Retail is currently undergoing a major disruption. To succeed, brands need to inspire shoppers, embrace risk, and adopt new technology. Those were some of the key takeaways from the Trax Retail Renaissance virtual roundtable held on April 15, where a panel of six distinguished retail experts discussed some of the most important trends and challenges retailers face today.
Led by CNN business reporter Richard Quest, and joined by CEO of Trax, Justin Behar, the panelists discussed how their own businesses have changed in the past year and provided tips on how best to manage those changes. Here are our top five takeaways from the event.
All panelists agree that the fifth industrial revolution is here, and retailers must understand this changing landscape and how best to navigate it. As technology advances, retailers and brands need to seek out direct relationships with consumers, offer contactless solutions for secure purchases, and provide the best journey for the shopper.