In its future-looking video on omnichannel retail in 2030, McKinsey highlights several anticipated trends for the retail industry:
- Omnichannel shopping in 2030 will be “phygital” and will no longer have separate physical worlds and digital worlds, but rather one fully interconnected one.
- Going into a brick-and-mortar store in 2030 will be fully integrated, with social media integrations, or friends and family that live at a distance digitally integrated into the experience.
- Capital expenditure will shift from opening new brick-and-mortar stores to investing in new technology.
- Some sectors in the future – such as the cosmetics industry in certain countries – will move almost completely online, with only a couple of flagship brick-and-mortar locations.
- In 2030, retailers will invest in analytics and personalization like never before. Retailers will personalize scents and sounds in-store, and digital mannequins will constantly change based on which consumer is waking into the store.
- Sustainability will become core to retail. Currently in some European countries, 25 percent of consumers are willing to switch brands if products are not sustainable, and that trend and preference will continue to grow.
- Brand leaders will focus on the different aspects of creating a memorable customer experience, with the realization that retailers wont be able to win on every aspect of fostering a memorable experience and will need to pick one or two areas where they can really stand out.