The Future: A Story Unwritten

Retail as an industry is entering uncharted territories. With the current rapidly- evolving advancements in technology, people are beginning to conduct more purchases through e-commerce and m-commerce and less through brick-and-mortar stores. Factors such as convenience, cheaper prices and the ability to search information on a product in seconds are swaying individual’s away from the traditional routes of how we purchased products. To address this challenge, brands, companies and corporations specializing in retail are searching for incentives to entice shoppers back into their brick-and-mortar stores. Employing tactics focusing on creating an experience through touchscreens, interactive projectors, and virtual fitting rooms are becoming more popular. We are seeing more brands taking advantage of omni channeling by providing individual’s access to their products through phones, tablets, laptops and smartwatches. I do not think there is a definitive solution yet to how retail industries can prepare for the future. It seems like every week is a clean-slate where a new trend or concept comes along, making retailers question their current market strategy. The next five to ten years for the retail industry will be like learning to ride a bike. Trial, error and learning what works and what does not work will be the key to maintaining longevity in this ever-changing industry.

Strengths

  • Ample works in Beijing area
  • Highest website on Bing and Google Search
  • Strong brand image
  • Connections to major landlords and retailers throughout China

Weaknesses

  • Not very many repeat retail customers
  • Website lacks graphic integration

Opportunities

  • Expanding works to other parts of China and Asia
  • Improving technology available to clients

Threats

  • Growing E/M-Commerce Market
  • Use of VR equipment to present renderings to clients

I do believe the outlook of 5 Star Plus Retail design appears positively amidst the somewhat daunting, up rise of online shopping. Recent studies conducted by IBM show that almost all members of Generation Z, the upcoming generation expected to reach 2.6 billion people by 2020, prefer to shop in brick-and-mortar stores. (I will post the link to the article below for those interested in reading further.) When there is a demand, there will be opportunists seeking a solution to fulfill this urge. Retail design and retail stores share a correlation. As people’s expectations increase due to the advancement in technology and the benefits of online shopping, retail stores will have to modify their current strategy for persuading people into their stores. How they modify their stores is where the retail design aspect comes in. This process proceeding forward will be difficult, but not impossible.

Link to IBM Article: https://nrf.com/media/press-releases/despite-living-digital-life-98-percent-of-generation-z-still-shop-store

Thomas ship

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