Digitization of the Store 2023

How Retail’s Next Megatrend Will Reshape Consumer Behavior and Industry Economics

Report by Andrew Lipsman  | UPDATED: Dec 22, 2023
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Executive Summary
The digitization of the store will bring the best aspects of ecommerce into physical retail.
Digitized stores can facilitate customers’ paths to purchase and unlock economic value.
Retailers must calibrate—then accelerate—their store digitization efforts.
Insider Intelligence Interviews
Sources
Media Gallery
About This Report
The digitization of the store—retail’s next megatrend—will transform the shopper’s path to purchase and industry economics for retailers and brands.
Topics
Retail Media
In-Store Shoppers & Buyers
US
Table of Contents
Executive Summary
The digitization of the store will bring the best aspects of ecommerce into physical retail.
Digitized stores can facilitate customers’ paths to purchase and unlock economic value.
Retailers must calibrate—then accelerate—their store digitization efforts.
Insider Intelligence Interviews
Sources
Media Gallery

The digitization of physical stores over the coming years will fundamentally reshape how consumers discover, engage with, and—ultimately—purchase products. Retailers must understand which store digitization efforts will most significantly affect their long-term growth and profitability, and how to begin making smart investments that take advantage of these opportunities.

Key Question: Which in-store technologies will have the most significant impact on consumer shopping behavior and retailer economics?

Retail Technology Usage for Resilient vs. Nonresilient Retailers Worldwide, Nov 2022 (% of respondents)
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KEY STAT: Retail media is the most widely adopted technology (54%) by resilient retailers—those most adaptable to change during times of uncertainty—per a December 2022 Futurum Research survey.

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    Table of Contents

    1. Executive Summary
    2. The digitization of the store will bring the best aspects of ecommerce into physical retail.
    3. Digitized stores can facilitate customers’ paths to purchase and unlock economic value.
    1. Retailers must calibrate—then accelerate—their store digitization efforts.
    2. Insider Intelligence Interviews
    3. Sources
    1. Media Gallery

    Charts in This Report

    Retail Technology Usage for Resilient vs. Nonresilient Retailers Worldwide, Nov 2022 (% of respondents)In-Store Shopping Activities That Internet Users Worldwide Conduct via Smartphone, 2022 & 2023 (% of respondents)
    Top Organizational Inhibitors Standing in the Way of US Physical Store Retailers Taking Advantage of Store Modernization, July 2022 (% of respondents)In-Store Advertising Features That Most Catch US Shoppers' Attention/Make Them Want to Learn More About the Product, July 2022 (% of respondents)
    US Physical Store Retailers' Potential Value Assessment of Key Customer-Facing Technologies, July 2022 (% of respondents)US Adults Who Agree vs. Disagree That Dynamic Pricing* of Retail Products Is "Price-Gouging", July 2023 (% of respondents)
    How Interested Are US Adults in Using Cashierless Checkout Technologies* at Stores? (% of respondents, by demographic, April 2023)US In-Store Digital Payment Users, by Payment Method, April 2020-April 2023 (% of respondents in each group)
    Leading External Challenges Faced by US Retailers in Their Physical Stores, Aug 2022 (% of respondents)Retail Technologies That Merchandisers Worldwide Plan to Adopt, March 2023 (% of respondents)

    Interviewed for This Report

    Tim Bagwell
    Barrows
    Chief Product and Data Officer
    Interviewed July 19, 2023
    Amy Vener
    Microsoft
    Global Retail and Consumer Goods Industry Marketing Director, Cloud Group
    Interviewed July 25, 2023

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    First Published on Aug 10, 2023

    authors

    Andrew Lipsman

    Contributors

    Sky Canaves
    Senior Analyst, Retail & Ecommerce
    Suzy Davidkhanian
    Principal Analyst, Retail & Ecommerce
    Amy Rotondo
    Director, US Research