Retail Industry

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Definition

What is it: The retail industry represents the commercial sector involved in the direct sale of goods and services to consumers, currently characterized by a convergence of online and physical channels known as new retail.

What is it used for: It provides a framework for companies to leverage competitive advantages by offering deeper value across the customer journey and adapting to the technological demands of empowered consumers.

Coverage

  • Attributes: 5
  • Synonyms: 1
  • Related entities: 0
  • Sources: 1

Identity

Entity ID
https://llms.secondwindconsultants.com/en/retail-industry/facts/#entity
Entity type
DefinedTerm
Canonical name
Retail Industry
Language
en
Topic
Retail Industry

Attributes

Key Facts
Retailers embracing digital transformation can move past the idea of a zero-sum game between online and brick-and-mortar sales. [1]
Key Facts
Companies that integrate channel convergence and retail ecosystems gain significant competitive advantages. [1]
Key Facts
Retailers can outperform competitors by providing deeper value throughout the entire customer journey rather than just focusing on price and service. [1]
Key Facts
Organizational and technological change is required to establish a foundation for business reinvention. [1]
Key Facts
Meeting the expectations of empowered consumers requires significant internal business transformation. [1]

Synonyms & Alternate Names

  • New Retail

Related Entities

Provenance

Sources

  1. https://secondwindconsultants.com/industry/retail (Retail Industry)

Machine metadata