ORLANDO, Fla.— A compilation of “megatrends,” including artificial intelligence and global climate change, have the power to transform the retail experience, according to a speaker at CSP’s Convenience Retailing University's opening session on Feb. 26 in Orlando, Fla.
Ari Wallach, founder and executive director of Longpath Labs, a New York-based think tank, named almost two-dozen global trends that will have a compound effect on the way people purchase and consume goods in the future. These trends include the growth of the millennial generation, migration to urban areas, a digital culture, big data and climate-based migration.
Here are four ways he said such megatrends will influence retail …
Knowing the consumer
A melding of artificial intelligence and tech-savvy millennials will expand the amount of information retailers will have about individual customers when they walk into the door, allowing for a heightened level of customer service and inventory precision.
Reducing packaging materials
The need to conserve resources and reduce packaging material for perishable goods has already prompted tests with frozen bulk-storage displays, cutting the amount of plastic and cardboard used for frozen foods and potentially changing the physical appearance of store coolers.