Experiential Retail and Customer Experience a Target of AI, IoT and AR

Retail finds itself in a dilemma. Consumer preferences are changing at a rapid clip but few physical stores have the funds to overhaul operations to woo online shoppers. As a result, retail stores feel the pressure. In 2019, some 9,300 stores shuttered, which was 35% more than a year before. While some retailers seek to stay afloat by downsizing, cost-cutting alone is not a winning strategy, said Chris Kocher, managing director at management consulting firm Grey Heron. “Traditional retailers are not struggling because they are operationally inefficient,” Kocher said. “They are suffering because they have minimal foot traffic.”