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Retail 2025: How will Immersive Technology affect Global Retail by 2025?

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"Bryan "Brayden"" Dentici, MSRE/MIB

The document discusses the impact of immersive technologies, like augmented reality (AR), on the retail sector by 2025, highlighting a significant transition from physical stores to online shopping, which is projected to account for 25% of retail sales. Retailers are expected to enhance customer experiences through AR and reengineer their business models, while job losses in traditional retail continue as digital roles grow. Research findings suggest that younger consumers, particularly millennial women, will benefit most from AR applications, influencing their spending and shopping habits.

Retail
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Insights on Augmented Reality
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RETAIL 2025 HOW WILL IMMERSIVE TECHNOLOGY AFFECT GLOBAL RETAIL BY 2025? Image from Hewlett Packard
INTRODUCTION – THE “RETAIL APOCALYPSE” • The total market share of “non-store” online U.S. retail sales were higher than general merchandise sales in 2019 for the first time in history (CNBC 2019). • Online retail has grown 300% between 2000 and 2018. During that same period, department store sales have dropped almost 50%. (According to the U.S. Commerce Department) • An estimated 75,000 stores that sell clothing, electronics and furniture will close by 2026, when online shopping is expected to make up 25 percent of retail sales. (Washington Post 2019) • The retail sector has lost nearly 200,000 jobs since the start of 2017, with most of those jobs losses coming from traditional department stores and clothing stores (CNN 2019).
THE IMPLICATIONS – THE NEXT 5 YEARS • The Retail Experience • Surviving retailers will enhance customer experience with technology. • Brands will reengineer underlying economics and value proposition. • Urban Development/Real Estate • Trends in smaller retail space in urban settings. • Communities will be affected by the changing real estate. • Industrial real estate is growing fast. • Employment • Retail jobs will be deskilled while warehousing & distribution jobs are growing rapidly.
A BRIEF HISTORY OF INNOVATIONS IN RETAIL 1878 First cash register Cash register 1900 1960 Cash register 1906 Electric motor 1950 First credit card First electronic card machine 1979 1980s Bar scanners started being used Internet Retail Arrives in 2000 1994 122 years Amazon HQ 1999 1878 1960 2000 - 2010
Amazon’s Seattle Headquarters 2010 – Present
RESEARCH QUESTIONS 1. Which demographics will make use of & benefit from Augmented Reality (AR) technology in the retail industry? a. How will they use AR technology in the retail industry? 2. What type of products will benefit the most from AR technology? 3. How much more profit can be made by using AR & “frictionless” payment systems?
METHODOLOGY I created a consumer habit survey of on how new technologies currently under development (mostly AR) would affect shopping habits.       N=50 27 Males 23 Females  
SURVEY DESIGN • Demographics • Shopping habits with clothing (including accessories) • Percentage of clothes bought online • Frequency of store visits • Visit duration • Spending per month • Would they use Augmented Reality mobile & in-store technology? • What retail products would they buy from the AR app only? • Fitting room use with AR technology? • Additional spending and store visits with both mobile and in-store AR? • How would a “frictionless” payment system affect shopping habits?
SURVEY DEMOGRAPHICS – CITY & AGE 2 2 1 10 3 1 1 1 1 1 3 16 4 1 1 2 0 2 4 6 8 10 12 14 16 18 FREQUENCY CITY Geographical Distribution Female Male 5 7 9 1 1 11 6 5 4 1 0 2 4 6 8 10 12 18-25 26-34 35-44 45-54 55-64 FREQUENCY AGE Age Distribution Female Male
CONSUMER BEHAVIOR - SPENDING 2 5 3 4 7 2 5 8 8 3 3 0 2 4 6 8 10 12 14 0%, I never buy these items online Less than 10% From 11% to 30% From 31% to 50% From 51% to 70% More than 70% FREQUENCY PERCENTAGE OF CLOTHING BOUGHT ONLINE Percentage of Clothing (including accessories) Bought online Male Female
CONSUMER BEHAVIOR – CLOTHING STORE VISITS 4 1 3 1 3 7 2 1 1 3 8 3 3 4 1 3 1 1 0 2 4 6 8 10 12 1-2 times a month Rarely or never 1-2 times a month 2-3 times a week Rarely or never 1-2 times a month 2-3 times a week Rarely or never 1-2 times a month Rarely or never Other (please explain) Rarely or never 18-25 26-34 35-44 45-54 55-64 FREQUENCY CLOTHING STORE VISITS PER MONTH Store visits per month Male Female
INSIGHTS “Millennial” Females Age 18-34 • The more visits to the store, the more likely to buy makeup on mobile AR • An AR fitting room will have effect on overall shopping habits • The more an AR fitting room affects shopping habits, the more AR technology overall will increase spending • The more in a relationship, the less likely to buy jeans off a mobile AR app.
