Retail in 2030
Retail in 2030 will feature a high level of online penetration with physical stores being reimagined via digital technology to complement e-commerce. Stores will serve four purposes – convenience, collection, discount, and destination. Despite the rapid shift towards e-commerce, physical stores will focus more on experiential offerings. Brands will better understand individual buyers to tailor personalized shopping experiences. Fashion NFTs will become routine, offering designers opportunities to create experimental lines. Supply chains will be built for agility. Retailers will need to capitalize on emerging consumer behavior through innovation and technology.
What is the Future for Grocery Stores?
Customers won’t choose the store for products. Stores will offer cooking classes, wine tastings, and restaurants. Technology will help shoppers identify products for nutritional needs. Labor challenges will continue, and technology is changing grocery shopping with automation and in-store mapping.
Key Innovations in Future Retail Scenarios
The key innovations will be customized grocery delivery services with full visibility on retail processes. Customers will expect an engaging, seamless experience across all channels. Despite e-commerce growth, most grocery sales will still occur in physical stores, which will be more digitized with technologies like IoT and AR&VR.
Coresight Research Analysis:
Data in this report include:
- US grocery market size and CAGR.
- US consumers: average age and household income per retailer used for food purchases.
- Total US food spending: food-at-home vs. food-away-from-home.
Effects of COVID-19:
One major effect of the COVID-19 pandemic has been a boost to online grocery. Consumers rapidly migrated to online channels, reordering the competitive landscape with the entry of new players.
E-Grocery Market:
Historical and forecast size of the Food & Grocery Retail Market in terms of Revenue. Detailed market segmentation analysis. Current industry growth and market trends. Key player and Competitive Landscape analysis. Drivers and Restraints.
Online Grocery Growth:
In the US, the growth rate for online grocery is projected at 18 percent through 2024. By 2023, most grocery sales will still take place in physical stores. Online grocery expanded to diverse consumer groups.
Competitive Market:
The grocery retail market is highly competitive, driven by consumer demand for convenience, quality, and value. The rise of e-commerce has been a major trend, with accelerated growth due to COVID-19.
Future Consumer Behavior:
The future depends on the experience consumers prefer. Customer experience will play a big role.