Good evening everyone. My name is [NAVN A] and I work as an assistant at the Modern Retail Association. First of all, I am very honoured to have been asked to give a speech on the situation with the future retail as well as I have been giving the opportunity to discuss how the retailers can survive in an industry controlled by technology. Afterwards, I am going to analyse the current challenges for the retail industry, which will result in a discussion about how the retailers can survive in the future. Finally, there will be some time for questions.
People are choosing the internet over the retail stores, which is a constant threat against the retail industry. We are living in a world where the technology is constantly improving. A constant improvement of the technology has its pros and cons. Let us for example take the internet. The internet has been growing the past years which has based on the challenges for the “brick and mortar” industry which has created a competition against the e-commerce. Some of you might know what the “brick and mortar” industry is, but for you who have not heard about it before, I can say that it is a store that have physical storefronts. It is an industry that closes many stores every day by the consequences of e-commerce. The ”brick and mortar” retailers are having a hard time with online competition which forces them to close their stores. This is problematic signs considering that 16 million Americans are employed in the retail industry. The executive vice president at WD Partners once said, “People don’t have to go to stores anymore; they have to want to go,”. These words are frightening true. These days it is convenient to shop by e-commerce because you are able to stay home while you are just clicking around. It is easier to just search to find what you are looking for. No more tours to the store to get disappointed. With e-commerce you can do other things instead of wasting a lot of time going out for shopping. There are so many people preferring the online shopping which makes the e-commerce the biggest threat against the “brick and mortar” industry. Did you guys know that actually 8 out 10 people in America do their shopping online? There are a lot of reasons why e-commerce has become more popular than the “brick and mortar” industry. E-commerce is able to offer you lower prices for the exact same product you can buy in the physical stores. In addition, the product range is also larger than what they are able to offer in the physical stores. Besides, about 1 in 4 malls are projected to close in the next five years in the US, and there’s no telling if creativity and uniqueness in physical retail will have a long-term positive impact for retailers.
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