INSIGHTS “Millennial” Males Age 18-34 • Spending on clothing increases with store visits, but store visits increase with relationship status
INSIGHTS Males over 34 • Men over 34 visit the store less often when not single • Average spending on clothing goes up with income • The longer men over 34 spend per store visit, the more likely they won’t buy shoes through AR • Men over 34 are more likely to buy jeans on mobile AR as they get older
INSIGHTS Males & Females outside the US (Barcelona, London, Hong Kong, Toronto) • Females outside the US would buy makeup on AR if they were influenced by AR technology • Females who would buy makeup on AR would also buy shoes, sunglasses and furniture on AR technology
INSIGHTS Products likelihood of buying bought on AR without seeing it. JEANS COUNT Column Labels Row Labels Yes. Grand Total 18-25 4 4 Female 1 1 Male 3 3 26-34 4 4 Female 2 2 Male 2 2 35-44 1 1 Female 1 1 45-54 2 2 Male 2 2 55-64 1 1 Male 1 1 Grand Total 12 12 BAG COUNT Column Labels Row Labels Yes. Grand Total 18-25 13 13 Female 4 4 Male 9 9 26-34 8 8 Female 5 5 Male 3 3 35-44 8 8 Female 3 3 Male 5 5 45-54 3 3 Female 1 1 Male 2 2 Grand Total 32 32 SUNGLASS COUNT Column Labels Row Labels Yes. Grand Total 18-25 7 7 Female 3 3 Male 4 4 26-34 8 8 Female 4 4 Male 4 4 35-44 5 5 Female 2 2 Male 3 3 45-54 3 3 Female 1 1 Male 2 2 55-64 1 1 Male 1 1 Grand Total 24 24 SHOE COUNT Column Labels Row Labels Yes. Grand Total 18-25 8 8 Female 1 1 Male 7 7 26-34 7 7 Female 5 5 Male 2 2 35-44 4 4 Female 1 1 Male 3 3 45-54 1 1 Male 1 1 55-64 1 1 Male 1 1 Grand Total 21 21 JEWELRY COUNT Column Labels Row Labels Yes. Grand Total 18-25 10 10 Female 3 3 Male 7 7 26-34 7 7 Female 4 4 Male 3 3 35-44 4 4 Female 1 1 Male 3 3 45-54 2 2 Male 2 2 55-64 1 1 Male 1 1 Grand Total 24 24 FURNITURE COUNT Column Labels Row Labels Yes. Grand Total 18-25 8 8 Female 2 2 Male 6 6 26-34 11 11 Female 7 7 Male 4 4 35-44 7 7 Female 3 3 Male 4 4 55-64 1 1 Male 1 1 Grand Total 27 27 TV/STEREO COUNT Column Labels Row Labels Yes. Grand Total 18-25 12 12 Female 4 4 Male 8 8 26-34 11 11 Female 6 6 Male 5 5 35-44 9 9 Female 4 4 Male 5 5 45-54 3 3 Female 1 1 Male 2 2 55-64 1 1 Male 1 1 Grand Total 36 36 HOME DÉCOR COUNT Column Labels Row Labels Yes. Grand Total 18-25 10 10 Female 3 3 Male 7 7 26-34 12 12 Female 7 7 Male 5 5 35-44 8 8 Female 4 4 Male 4 4 45-54 1 1 Male 1 1 55-64 1 1 Male 1 1 Grand Total 32 32
INSIGHTS Most popular products on mobile AR 1. Home Electronics (TV, Stereo, etc) 2. (Tied) Bag (wallet, purse) & Home Décor 3. (Tied) Jewelry & Sunglasses 4. Furniture 5. Shoes 6. Jeans
OTHER INSIGHTS Mobile AR app 44.00% Would buy more clothes on the app and go to the store less 6.00% Would buy more clothes on both app and in-store Buying beauty products on mobile AR app 47.83% Maybe 30.43% Yes AR “virtual” fitting room in-store 32.00% Would use the fitting room slightly less 12.00% Would use the fitting room much less 6.00% Wouldn’t use fitting room at all AR’s total effect on clothing purchases 24.00% Would spend $20-$50 more per month on clothing 18.00% Would spend $51-$100 more per month on clothing 2.00% Would spend $101-$200 more per month on clothing 2.00% Would spend $201-300 more per month on clothing New payment technologies effect on store visits to all retail 51.02% Maybe would go shopping once or twice more per week. 6.12% Would go shopping 3-4 times more per week.
