The future of shopping: what's in store?
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- Опубліковано 15 тра 2024
- The pandemic has upended the way people buy-online retail has soared as high-street shops and malls close. Brands are now racing to exploit one of the most important weapons in the battle for buyers: their customers’ data.
Read our special report on the future of shopping here: econ.st/2Q8XQC2
Read more of our business coverage: econ.st/2OsXUw2
Listen to “Money Talks” weekly podcast on markets, the economy and business: econ.st/3cC4lor
How online sales are affecting supermarket profits: econ.st/3ctYwcE
Are brands turning their backs on Amazon? econ.st/3cBLGZQ
How Chinese e-commerce is evolving: econ.st/3cyMbnA
Can physical stores adapt to the pace of e-commerce? econ.st/38KMCtX
Why are warehouses becoming hot property? econ.st/3eJ3dSt
Is e-commerce competition rising? econ.st/3tnFBah
Has the “death of the supermarket” been exaggerated? econ.st/3eE38jb
The new rules of competition in the technology industry econ.st/3vxe33U
Consumer to manufacturer - destroyer of companies/brands. "That's really cutting out even the brands. So the factories start dealing directly with consumers". No one is talking about this. This is monumental.
Idk I don't get a kick out of buying stuff, I feel kinda guilty and ashamed when I buy stuff, I always get buyers remorse
Stay that way!!!
You’re wired to win, don’t let that change, don’t become a consumer sheep.
i keep almost all my cash in my stock trading account or either in a account which is not linked to the internet.
I hate buying stuff on line. I feel very guilty it does not matter the amount. I really hate buying things. I have a leather wallet over 40 years old and use it all the time. Obviously my brain is wired differently. I cannot understand how people get a thrill when they buy things.
@@gr8macaw1 during the pandemic i didn't bought any new clothes cause i didn't need to. We are the so called "reducers".
I really like these videos that The Economist creates for UA-cam. It’s nice to see how these concepts can be packaged in a more digestible format.
Pqosis
People will ask themselves in the near future 'why are there a lot fewer jobs in the Service Industry and almost no small businesses'?
Is it too hard to understand that supporting Amazon and shopping Online drives more nails into the coffins of these local businesses?
@Banny Hughes no one can replace service industry dude even a robot can't do that it takes a human control and free will to do it, compare to other jobs that use hands.
Companies should politely ask for our input and throw some discounts. Instead of buying the data from companies who are spying on us. It is more honorable and probably cheaper
They are doing that too, but data from companies is more in-depth and accurate
some companies have surveys or feedback forms
@@miaomiao07 I know but surveys are long and they don’t offer any rewards for your opinion
Only ones I had free burger from mc Donald.
Its so easy to be negative. I don’t see any wrong with companies study high level preferences, nothing secret. Love the engagement and personalized options more relevant to me. Its awesome! Welcome 21century!
Based in China. Here we have great e-commerce however it also causes many retailer stores to shut down. I do enjoy the convenience of e-commerce but sometimes we got fooled by pics of beautiful models and the quality of clothes is a big issue. This was when I realized the importance of retailer stores where I could touch and feel the material and see if it fits me. However many of them did not survive after the pandemic. So it is a dilemma now.
what if, given the opportunity, independent businesses were given a collective platform to sell their products but with improved marketing and shipping opportunities to allow them to compete with global giants. Such a platform would boost survival rates of these smaller independent retailers by having an online presence as well as an in person store.
@@curioustudent advanced marketing, same day shipping are table stakes in 2022.
websites that are just a storefront for a warehouse (product size/dimensions > product availability (yes) > same day shipping) are no longer enough to immerse shopper’s, so we need to get smarter.
I'm so glad I'm too poor to get scammed by data scientists! They've studied so much for nothing, it feels so rewarding!
Yeah, I'm too thrifty, I almost think like that of a billionaire but without actual money lol 😂✌️ That means I try to minimize spending..amap
The less you need, the more free you are, even if you are a minimalist by necessity 😁
Knowing you can't afford anything is also valuable information. Lol
But sadly you’re the bigger loser
@@abbiejoyguabna5320 Billionaires do not minimize spending. They buy several huge houses, ranches, yachts, etc. and employ large staffs. The frugal billionaire is a myth.
We are all dopamine junkies.
One action needed to keep my business alive is to open and sell online as well as at store!
