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The Balance Of Power In Retail Has Shifted To The Customer

SAP

This post is part of the “Future of Business” series, which examines how cutting-edge technologies are rapidly reshaping our world, from how businesses run to how we live. “The Future of Business” is sponsored by SAP.

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Technology has empowered shoppers to become the driving force of retail trends this decade.

Over the years, the balance of influence has shifted from the manufacturer to the consumer, according to a study by Forrester Research, which breaks down the sources of dominance in the following periods: Age of Manufacturing (1900-1960), Age of Distribution (1960-1990), Age of Information (1990-2010) and Age of the Customer (2010-?).

How have consumers changed over the years?

What strategies do retailers use to attract loyal customers?

What are the factors driving today’s shopper to spend?

We sat down with¬†Steven Frumkin,¬†Dean of the Jay and Patty Baker School of Business and Technology at the Fashion Institute of Technology, to understand today’s increasingly powerful consumer.

Watch below.

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