CONCLUSIONS 1. Which demographics will make use of & benefit from AR technology in the retail industry? a. How will they use AR technology in the retail industry? • Millennial females aged 18-34 would benefit the most from the AR in-store and mobile applications. • Millennial males aged 18-34 increase spending and store visits when they are in a relationship. • Men over 34 would use the mobile AR app to buy jeans. • Men over 34 would visit the store less if in a relationship. • Female survey respondents not located in the United States would buy more of the products from the AR app only without seeing it in-store. 2. What type of products will benefit the most from augmented reality (AR) technology? • Home Electronics would benefit the most from mobile AR technology. • Clothing and beauty product purchases would benefit from females age 18-34. 3. How much more profit can be made by using AR & “frictionless” payment systems? • AR’s total effect would mostly result in $50-$100 per month in spending, when averaging respondents who choose the higher range. • New “frictionless” payment systems may result in an additional 1-2 visits per week. *These answers refer to the use of AR with clothing and apparel retailers unless otherwise noted. * Results of in-store clothing purchases are inconclusive
LIMITATIONS & FUTURE RESEARCH • Relatively small sample size so large margin of error. • My inexperience at statistical analysis. • Other statistical methods could have been utilized. • This survey and research had limited coverage on the effect of new payment systems. • This subject deserves much more in-depth analysis and resources dedicated to it, which would yield better insights. • Future research can focus on other uses for Augmented Reality like in-store entertainment and its AR’s effect on “hedonistic” consumer spending habits. • My preliminary research revealed interesting findings within the “luxury” retail and real estate sectors where “Virtual Reality” is being utilized.
Retail 2025: How will Immersive Technology affect Global Retail by 2025?
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Retail 2025: How will Immersive Technology affect Global Retail by 2025?

  • 1. RETAIL 2025 HOW WILL IMMERSIVE TECHNOLOGY AFFECT GLOBAL RETAIL BY 2025? Image from Hewlett Packard
  • 2. INTRODUCTION – THE “RETAIL APOCALYPSE” • The total market share of “non-store” online U.S. retail sales were higher than general merchandise sales in 2019 for the first time in history (CNBC 2019). • Online retail has grown 300% between 2000 and 2018. During that same period, department store sales have dropped almost 50%. (According to the U.S. Commerce Department) • An estimated 75,000 stores that sell clothing, electronics and furniture will close by 2026, when online shopping is expected to make up 25 percent of retail sales. (Washington Post 2019) • The retail sector has lost nearly 200,000 jobs since the start of 2017, with most of those jobs losses coming from traditional department stores and clothing stores (CNN 2019).
  • 3. THE IMPLICATIONS – THE NEXT 5 YEARS • The Retail Experience • Surviving retailers will enhance customer experience with technology. • Brands will reengineer underlying economics and value proposition. • Urban Development/Real Estate • Trends in smaller retail space in urban settings. • Communities will be affected by the changing real estate. • Industrial real estate is growing fast. • Employment • Retail jobs will be deskilled while warehousing & distribution jobs are growing rapidly.
