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The use of information and communication technology is nowadays essential for every retailer - large and small - to be able to meet the demands of the discerning consumer. Thanks to technology, consumers have more power: if retailers do not pick up on trends, they will be outpaced by competitors or consumers will do it themselves. While in the past the idea was that consumers should align with the business, nowadays the central idea is that the business should align with the consumer.
With the advent of the internet and especially with the possibilities broadband offers, consumers can extensively shop online. Consumer time spent on the web is steadily increasing. Particularly important is that consumers can determine for themselves which activities they undertake and when. For example, consumers can browse online store windows 24 hours a day, choose clothing and virtually try it on, compare prices, and discuss with acquaintances and strangers whether the brand, quality, and provider of the product are good.
Although the consequences of increased online consumer activity on the retail sector seem manageable so far, significant impacts on retail are expected. It is therefore crucial to determine as soon as possible the current situation, which trends are likely to continue in the future, and how retailers can address and even turn these challenges, often seen as threats, into opportunities.
The HBD wants to contribute to this. On the one hand, this is a contribution to determining the challenges and opportunities and, on the other hand, to promoting the use of new technology. This vision document shows what is currently happening, which future trends need to be considered, how challenges can be turned into opportunities, and furthermore, how the HBD can support retailers in this regard.
