Reshaping Retail. Why Technology is Transforming the Industry and How to Win in the New Consumer Driven World

  • ID: 2543149
  • Book
  • Region: Global
  • 208 Pages
  • John Wiley and Sons Ltd
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The retail industry is in the grip of a revolution powered by digital technology. This will be as big in its effects as the mercantile revolution that saw the birth of retailing as we know it, and the Industrial Revolution that kicked off the modern era.

Reshaping Retail analyzes the origins and effects of the digital revolution in retail and offers clear solutions for retail leaders of today. Combining frontline despatches from retailers and technologists across the world with the day–to–day client service experiences of the authors, it clearly demonstrates how customer empowerment now threatens all of the means of value creation which have underpinned an entire industry sector.  

Technology has gone from supporting and enabling the retail business system to subverting it. This comprehensive review outlines the possible retail landscape of the near future and offers urgent, practical advice about the transformation retailers must undertake to survive.

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Foreword vii

Introduction 1

1 A Brief History of Retailing 7

The mercantile era 11

The modern era 13

The digital era 22

2 Technology: The Crucial Retail Enabler 27

How retailers add value 30

Connecting the chain 33

Knowing what you know 39

A succession of evolutions 43

3 Game–Changing Technologies 47

Revolution 50

The next era of technology change 57

What it means for consumers 86

4 Consumer Empowerment 91

The consumer decision journey 94

Customer empowerment tools 95

Retailers response to consumers changing behavior 103

5 Toward a New Retailing Paradigm 113

The changing role of the physical store 116

New contenders 128

The power of information productivity 135

6 The Future of Retail 143

Stand–alone archetypes 146

Building on the stand–alone models 155

7 A Call to Action 165

Leapfrogging 169

The way forward 170

Making it happen 181

Acknowledgments 191

About the Authors 193

Index 195

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Stefan Niemeier is a Director of McKinsey & Company and leads its European Technology in Retail group. He has advised retailers around the globe and across many retail sub–sectors. Stefan holds a PhD in Economics and a Master in Business Administration.

Andrea Zocchi is a Director of McKinsey & Company where he leads the Consumer Practice in Southern Europe. Andrea is also an adjunct professor at IMT – Institute for Advanced Studies – in Lucca (Italy), where he holds a course on advanced problem–solving techniques for PhD students. Andrea holds a degree in Mechanical Engineering and prior to joining McKinsey, he worked for Hewlett Packard Italy.

Marco Catena is an Associate Principal of McKinsey & Company. He works with retail and mobile telecommunications players on commercial and performance transformation topics. Marco holds a PhD in Industrial Management and a Degree in Management Engineering.

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