  • 4. A BRIEF HISTORY OF INNOVATIONS IN RETAIL 1878 First cash register Cash register 1900 1960 Cash register 1906 Electric motor 1950 First credit card First electronic card machine 1979 1980s Bar scanners started being used Internet Retail Arrives in 2000 1994 122 years Amazon HQ 1999 1878 1960 2000 - 2010
  • 6. RESEARCH QUESTIONS 1. Which demographics will make use of & benefit from Augmented Reality (AR) technology in the retail industry? a. How will they use AR technology in the retail industry? 2. What type of products will benefit the most from AR technology? 3. How much more profit can be made by using AR & “frictionless” payment systems?
  • 7. METHODOLOGY I created a consumer habit survey of on how new technologies currently under development (mostly AR) would affect shopping habits.       N=50 27 Males 23 Females  
  • 8. SURVEY DESIGN • Demographics • Shopping habits with clothing (including accessories) • Percentage of clothes bought online • Frequency of store visits • Visit duration • Spending per month • Would they use Augmented Reality mobile & in-store technology? • What retail products would they buy from the AR app only? • Fitting room use with AR technology? • Additional spending and store visits with both mobile and in-store AR? • How would a “frictionless” payment system affect shopping habits?
  • 9. SURVEY DEMOGRAPHICS – CITY & AGE 2 2 1 10 3 1 1 1 1 1 3 16 4 1 1 2 0 2 4 6 8 10 12 14 16 18 FREQUENCY CITY Geographical Distribution Female Male 5 7 9 1 1 11 6 5 4 1 0 2 4 6 8 10 12 18-25 26-34 35-44 45-54 55-64 FREQUENCY AGE Age Distribution Female Male
  • 10. CONSUMER BEHAVIOR - SPENDING 2 5 3 4 7 2 5 8 8 3 3 0 2 4 6 8 10 12 14 0%, I never buy these items online Less than 10% From 11% to 30% From 31% to 50% From 51% to 70% More than 70% FREQUENCY PERCENTAGE OF CLOTHING BOUGHT ONLINE Percentage of Clothing (including accessories) Bought online Male Female
  • 11. CONSUMER BEHAVIOR – CLOTHING STORE VISITS 4 1 3 1 3 7 2 1 1 3 8 3 3 4 1 3 1 1 0 2 4 6 8 10 12 1-2 times a month Rarely or never 1-2 times a month 2-3 times a week Rarely or never 1-2 times a month 2-3 times a week Rarely or never 1-2 times a month Rarely or never Other (please explain) Rarely or never 18-25 26-34 35-44 45-54 55-64 FREQUENCY CLOTHING STORE VISITS PER MONTH Store visits per month Male Female
  • 12. INSIGHTS “Millennial” Females Age 18-34 • The more visits to the store, the more likely to buy makeup on mobile AR • An AR fitting room will have effect on overall shopping habits • The more an AR fitting room affects shopping habits, the more AR technology overall will increase spending • The more in a relationship, the less likely to buy jeans off a mobile AR app.
