Retail in Asia

In Trends

Beacons and augmented reality: Retail’s future

Contactless payments, click and collect and 3D printing are just some examples of how the retail industry is embracing the latest technology in the hope of stopping the decline of traditional bricks-and-mortar stores.

In December 2013, nearly 20 percent of non-food items in the United Kingdom were bought online, according to the British Retail Consortium. In the United States, meanwhile, suburban shopping malls are fast becoming relics, reminders of a bygone era when consumers shopped on foot and paid with cash.

Earlier this year, Rick Caruso, CEO of Caruso Affiliated, one of the US’s biggest developers of retail complexes, spoke about this shift. "Within 10-15 years, the typical US mall – unless it is completely reinvented – will be a historical anachronism, a 60-year aberration that no longer meets the public’s needs, the retailers’ needs, or the community’s needs," he said.
 

(Source: CNBC)