Settle in, students. It’s Mahpiya Ben here, ready for a journey into the future of shopping. But first, a pop quiz! When was the last time you flipped through a Sears catalog?
It’s been a while, hasn't it? Well, that’s because the retail landscape is undergoing a seismic shift, a transformation as dramatic as the one that drove the horse and buggy out of business. Brick-and-mortar stores are struggling, e-commerce is booming, and a wave of new technologies is transforming everything about the way we shop.
So, buckle up, my brilliant minds. Class is in session!
Remember Blockbuster? The video rental giant once seemed invincible. But they failed to adapt to the digital age, and Netflix ate them for lunch. The same thing is happening in retail.
For decades, malls and shopping centers dominated our retail lives. But the rise of online shopping has changed everything. Why spend hours driving to a store, fighting for parking, and navigating crowded aisles when you can order anything you want from the comfort of your couch?
As e-commerce giants like Amazon and Alibaba continue to innovate, the economics of brick-and-mortar stores are becoming increasingly difficult to justify. Add in accelerating technologies like artificial intelligence, robotics, and 3-D printing, and we’re looking at a future where shopping may be completely reimagined.
Imagine walking into a store, browsing for clothes, and being greeted by a friendly robot that offers personalized recommendations based on your style and previous purchases. Need help finding a specific item? Just ask the robot – it knows the location of every product in the store. Ready to pay? Simply walk out the door – sensors will track your purchases and charge your account automatically.
This scenario isn’t as far-fetched as it sounds. Robots are already starting to show up in stores. Walmart uses shelf-stocking robots for inventory control, Best Buy uses a robo-cashier to allow select locations to operate 24-7, and Lowe’s Home Improvement employs the LoweBot to help customers find the items they need.
Amazon Go is perhaps the most visible example of this robotic retail future. The “grab and go” experience feels magical. As you wander the store and pick up whatever you want. If you change your mind, you simply put things back. When you’re ready to leave, you just walk out. No checkout, no lines, no wait. Within seconds, your Amazon account is billed automatically and accurately.
While robots are taking on tasks like stocking shelves and assisting customers, AI is powering a whole new level of personalization and convenience.
Think about an AI assistant named Duplex making a phone call to a hair salon to book an appointment. The appointment was booked awlessly, but the bigger deal was the salon’s receptionist, who, at no point in the conversation, knew she was talking to a machine.
This same technology can be used to make shopping recommendations, answer customer service inquiries, and even personalize product offerings in real time.
For example, Alibaba’s FashionAI concept store uses deep learning to make suggestions based on advice from human fashion experts and store inventory. Similarly, Amazon’s shopping algorithm makes personalized clothing recommendations based on user preferences and social media behavior.
Imagine walking into a clothing store and saying, “I want this shirt, in that color, in my size, in five minutes.” With 3-D printing, this will soon be possible.
Head into Ministry of Supply’s Boston-based retail outlet and you can have your high-performance shirt—or suit, blouse, or pants—3-D printed while you wait. It takes about ninety minutes.
For online shoppers, designers like Danit Peleg are offering 3-D-printed clothing via the Web. Both Reebok and New Balance are deploying the technology to build customized shoes.
And it’s not just clothing. Staples, the office supply company, has been offering 3-D printing services for years. Need a custom-designed phone case, a replacement part for your coffee maker, or a unique gift? 3-D printing will soon give you the power to design and create whatever you want, whenever you want it.
Imagine a future where you simply say: “Hey JARVIS, buy me some toothpaste."
Amazon’s Alexa, Google Assistant, Apple’s Siri, and Alibaba’s Tmall Genie are all vying to be your personal shopping assistant. They’ll track your purchasing habits, anticipate your needs, and order what you want before you even realize you need it.
And when it comes to buying something new, just specify functionality. “Hey JARVIS, could you buy me a drone for under a hundred dollars that is easy to fly and takes great photos?”
The days of flipping through catalogs or navigating websites are coming to an end.
As online shopping and AI-powered digital assistants make it easier to buy whatever we want, whenever we want it, brick-and-mortar stores face a choice: adapt or die.
The good news is that there is hope. Physical stores can leverage their physical presence to offer experiences that online retailers cannot.
Consider West eld’s ten-year vision for the future of retail, “Destination 2028.” Replete with hanging sensory gardens, smart changing rooms, and mindfulness workshops, West eld’s proposed shopping center will be a “hyper-connected micro-city” with an incredible amount of personalization.
By combining entertainment, wellness, learning, and personalized product-matching, West eld’s “Destination 2028” aims to help make you into a better you —and they’re betting that this is worth the inconvenience of leaving the house to do your shopping.
The retail apocalypse isn't about the end of shopping. It’s about the end of shopping as we know it.
Those companies who adapt, who embrace the power of technology to deliver personalized, frictionless experiences, will thrive. Those who cling to the past will fade from memory.
Remember, students, the future is faster than you think. Are you ready?
Class dismissed.
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