Study envisages dramatic changes to retail
A study into the future of retail is set to explore advances in mobile technologies, consumer analytics and big data, the integration of new solutions with legacy systems, and the new security and privacy issues emerging as applications and data proliferate.
The Oxford Institute of Retail Management at Saїd Business School has announced the launch of a 18-month study into the future of retail. The project will chart the retail landscape and explore the challenges and opportunities facing retail organisations.
Sponsored by Intel, the research project will particularly focus on the relationship between digital and physical retailing as retailers look for the optimum approach to managing these two offerings.
Dr Richard Cuthbertson, director of the Oxford Institute of Retail Management, believes that the traditional retail business model is broken and that there will be no lessening of pressure on retailers. Cuthbertson anticipates much more alignment between digital and traditional activities, with richer digital experiences in store as customers use these facilities to review and test products or purchase products online – even if in-store.
“Digital media will transform the retail experience, enhancing communication of product and service information, creating opportunities for customisation, and providing more options for customers,” he states.
He adds that this will present a series of new challenges to retailers, who must simultaneously address back office support and supply-chain issues to efficiently service these innovations and to exploit fully the opportunities of developing technology.
The research will explore many aspects of this transition from advances in mobile technologies, consumer analytics and big data, the integration of new solutions with legacy systems, and the new security and privacy issues emerging as applications and data proliferate.