researched a product online using a mobile device while in a physical store, and innovations such as AI allow brands