Around the world and across industries, enterprises are facing tremendous market upheaval. Transformation and disruption were the new normal well before the pandemic, but the coronavirus crisis accelerated certain trends toward innovation and digitization and led to the fundamental rewiring of old business models.
Who among us doesn't shop on Amazon, EBay or Ali Express? Remember when we still went to actual stores for every single purchase? It wasn't that long ago. And if you think we've reached the end of the process, you're mistaken - the world is going to keep changing. The direction is clear. We're in the midst of a tremendous change.
Consumerism is already undergoing some big changes, and there will likely be even more as technology asserts itself as a dominant presence. But how exactly will these up-and-coming technologies impact manufacturers, retailers and, of course, modern shoppers?
In the world of small businesses, there are only three golden rules you need to keep in mind:
Clothes buying, both in-store and online, is set to change with help from interactive and virtual assistants. Interactive mirrors, virtual changing rooms, a personalised fitting service and a mobile app all aim to help consumers find the clothes and the look they want more easily. They may also reduce costs for online retailers and help them reach new customers.
Has the virtual world become stifled by the comfort and ease of following successful platforms? Gunjan Bhardwaj offers his hopes and suggestions on how to update online business models.
