The future of retail

Abstract

The retail environment in the United States has passed through several massive changes since the 1880's. From its beginnings, retail has connected buyers to suppliers; even today, that basic premise has not changed. This paper will walk through the various eras of retail highlighting innovations and trends that have carried forward to the present. It will analyze how retailers have survived or failed, and discuss the potential opportunities and disruptions currently occurring in the retail sector. We will discuss the effect of the world pandemic on businesses in the United States, asking questions such as: what gaps the pandemic has exposed in the industry and which retailers will be the ones to survive the pandemic. Finally, we will look at projections and trends for the next five to ten years in the future of retail. We will take a deep dive into new technologies, tools and business models that are helping retailers achieve growth and success. We will look at the winners and losers, the change in consumer buying behavior, and the types of disruptions, innovations and changes we expect in the future. The aim of this paper is to provide basic guidelines for retailers to plan for likely trends in the future; to showcase retailers that are successful and retailers that are failing; and to uncover new technologies, processes and tools used today to prepare for the rapid changes that will come in the future.