The Future Of Retail
23 Feb, 2017
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How It Once Was
We are going to describe a scenario to you and you can visualize it in your mind. First, picture yourself at the grocery store. Already, you’re feeling stress and tension. Picture that enormous line of people, each with a cart full of tiny individual items, each of which the cashier must scan and bag individually. There is no end in sight, and all you want to do is just be in your kitchen with a delicious turkey sandwich.
How It Soon Will Be
Now let that stress dissipate, as that line disappears. Picture a world where tedious, slow-moving lines are no more. Picture a world where you can simply walk into a store, grab what you need, and then just go ahead and walk on out out of there! In 2017, that world is finally here. Amazon has invented a technology that can scan all of your items just by you simply walking past a sensor. The store then automatically charges the customer’s credit card. They are currently testing this technology and are planning to open a giant retail store in Seattle sometime this year.
So What Does This Mean For The Future Of Retail?
What does it mean for the future of shopping in general! And more importantly, how do we feel about it? Well, according to a number of surveys, grocery shopping isn’t all that unpleasant of an outting. On the contrary, a lot of people see it as an excuse to get out of the house. It can also be an enjoyable event for the family. To make a long story short, this new scanning technology is going to mean change in a big way. And not everyone handles change well.
Nonetheless, it is happening, which means that retail vendors are going to have to adapt. Developing and implementing high functioning artificial intelligence that can not only scan your items without you having to wait in line, but also take note of your preferences and predict what you may want to buy in the future. These are the kinds of technologies that allow our imaginations to run wild. Both in good and bad ways.
How This May Affect Commercial Real Estate
It also could mean an unprecedented expense for businesses to keep this technology functioning properly. Pretty soon technology will not only be a worth investment, but a downright necessary one. In due time, companies will have to factor these technologies into their budgets, tacking it on top of their commercial space for rent.
Rakow Group is a commercial property for sale Westchester NY company. They have specialists in the industrial, retail, and medical office space industries, among several other commercial real estate opportunities. To learn more about the Rakow Group give them a call today at (914) 422-0100 Ext 10.
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