The New Retailing Rules Of Virtual Main Street

by MR Magazine Staff

Technology and the internet have vastly improved access to information, products and services everywhere in the world, and this has created enormous opportunities for e-commerce. With the internet driving what is expected to be a $4 trillion e-commerce market, it’s useful to ask: How is technology influencing retail operations? How have the rules of retail changed? How have they stayed the same? As the global population has grown wealthier and more connected, retail markets have become larger, more sophisticated and more competitive, but the underlying forces haven’t changed. What has changed is the new ways in which retailers create value. In theory, success in retail is simple: Just offer products and services that your customers want and you’re good to go. As the saying goes, however, the devil is in the details. You can offer what customers need and want, but you still have to let them know how to find you and then convince them that what you have is what they need, and that’s where things can get tricky. Read more at Forbes.