  • 13. INSIGHTS “Millennial” Males Age 18-34 • Spending on clothing increases with store visits, but store visits increase with relationship status
  • 14. INSIGHTS Males over 34 • Men over 34 visit the store less often when not single • Average spending on clothing goes up with income • The longer men over 34 spend per store visit, the more likely they won’t buy shoes through AR • Men over 34 are more likely to buy jeans on mobile AR as they get older
  • 15. INSIGHTS Males & Females outside the US (Barcelona, London, Hong Kong, Toronto) • Females outside the US would buy makeup on AR if they were influenced by AR technology • Females who would buy makeup on AR would also buy shoes, sunglasses and furniture on AR technology
  • 16. INSIGHTS Products likelihood of buying bought on AR without seeing it. JEANS COUNT Column Labels Row Labels Yes. Grand Total 18-25 4 4 Female 1 1 Male 3 3 26-34 4 4 Female 2 2 Male 2 2 35-44 1 1 Female 1 1 45-54 2 2 Male 2 2 55-64 1 1 Male 1 1 Grand Total 12 12 BAG COUNT Column Labels Row Labels Yes. Grand Total 18-25 13 13 Female 4 4 Male 9 9 26-34 8 8 Female 5 5 Male 3 3 35-44 8 8 Female 3 3 Male 5 5 45-54 3 3 Female 1 1 Male 2 2 Grand Total 32 32 SUNGLASS COUNT Column Labels Row Labels Yes. Grand Total 18-25 7 7 Female 3 3 Male 4 4 26-34 8 8 Female 4 4 Male 4 4 35-44 5 5 Female 2 2 Male 3 3 45-54 3 3 Female 1 1 Male 2 2 55-64 1 1 Male 1 1 Grand Total 24 24 SHOE COUNT Column Labels Row Labels Yes. Grand Total 18-25 8 8 Female 1 1 Male 7 7 26-34 7 7 Female 5 5 Male 2 2 35-44 4 4 Female 1 1 Male 3 3 45-54 1 1 Male 1 1 55-64 1 1 Male 1 1 Grand Total 21 21 JEWELRY COUNT Column Labels Row Labels Yes. Grand Total 18-25 10 10 Female 3 3 Male 7 7 26-34 7 7 Female 4 4 Male 3 3 35-44 4 4 Female 1 1 Male 3 3 45-54 2 2 Male 2 2 55-64 1 1 Male 1 1 Grand Total 24 24 FURNITURE COUNT Column Labels Row Labels Yes. Grand Total 18-25 8 8 Female 2 2 Male 6 6 26-34 11 11 Female 7 7 Male 4 4 35-44 7 7 Female 3 3 Male 4 4 55-64 1 1 Male 1 1 Grand Total 27 27 TV/STEREO COUNT Column Labels Row Labels Yes. Grand Total 18-25 12 12 Female 4 4 Male 8 8 26-34 11 11 Female 6 6 Male 5 5 35-44 9 9 Female 4 4 Male 5 5 45-54 3 3 Female 1 1 Male 2 2 55-64 1 1 Male 1 1 Grand Total 36 36 HOME DÉCOR COUNT Column Labels Row Labels Yes. Grand Total 18-25 10 10 Female 3 3 Male 7 7 26-34 12 12 Female 7 7 Male 5 5 35-44 8 8 Female 4 4 Male 4 4 45-54 1 1 Male 1 1 55-64 1 1 Male 1 1 Grand Total 32 32
  • 17. INSIGHTS Most popular products on mobile AR 1. Home Electronics (TV, Stereo, etc) 2. (Tied) Bag (wallet, purse) & Home Décor 3. (Tied) Jewelry & Sunglasses 4. Furniture 5. Shoes 6. Jeans
  • 18. OTHER INSIGHTS Mobile AR app 44.00% Would buy more clothes on the app and go to the store less 6.00% Would buy more clothes on both app and in-store Buying beauty products on mobile AR app 47.83% Maybe 30.43% Yes AR “virtual” fitting room in-store 32.00% Would use the fitting room slightly less 12.00% Would use the fitting room much less 6.00% Wouldn’t use fitting room at all AR’s total effect on clothing purchases 24.00% Would spend $20-$50 more per month on clothing 18.00% Would spend $51-$100 more per month on clothing 2.00% Would spend $101-$200 more per month on clothing 2.00% Would spend $201-300 more per month on clothing New payment technologies effect on store visits to all retail 51.02% Maybe would go shopping once or twice more per week. 6.12% Would go shopping 3-4 times more per week.
