Stores Magazine recently released its 2018 list of the Top 100 Retailers. While the names on the list remained relatively steady, the changes taking place within the operations of the top retailers are revolutionary. The status quo is not what allowed the top 10 retailers to re-secure their places at the top of the list. Rather, bold initiatives, adoption of retail technologies and a shift in ways of thinking about retailing and the customer experience were universal among the top 10 players.
Here are some interesting trends we noticed about the list and the direction of retail.
True omnichannel wins
Amazon continued to climb in the rankings, shifting positions from #7 to #3. Their acquisition of Whole Foods shows a pure online player embracing brick-and-mortar stores. On the other hand, Walmart purchased Jet.com and Hayneedle.com, expanding their online presence. These actions are a clear indication that both an online presence and brick-and-mortar stores are required for successful retailing. Leading retailers are using retail technologies to deliver true omnichannel experiences that allow customers to shop in ways that are most convenient for them.
Pioneering new territory
The top retailers are trying new things, investing in new ideas, and their approaches show creativity and a pioneering spirit. With so many new technologies available, there are few proven “standard” retail technologies that are being using across the board. Rather, there is plenty of exploration with lots of different options to choose from. From Kroger’s digital displays that offer shoppers critical information right there where the purchase decision is made, to Lowe’s mobile apps in-store to help customers find just what they need, retailers are thinking about what they can do to offer customers a better shopping experience and are getting creative with how to deliver rather than following a “me too” formula.
Broadening of services
Retailers are expanding into services. According to the research firm, Kantar, services purchased will account for $2 of revenue of every $1 in revenue spent on goods by the year 2020. Examples of this shift can be seen with CVS’ purchase of Aetna insurance company, Walgreen’s provision of in-store lab services, and programs where groceries are delivered right to your door. The delivery of services will force retailers to get out of their comfort zone and further expand their capabilities, expertise and technologies.
As leaders continue to leverage retail technology to reinvent the shopping experience and move toward omnichannel retailing, Telaid will be there to cheer them on and provide dependable technology expertise and services. We look forward to the new age of retailing and salute those who are paving the way!
