Revamping ideas: How Retailers Are Diversifying

Collaboration is the new competition; This term serves as a valid definition of the status quo in the retail industry. In addition to collaboration, the blurring of traditional industry conceptual barriers is contributing to the development of new retail models for the future.

It has become evident that retail is the battleground – and the collaborative space – where traditional retailers, brands expanding their DTC forces, health services providers, hospitality players, and financial institutions combine services in order to capture new revenue streams and respond to consumers’ desire for deeper customer engagements.

The formation of alliances with “newcomers to retail” can provide customers with freshness and completely new services. For example, health and wellness service providers and educational institutions will be highly courted. In these fields, the use of immersive technologies will provide an intriguing set of fully virtual or mixed services. It is also expected that new agreements with local players known for their commitment to sustainability, biodiversity, or the wellbeing of local communities will facilitate the development of new services related to micro-adventures or eco-friendly local tourism.

Increasing business complexity necessitates flexible arrangements, sensing and forecasting capabilities, risk management processes, and dynamic decision-making processes.