  • 19. CONCLUSIONS 1. Which demographics will make use of & benefit from AR technology in the retail industry? a. How will they use AR technology in the retail industry? • Millennial females aged 18-34 would benefit the most from the AR in-store and mobile applications. • Millennial males aged 18-34 increase spending and store visits when they are in a relationship. • Men over 34 would use the mobile AR app to buy jeans. • Men over 34 would visit the store less if in a relationship. • Female survey respondents not located in the United States would buy more of the products from the AR app only without seeing it in-store. 2. What type of products will benefit the most from augmented reality (AR) technology? • Home Electronics would benefit the most from mobile AR technology. • Clothing and beauty product purchases would benefit from females age 18-34. 3. How much more profit can be made by using AR & “frictionless” payment systems? • AR’s total effect would mostly result in $50-$100 per month in spending, when averaging respondents who choose the higher range. • New “frictionless” payment systems may result in an additional 1-2 visits per week. *These answers refer to the use of AR with clothing and apparel retailers unless otherwise noted. * Results of in-store clothing purchases are inconclusive
  • 20. LIMITATIONS & FUTURE RESEARCH • Relatively small sample size so large margin of error. • My inexperience at statistical analysis. • Other statistical methods could have been utilized. • This survey and research had limited coverage on the effect of new payment systems. • This subject deserves much more in-depth analysis and resources dedicated to it, which would yield better insights. • Future research can focus on other uses for Augmented Reality like in-store entertainment and its AR’s effect on “hedonistic” consumer spending habits. • My preliminary research revealed interesting findings within the “luxury” retail and real estate sectors where “Virtual Reality” is being utilized.
  • 22. SOURCES Joshi, Naveen. Forbes. “Retailers Have A Lot To Gain From AR and VR”. October 1, 2019. https://www.forbes.com/sites/cognitiveworld/2019/10/01/retailers-have-a-lot- to-gain-from-ar-and-vr/#6a28ba5c7a1c Chippa, Hamaad. Retail Touch Points. “Retailers Are Learning To Live In An Artificial And Augmented World”. February 11, 2019. https://www.retailtouchpoints.com/features/executive-viewpoints/retailers-are-learning-to-live-in-an-artificial-and-augmented-world Rihab. Augmania. “How To Use AR to Increase Retailers Revenue”. February 22, 2018. https://www.augmania.com/retailers-use-ar-increase-revenue/ Bustos, Linda. Get Elastic. “AR and VR in retail: do shoppers buy the hype?”. July 9, 2019. https://www.getelastic.com/ar-and-vr-in-retail-do-shoppers-buy-the-hype Wertz, Jia. Forbes. “How Brick-And-Mortar Stores Can Compete With E-Commerce Giants”. May 17, 2018. https://www.forbes.com/sites/jiawertz/2018/05/17/how-brick- and-mortar-stores-can-compete-with-e-commerce-giants/#281868963cc0 Nicasio, Francesca. Vend HQ. “How to Compete with Amazon: 7 Tips for Brick-and-Mortar Stores”. April 17, 2018. https://www.vendhq.com/blog/how-brick-and- mortar-can-compete-with-amazon/ Kamran, Moazzam. Business. “How Retail Stores Can Use New Tech. 2019. https://www.business.com/articles/how-retailers-can-use-new-tech/ Wallace, Kari. Oracle. “The history and future of television advertising”. July 11, 2019. https://blogs.oracle.com/oracledatacloud/the-history-and-future-of-television- advertising Taube, Aaron. Business Insider. “How The Greatest Super Bowl Ad Ever – Apple’s ‘1984’ – Almost Didn’t Make It To Air”. January 22, 2014. https://www.businessinsider.com/apple-super-bowl-retrospective-2014-1 Salesforce. “Across All Customer Touch Points, Companies Face a New Connected Mandate”. 2019. https://www.salesforce.com/research/customer-touch-points/# Kasasa. “Boomers, Gen X, Gen Y, and Gen Z Explained”. April 22, 2019. https://www.kasasa.com/articles/generations/gen-x-gen-y-gen-z Anderson, Isabella. RevLocal. “6 Surprising Statistics That Will Help You Market to Generation X”. 