Strategizing Retailing in the New Technology Era

The world of retailing is being reimagined and transformed at breakneck speeds due to new technologies, as well as due to changes in consumer purchasing behavior resulting from the COVID-19 pandemic. This dynamic retail marketplace is forcing retailers to strategize how to best position themselves to survive and flourish in this environment. Recognizing that we are at a critical inflection point in the world of retailing, we conceptualize a Strategic Wheel of Retailing in the new technology era that emphasizes technology as the core enabler of the strategies related to the 6Ps of retailing (retail place and supply chain management, product, pricing, promotion, personnel, and presentation). In particular, the articles calls for retailers to carefully their review their competitive ecosystem as they adapt to the new technologies, raises some issues, and offers new directions for further research on how technology can be leveraged to design profitable retail strategies. (C) 2021 Published by Elsevier Inc. on behalf of New York University.

Automated summary

The retail industry is undergoing rapid transformation and reimagination due to new technologies and changes in consumer behavior caused by the COVID-19 pandemic. Retailers need to strategically position themselves to adapt to the evolving market conditions and leverage technology as a core enabler of retail strategies. In the new technology era, retailers are called upon to carefully analyze their competitive ecosystem, address challenges, and explore opportunities for profitable retail strategies.