Online is great, but retailers must not underestimate how much shoppers prefer to engage with other people face to face.
Such a insightful video. Absolutely great work. Thanks for sharing!
Incredible video. I really loved the insights shared here. It gives me more and more certainty that is very important to take care of the digital data we receive from our customers. It can be the way of growth or silent death in this market.
In China shipping costs are a fraction of US costs while products cost are about the same for name brand is one reason it’s growing faster there.
Half of Chinese live on 150usd a month
same products (nike shoes, ipads, etc) cost more in china because of tariffs
@JMB Actually I’ve lived in China (mostly in Wuhan) for 10+ years and have actually gotten married there. Left in 12/2019 so not that long ago just before virus lockdown. True many stuff that is not of international brand is cheaper but those of international brands are usually more expensive then in USA.
@@Obi_boy where u getting the data from? Lol
@@Obi_boy True. 1. Around 600m Chinese people's disposable income per month is below RMB 1090 ($167). 2. China has the largest GDP output (if China decides to raise RMB against dollar) and it's developing incredibly fast in this pandemic. Sooner or later it will turn into something people cannot imagine which is way bigger than today's U.S.
I'm looking forward to Amazon Yesterday Shipping!
@Rafael Dejesus 😁
I shop almost everything online, my biggest concern is the impact of shipping on the planet. Have a mixed feeling of excitement and guilt every time I see a package outside my door.
Online shoppers are in for a rude awakening when the effects of a warming planet takes hold.
How would you have got the goods otherwise? If not at all, yes, that's an impact, if you'd have driven to pick them up somewhere the courier was probably more efficient.
Even if you shopped instore, that product on the shelf, came in a cardboard box when it arrived at the store from the manufacturer.
Technically online shopping(talking amaxon at least) is sometimes less impactful on the planet than driving to a store. However, only if you don't have quick shipping and just go with normal shipping. Getting priority packages uses airplanes and that's bad for the environment
@@BeaverChainsaw - Online purchase is indirectly more polluting and not environmentally friendly than hopping in a fossil fuel powered vehicle to purchase the product from a store. If you walked or use public transport to go to the store is more environmentally friendly than using a fossil fuel powered vehicle and also healthier to you,
Great video. Thank you so much!
Thank you for this wonderful video! Amazing insights into data-driven e-commerce. Would love it if the Economist sells paper versions (or PDFs that can be purchased) across the globe too!
I have the opposite feeling actually, I'm reluctant to buy anything that isn't a great deal. I triple check to make sure the math cheeks out
Thanks for sharing, quite informative and inspiring.
great points here. It will interesting to see how the smaller to medium size retailers begin to adapt once everything is opening up!
High quality videos all the time!
maybe we have to think about whether our (excessive) consumption really makes sense...
showing an accurate and deep understanding; great perceptive. 💡
Muito obrigado for all the insightful information. 🤝
What kind of experience is it if you can t touch a product before buying ,still no for online shopping .
3 things that always goes together in strong advance economics,,,,Production. Distribution. and Exchange. these are the Pillars of Great Economies
This 14-minute video could be summed up in two words, "user data." User data has been the future of shopping since the mid-2000s. Tell me something I didn't know. For example, HOW will shoppers buy in the future? And I don't mean a hybrid online/offline retail experience.
I think so. There isn't any novel and insightful viewpoint.
Basically 'the future of commodification: humanity engineers itself out of existence in service of the pursuit of maximize consumption'.
Just a robotic factory making stuff and a digital bank buying the stuff to send it back to be recycled to make more stuff. Forever.
Thank you for this informative piece. Super interesting developments 😃
It a superb watch. Future of customer journey and it's impact on the retail effort sand might provide you a hint on how it should be in terms of their DBM, marketing efforts and customization of their business approach. Superb. great learning tool.
“With more choice came more power for the consumer”, this is the kind of cliche that people just dogmatically repeat without questioning whether it’s really true.
That lie sums up my experience with healthcare
More choice isnt the best... but NO choice? Almost always worse.
I feel for all the small businesses literally murdered by our politicians, mainstream media, big tech, and other elites. Forcing to only have one option. Like how they are able to easily ban a book completely by not letting it on amazon or ebay... since all the other book sellers have been castrated
if the US gonna shop this way, they equalize distribution to production, meaning production base has to be on US soil.
