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Shoptalk 2024—happening March 17-20, 2024, at the Mandalay Bay in Las Vegas—is “where retail, technology & innovation intersect.” During the packed four-day event, over 10,000 retail industry professionals and executives will gain valuable insights from experts and solution providers, learn about consumer trends affecting the future of retail, and discover innovative technology that can help them succeed in an industry that is constantly evolving.
Let’s take a look at how the retail industry has evolved and how this evolution affects retail businesses today.
The Evolution of Retail
The practice of bartering, selling, and consuming resources has been present throughout human history.
As civilizations evolved, markets—filled with merchants hawking their wares—were developed, followed by the growth of “mom and pop”—or small, family-run—stores in the 1700s and 1800s.
The Industrial Revolution brought factory manufacturing which ushered in department stores, shopping malls, and then in the 1960s, the first big box stores (e.g., Walmart). The 1990s heralded what is arguably one of the biggest advances in retail: eCommerce. And the early 2000s introduced us to the joys of social media and its many opportunities to attract customers.
Today’s Retail Industry
In his article, “The History and Evolution of Retail Stores: From Mom and Pop to Online Shops,” BigCommerce’s Brett Regan
writes, “[M]any of the changes in retail and ecommerce have both influenced changes in human shopping behavior and subsequently been influenced by these same changes. People’s lifestyles and needs change, and so too do the way they shop and what they choose to buy.”
He’s right, and in an article on the state of retail, I discuss how the last several decades have proven to be a time of unprecedented disruption as the way consumers shop has changed. Today’s consumers have embraced the ease of shopping online, but they still expect that brick-and-mortar stores will be available for their shopping needs. They also expect a smooth, hassle-free shopping experience—whether they’re researching, buying, or returning a product—from whichever shopping option they choose.
This all-in-one shopping experience is known as omnichannel commerce, and even the pandemic—which sparked worldwide lockdowns, the closing of physical stores, and the expansion of ecommerce businesses—couldn’t change the fact that people demand commerce variety. It’s a trend that’s here to stay and just one of many retail trends we’ve seen emerge in the last 20 years.
For example, we’ve seen the enormous growth of direct-to-consumer (DTC) sales, which connects the seller and buyer via the internet, thus eliminating the middleman. But, as with all sales, there’s an ongoing need to attract new customers and this need inspired a new trend: DTC brands re-opening physical, pop-up store locations in unique locations, such as empty department stores, outdoor venues, and restaurants.
Trends like these will continue to develop—some with staying power and some with a short shelf life. Either way, the retail industry will continue to adapt, and retail businesses looking to succeed in this enduring, changeable industry must be agile and must have accurate, updated information at their fingertips for making fast, smart decisions.
In other words, what they need is a modern, comprehensive, and industry-specific business management solution, like Acumatica.
Acumatica at Shoptalk 2024
With Acumatica, retail businesses have a true omnichannel solution, and I—along with my Acumatica colleagues—are thrilled to showcase our advanced Retail Management Software to the thousands of Shoptalk 2024 attendees who are hungry to find a single-platform solution that seamlessly connects their storefront and back office. They’ll learn that Acumatica’s retail-specific solution provides built-in capabilities designed just for them, including:
- Commerce connectors
- Inventory management
- Sales order management
- Reporting, dashboards, and data analysis toolkit
- Warehouse management
- CRM
- Customer self-service portal
- Financial management
- ERP Business intelligence and analytics
As attendees immerse themselves in Shoptalk’s original and insightful content—which includes such topics as employing AI to transform businesses, building a lasting and powerful brand, crafting a seamless customer journey to ensure customer loyalty, creating unified retail experiences, and navigating changing industry relationships—they’ll also learn that Acumatica delivers the advanced features and functionality they need to transform their businesses, build their brand, satisfy their customers, and create a seamless retail experience.
To learn more about how to connect with us at Shoptalk 2024 or to ask any questions about our award-winning cloud ERP solution, contact our experts at any time.
