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The Future of Retail – McKinsey’s State of Fashion 2022

If you’re interested in the future of retail, McKinsey has the answers. Its latest State of Fashion 2022 report argues that NFTs will become mainstream this year, due to their rapid growth and profit opportunities. In this report, the firm cites various examples of how NFTs will change the retail industry. Below are a few examples. The future of retail is not as bleak as it seems.

While most retailers have already adapted to the new landscape, they must adapt quickly to remain competitive. A few years ago, the retail industry was in for a major overhaul. Declining profitability, accelerated e-commerce, and the global pandemic were contributing factors. The pandemic only accelerated these trends and forced traditional retailers to make fundamental changes to their operating models. For those struggling with this, the answer to survival is a multichannel, customer-centric strategy.

Even with the rise of online retail, physical stores will remain important. According to a recent survey by Oliver Wyman, shoppers who shop in physical stores and online are more satisfied with the shopping experience than those who shop exclusively online. While the future of retail is changing, many consumers will still visit physical stores for socialization, advice, and to try out products. If brick-and-mortar stores can adapt, they will continue to be successful.

To succeed, retailers must map their capabilities across a ten-year horizon. This requires identifying the number and capabilities of employees, departments, and geographies that will generate value in the coming years. In addition, they must understand the role of technology and how it will transform the business. Ultimately, they must also adapt to new ways of thinking and acting. In this way, they will have a better chance of survival.

If you’re interested in the future of retail, McKinsey has the answers. Its latest State of Fashion 2022 report argues that NFTs will become mainstream this year, due to their rapid growth and profit opportunities. In this report, the firm cites various examples of how NFTs will change the retail industry. Below are a few examples. The future of retail is not as bleak as it seems.

While most retailers have already adapted to the new landscape, they must adapt quickly to remain competitive. A few years ago, the retail industry was in for a major overhaul. Declining profitability, accelerated e-commerce, and the global pandemic were contributing factors. The pandemic only accelerated these trends and forced traditional retailers to make fundamental changes to their operating models. For those struggling with this, the answer to survival is a multichannel, customer-centric strategy.

Even with the rise of online retail, physical stores will remain important. According to a recent survey by Oliver Wyman, shoppers who shop in physical stores and online are more satisfied with the shopping experience than those who shop exclusively online. While the future of retail is changing, many consumers will still visit physical stores for socialization, advice, and to try out products. If brick-and-mortar stores can adapt, they will continue to be successful.

To succeed, retailers must map their capabilities across a ten-year horizon. This requires identifying the number and capabilities of employees, departments, and geographies that will generate value in the coming years. In addition, they must understand the role of technology and how it will transform the business. Ultimately, they must also adapt to new ways of thinking and acting. In this way, they will have a better chance of survival.

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