Retail evolution is speeding up … and waits for no one
Retail has been described as the world's "second oldest profession". But, that doesn't mean that retail is not changing. In fact, some of the most well-known retailers in their categories suddenly went extinct. The forces that caused these retailers to vanish are yet again evolving at an even faster pace. Darwin's law of survival is even more relevant for today's "retail dinosaurs" on the verge of extinction. For those unwilling or unable to adapt, there are at least 7 major disruptive trends which will cause the next wave of retailer casualties.
Why this is important: Habits from the past can actually spell doom in today's rapidly evolving marketplace. The mantra "Differentiate or Die" has a new corollary … Rapidly adapt to change, or get run over by disruptive innovators.