Technology is reshaping the purchasing experience
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WHAT YOU’LL LEARN ABOUT
Equip yourself with the knowledge to efficiently respond to consumer demand for experiences in the changing customer journey.
How brick-and-mortar stores which adapted to changed consumer behaviour have been thriving.
How technology has fundamentally changed the consumer retail experience in every stage and how to take advantage of it.
Why business must align all retail channels to create a uniform buying experience.
A new business model that must seamlessly provide both online and in-store shopping alternatives integrating all parts of the changing customer journey.
Retail Apocalypse: Reality or Myth?
As ecommerce continues to grow, the news of established retail titans declaring bankruptcy has become increasingly common in recent years. Since 2010, ecommerce has put hundreds of brick and mortar stores out of business, including retail giants like the 125-year-old department store Sears. Just last year, more than 12,000 retail locations were predicted to close.
The State of the Global Retail Industry
In the first chapter, we established that physical retail has not disappeared but rather evolved and taken on a different role in the path to purchase. Now, let’s take a look at exactly where the retail industry stands nowadays. Global retail was worth an estimated $25.038 trillion in 2019. That same year, global ecommerce was estimated to be a $3.535 trillion industry, up 20.7% from the previous year
Changes in Consumer Behaviour
In the digital age, the the way people seek information, communicate, and formulate buying decisions has changed dramatically. Today’s selfeducated consumers have a wealth of information at their fingertips and often prefer to do product research on their own. As technology continues to evolve, consumers have the ability to research products on channels and devices that didn’t even exist before.
The New Path to Purchase
Traditionally, the consumer path to purchase has been presented as a funnel with a large number of potential buying choices at its widest end. Consumers would move through the funnel, discovering products, learning about them, and evaluating them. Toward the bottom of the funnel, consumers would start eliminating options, ultimately deciding on the product they want to purchase.
How to Leverage Technology in the Purchasing Experience
After evaluating these retail success stories across the industry, it’s clear that the traditional purchasing experience is being disrupted. Physical retailers have the in-person experience card up their sleeve, but they need technology to respond to the needs of a modern customer and make internal processes more efficient.
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Infinum is partnering with leading brands and exciting start-ups to plan, design, build, and scale authentic experiences that deliver value and empower users. In our latest book, we’re exploring how digital disruption is reshaping the retail landscape.