2019. https://www.revlocal.com/blog/digital-marketing/6-surprising- statistics-that-will-help-you-market-to-generation-x Bedgood, Larisa. Business 2 Community. “Only 20% of Brands are Prepared to Meet the Demands of Today’s Modern Consumer”. July 5, 2019. https://www.business2community.com/consumer-marketing/only-20-of-brands-are-prepared-to-meet-the-demands-of-todays-modern-consumer-02216730 Rooney, Kate. CNBC. “Online shopping overtakes a major part of retail for the first time every”. April 2, 2019. https://www.cnbc.com/2019/04/02/online-shopping- officially-overtakes-brick-and-mortar-retail-for-the-first-time-ever.html SimilarWeb. “Walmart”. 2019. https://www.similarweb.com/website/walmart.com Angelovska, Nina. Forbest. “Top 5 Online Retailers: ‘Electronics And Media’ Is The Star Of E-commerce Worldwide”. May 20, 2019. https://www.forbes.com/sites/ninaangelovska/2019/05/20/top-5-online-retailers-electronics-and-media-is-the-star-of-e-commerce-worldwide/#1d9cd9721cd9
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  • 24. SOURCES Bhattarai, Abha. Washington Post. “’Retail apocalypse’ now: Analysts say 75,000 more U.S. stores could be doomed”. April 10, 2019. https://www.washingtonpost.com/business/2019/04/10/retail-apocalypse-now-analysts-say-more-us-stores-could-be-doomed/ Amadeo, Kimberly. The Balance. “U.S. Retail Sales Report, Current Statistics, and Recent Trends”. August 27, 2019. https://www.thebalance.com/u-s-retail-sales- statistics-and-trends-3305717 Cothern, Lance. Credit Karma. “When was the credit card invented?” September 17, 2019. https://www.creditkarma.com/credit-cards/i/credit-card-history/ Sorensen, Emily. Mobile Transaction. The historical roots of electronic card machines”. July 26, 2019. https://www.mobiletransaction.org/history-of-credit-card- machines/ Rampton, John. Tech Crunch. “The evolution of the mobile payment”. June 17, 2016. https://techcrunch.com/2016/06/17/the-evolution-of-the-mobile-payment/ Shridhar, Shish and Herschman, Noah. Twice. “How AR/VR Can Create A ‘Wow’ Experience At Retail”. October 4, 2017. https://www.twice.com/blog/how-arvr-can- create-wow-experience-retail-66211 Argyros, Tasso. Forbes. “The Evolution of Retail” The Effect of Automation And AI”. November 3, 2017. https://www.forbes.com/sites/forbestechcouncil/2017/11/03/the-evolution-of-retail-the-effect-of-automation-and-ai/#4418332314a1 Target Data Corp. “Modern Consumers Part 2: What is a Modern Consumer?”. January 18, 2018. https://targetdatacorp.com/understanding-modern-consumers/ Quelch, John and Cannan-Bonventre Kristina. Harvard Business Review. “Better Marketing at the Point of Purchase”. November 1983. https://hbr.org/1983/11/better- marketing-at-the-point-of-purchase Yang, Deanna. Vend HQ. “The History of Point of Sale (POS)”. 2019. https://www.vendhq.com/pos Cision PR Newswire. FinancialBuzz.com. “Consumers and Businesses Alike Turn to Innovative Payment Solutions”. May 10, 2019. https://www.prnewswire.com/news- releases/consumers-and-businesses-alike-turn-to-innovative-payment-solutions-300847914.html Sharma, Vinod. Finextra. “CashLess OR LessCash”. December 16, 2016. https://www.finextra.com/blogposting/13472/cashless-or-lesscash Pritchard, Justin. The Balance. “The Pros and Cons of Moving to a Cashless Society”. August 28th, 2019. https://www.thebalance.com/pros-and-cons-of-moving-to-a- cashless-society-4160702 Goller, Lisa. Range Me. “The Explosive Growth in Retail Technology”. June 14, 2017. https://www.rangeme.com/blog/infographic-the-explosive-growth-in-retail- technology-timeline/ Tyko, Kelly and Bomey, Nathan. USA Today. “Sears and Kmart store closings: 51 Sears, 45 Kmart locations to shutter. See the list”. November 7, 2019. https://www.usatoday.com/story/money/2019/11/07/kmart-sears-store-closings-96-stores-set-shutter-february-2020/2521653001/ Law, Lexington. “45 Statistics on Millennial Spending Habits in 2019”. January 2, 2019. https://www.lexingtonlaw.com/blog/credit-cards/millennial-spending- habits.html