Abstract: Billion Digital Buyers

Someone said if you don’t know history, you cannot create it.

In this digital age, it’s more critical than ever to appreciate the retail business and global internet trade to get a deeper perspective on how it all began.

As the world gets more digital and conversational AI becomes more mature, companies must deeply understand the fundamental shifts in global thinking, commerce operations and digital consumerism to truly appreciate our evolution as humans to learn from the past and create a great future.

Per a recent world economic study, we have entered a ‘Fourth Industrial Revolution’ where industries, technologies, and jobs are getting disrupted faster than ever before. The astronomical change in economic landscape, industry shifts, and consumer behaviors pose a direct threat to traditional business models.

Let’s consider the brick and motor retail, for instance, losing revenues to the online and mobile channels. For the first time in retail history, customers are asking for what many retailers and brands cannot provide. Today’s consumers are simply unforgiving, craving for the best digital experiences along with lowest price, vast selection, and fastest convenience.

In the United States, one in every five dollars spent goes to Amazon. In 2018, Amazon was responsible for over 50% of the growth in the United States commerce. A study from Pew Research Center reported nearly all Americans under 50 are purchasing online.

In a letter to shareholders in Feb ’16, Sears Chairman Eddie Lampert said the impact of “tectonic shifts” in consumer spending has spread more broadly in the last year to retailers “that had previously proven to be relatively immune to such shifts. Walmart, Nordstrom, Macy’s, Staples, Whole Foods and many others have felt the impact of disruptive changes from online competition and new business models.”

The rate of speed in change has been overwhelming. And, when retailers and brands don’t realize and disrupt their operating model; satisfying the ever-demanding consumer becomes an increasing problem. Be it the e-commerce gold rush in Asia or rise of the last mile delivery ‘Unicorns’, retail industry at the peak of Digital Disruption.

Further Reading: https://amzn.to/2wtgSFC