Retail has witnessed more turbulence in the last 20 years due to consumer behavior and demographic changes than it had in the past. The market was rocked by the COVID-19 pandemic and the emergence of disruptive business models. It is expected to evolve even faster in the next few years. Today’s consumers use various channels to compare and buy products and services.
Today’s shoppers demand a more connected retail experience and expect the businesses they purchase from, to know and appreciate them. Gen Z has a different approach to consumerism than older generations. They are also less focused on conspicuous consumption and more on sustainability and meaning. Covid accelerated this trend and made it more cross-generational.