The Future Of The Retail Stores Samples †MyAssignmenthelp.com

Question: Discuss about the Future Of The Retail Stores. Answer: Today retail stores are no more, just store style of the consumers pulls them to transform the way they were. The retailer stores have a long journey which they had travelled from. The future of the retail stores greatly depends on the delivering consumer satisfaction and their strategic planning. There are many factors on which the future of such stores depends such as delivery speed, easy buy, mobility, but what the future is. The first retailer store was opened in 1900, at that time stores were very simple as compared to the current situation. More and more new futuristic feature has been added such as card payments and down payments. Earlier it was just to sell products, but now days it is also about promoting and increasing the productivity. Clear prospective is that stores will go parallel with the consumer supportive technology (Anegon, 2014). Today there is 23%, massive increase in retails because of changes in the trends of the stores. Nike the foremost brand has completely changed its stores form the day it was founded. Earlier it just sells the sportswear but today they are also selling their sports instruments in the stores. Nike had been experimenting with their stores from a long time. Also, the outlook has also changed from time, there costumer services are much better, and payment system is perk which prefers digital payments methods. In 2016 their sales had been increased by 16 % as they have adopted different technologies for sales in their stores which were very satisfying for consumers (Anegon, 2014). For example, Nike in U.S. introduced a new concept store in which there was created a brand museum; this was for the first time any company had experimented with in their retail stores. Hence, from the simple sport selling stores to the complete store with technical selling (Paul, Sankaranarayanan and Mekoth, 2016). With every day the stores are becoming more and more technical held, two sides of the retailer's stores have always been discussed from the stores prospective, in futures stores will be big shopping basket, increased with multi touch point shopping experiences, pay and refund policies, variety for the consumers. This is just one phase, with an increase in such updates in futures it creates a problem known as Redundancy means repetition of same features in all the stores which may lead to decrease in the interest of buyers and increase tough competition in the future (Fitzpatrick, 2017). Internet the most impacting technology for the retail stores, and is adapted by the stores as this helps them to increase the sales. It enables customers to buy different kinds of stuff that are unable to reach stores (Paul, Sankaranarayanan and Mekoth, 2016). If they adopt this technology then they will able sell those products which are not in stocks. It is very effective today and will be in the fu ture internet is the big norm and in upcoming years this technology will be the number foremost way for the retail stores for their marking and selling (Kell, 2017). References Anegon, I. (2014). Preface: In 2013 Gene Therapy is a Nike; for 2014, Just Do It!.Current Gene Therapy, 14(1), pp.1-1. Fitzpatrick, H. (2017).Nike just revealed its fascinating store of the future - ET Retail. ETRetail.com. 15(2) , pp.25-24. Kell, J. (2017).How Nike, Adidas are leading the future of retail. 2(1), pp. 1-2 Paul, J., Sankaranarayanan, K. and Mekoth, N. (2016). Consumer satisfaction in retail stores: theory and implications.International Journal of Consumer Studies, 40(6), pp.635-642.