Images Retail - May 2019

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As technology and consumers evolve, the retail sector is racing against time to keep pace. The industry, today, is all about innovations – innovating in a way that consumers convert into loyalists. Retail and technology go hand in hand, retail dependent on technology so completely that success without it in the fi eld is a tough target to achieve. And the key to all innovation leading to great consumer experience – personalisation. Personalisation refers to customising the experience of buying to the very last detail for the benefi t of the shoppers, keeping every demand and requirement in mind, serving them exactly what they want, in the colours, sizes and portions they require. As the boundary between offl ine and online commerce disappears as retailers focus on fulfi lling the personalised needs of each customer, a fresh version of retail is taking place, a retail which is far beyond the scope of Omnichannel and Phygital. It is ‘New Retail’ and this is the concept the May edition of IMAGES Retail explores in its lead story. ‘New Retail’ is a concept coined by retailer extraordinaire, Jack Ma, Alibaba’s Founder. The concept works on the theory that no two physical consumers are the same and that the physical world will become a real-time manifestation of users’ implicit as well as explicit commercial desires – in simpler terms, the supreme integration of offl ine and online commerce leading to extraordinary consumer experiences. Ma says, New Retail will transform the industry beyond imagination.