3 Cultural Shifts Molding the Retail Model of the Future

The traditional brick-and-mortar or e-commerce store of today won't exist in the next five years in their current form. Tremendous mobility and e-commerce technological advancements are supporting cultural shifts that change the way consumers shop and what they expect from retail stores. And, reciprocally, these consumer expectations are driving technological innovations that ultimately shape the way retailers choose to sell and deliver their products and services to consumers.

Here are three major cultural shifts that are molding the retail stores of tomorrow:

Instant Gratification
Consumers have always craved instant gratification. The difference is that it's actually attainable now more than ever. Ridesharing services like Uber and Lyft have forever changed how we can quickly get from one place to another. Just a tap on a smartphone screen orders a car and allows people to watch mere seconds tick down until the driver arrives. If there's a wait that needs to be eliminated, there's an app to solve it for faster fast food and restaurant seating, instant maid service — even dates.

Online retailers like eBay and Amazon.com are following suit by broadening their same-day delivery capabilities. Meanwhile, Wal-Mart is testing mobile-enabled click-and-collect services, where customers can order products online and drive to a local store to pick up their purchases. The retail giant also is exploring ways to use its stores as distribution centers for fulfilling same-day orders outside metropolitan areas.

Borrowing
Today's younger consumers will never have to cart around boxes filled with their movie and music collections or personal libraries. Services such as Netflix, on-demand cable options, Spotify and e-readers allow us to own little, yet consume more. The same is true for clothing and even cars. We can "Rent the Runway" for a cocktail party and "Zipcar" to the grocery store as needed.

As borrowing goods and services becomes more of a consumer expectation, retailers must continue to look for ways to successfully oblige. In the mobility industry, smartphone and tablet rental programs are already on the rise.

Personalization and Customization
Experiments in "mass customization" have paid off for the likes of Adidas and AT&T, which offer consumers the ability to create custom shoes and mobile accessories online and in-store. When it comes to designing products with different colors, pattern schemes, features and sizes, there's often a premium that consumers are willing to pay. This is very attractive for any number of brands, but retailers need to make sure their customization offerings are truly differentiated and that there's a demand for customization of that specific product.

For retailers, understanding these three cultural shifts presents a major opportunity for retaining existing and attracting new customers. While these trends may mean rethinking the store layout and how to best engage consumers, the savvy retailer is open to change. Together with the support of an engaged staff, retailers can create and fulfill demand in a whole new way, now and well into the future.

Bashar Nejdawi is the president of Ingram Micro Mobility, North America, a provider of global technology and supply chain services.