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Retail Consumer Trends: 7 Forces Rewriting the Future of Retail | A Futurist's Perspective

Retail Consumer Trends: 7 Forces Rewriting the Future of Retail | A Futurist's Perspective

Retail has always been about more than selling things. But for much of the digital era, the Retail Industry's primary objective became reducing friction. Find the product faster. Compare prices more easily. Get it delivered sooner. Remove another step from checkout. That model worked extraordinarily well up until now.

Now we're entering a period where artificial intelligence can remove even more of that friction. AI can compare products, summarize reviews, recommend alternatives, find discounts, create shopping lists, and increasingly act on behalf of the consumer.

So what happens when convenience is no longer enough to differentiate?

Why Self Actualization Is The Future of Retail - Retail Executive Magazine Exclusive by Lindsay Angelo

Why Self Actualization Is The Future of Retail - Retail Executive Magazine Exclusive by Lindsay Angelo

Understanding your customer’s basic, societal, and growth needs should influence your current strategies and offerings. What is the future of retail? A question that has stirred up spirited debate — one we are reminded of with a simple walk to the grocery store or while mulling over a gum purchase. The notion of looking in unordinary places to answer ordinary questions has always inspired me. Triggered by a desire to pursue a consulting venture that provoked positive change and coming off six years in strategy at Lululemon, this trail led me to none other than the field of evolutionary psychology. If that phrase conjures up Psychology 101 and images of Abraham Maslow, you’re on the right track. It is in the posthumous of Maslow’s work and its iterations that lay an undiscovered truth that, if unpacked, can open up a world of opportunity.