Surviving The Retail Apocalypse: The Technologies And Trends That Can Make Brick-And-Mortar Thrive Againwww.cbinsights.com
As e-commerce grows YoY, more physical retailers are forced to shut down their physical locations, and some have drifted into the sunken place called bankruptcy. In 2017, about 7000 retail stores closed its doors, and since February, Foot Locker announced its closing 110 stores, Abercrombie & Fitch is closing 60 stores, and Toys R’ Us has shut down completely. CB Insights explores the technologies and trends, from supply chain software to in-store AR technology, that is helping today's brick-and-mortar retailers stay competitive as e-commerce continues to grow.
With this changing trend in consumer shopping behavior, an entire ecosystem comprised of hundreds of tech startups has emerged to help brick-and-mortar retailers adapt, working across categories from inventory management, operational efficiency to shelf monitoring. Companies like Ikea and BestBuy look inside their customer's homes as a way to strengthen its relationship and customer loyalty, while Costco struggles to hold on to its crown as the "king of wholesale" as Amazon and Walmart rapidly gain traction for its e-commerce innovations. Kohl taps inspiration from Zara to improve its operational efficiency model by shrinking store sizes and reducing its production turnaround time for its fashion brands.