Transparency on what's our data being used for could go a long way...
Don't worry bro, your data being accessible by hundreds of organisations won't prove to be any value.
You're not exactly a popular entity on company databases. You're probably somewhere along the bottom of CorporateXEnzo's Excel spreadsheet! In fact, the clerk wasn't bothered completing your information of the data
Fair enough but my uncles shop hasn't got "brand theatre & stylist level staff" seems to me this only works with big companies & corporations
Decentralised e-commerce is the future of ecommerce
With my luck, half the stuff I buy online needs to be returned. Wrong product, faulty, broken, way too late, incomplete.
No joke. HALF.
My future is shopping in actual stores, from local people that I´ve known for decades.
Really helpful, thank you.
Excellent video. Thank you!
Please tell me what is the book that admin mentioned in the video about ''personal customer data'' that amazon wrote mentioned at 7'05 to 7'15 minutes. Thank you very much
Great insights on the rise of e-commerce business.
Over the past year, I had 205 orders at Amazon. I love that store. Point and click. Its like a video game. Is my score 205?
Nice!
How about the future of the customization of products?
Every economist videos is sound-effected magnificent and insightful content.
I thought it was a really interesting look into how information is so valuable in the global economy
@@BeaverChainsaw tttyyty to t
Insightful.
great job!!
Very interesting, got me thinking a lot about Nike
I love how allbirds is growing positively out of this, as oppose to nike's 'fast fashion'
Just bought a pair of shoe from allbirds and it's so comfortable
Quality is a real problem. Buying on line is over rated. I want to see, touch the item before I lay down my money.
I'm gonna be taking Economics at A-Level, i'm glad I find these videos interesting
The Economists app isn't working correctly. I can't get the contact information to view. I paid for it and can't get it to work..whom do I contact..anyone out there know? Thank's.
im glad i joined the trend of online sales in 2020, and its just going higher and higher each month
So from what I've been watching recently, Pharmacy is a big industry that has been changing over the last two years with online access to prescriptions being the next big challenge. Amazon claiming the trademark Amazon Pharmacy is a very clear indication of this.
Health and wellness is the next big thing for the future . Well in the future business arena. I mean it was always there. But it is becoming more prominent.
Great video but some problems with the sound quality in the commentary.
Apple/ Dyson/ Canada Goose and Tesla offer the best in store experiences
thanks for sharing
And great report!
Amazing! Cheers
I can't wait to see Amazon using drones to drop the goods we bought. It makes delivery fast and satisfying for the customer.
It breaks my heart thinking of all the people who have lost thousands, tens of thousands or more of euros, dollars, pounds, or even sold their houses or farm animals. Financial fraud is devastating. All thanks to Exelasupport we love you
Hi ; nice vidéo ; explaining how technology change the world
A dopamine hit when shopping? If you mean a rush of relief that I don't have to keep looking which product is better than the other, then yea. I get that alot.
We come buy on time...
Credit for what you can't afford..
thank you "the economist" i see what digital currency will do to the physical dollar. thanks.
Random question. Can anyone tell me the name of the song they're playing in the background please?
um why is nobody talking about the stock footage of person in that wide neck tee?
I know! That guy looked like a lunatic 😂 I can't tell if that was supposed to be a warning about what'll happen if you spend too much time shopping online or what.
This piece is quite remarkable; akin to a book that set the standard in this area. "The Art of Meaningful Relationships in the 21st Century" by Leo Flint
Yeah, they all care so much about us and the personal info they mine for profit. That's why every week I log into my password manager I have to change half of them cuz they've been leaked again by the company themselves.
keeping them safe is very very tough. if companies want, they can easily access our personal accounts or they can even guess our password using the data they have already collected. if all the companies started sharing the data then there will be no internet user left whose each and every data couldn't be easily accessed and that day is not far.
@@nothingnothing3211 Exactly, the dark side of data privacy & online payment is the part they don't want you to know, that they actually know everything! 🍷
with online shopping there is a 100% increase in waste. half of the things i buy online end up in the trash can.
10:22 why am i looking at logic statements in the Shopify section?
So, this is home shopping network on social media?
Online shopping is to retail therapy what O'Doule's is to beer. It's definitely not a substitute.
the price of conveniences is the right to think for yourself
My teacher asked us to relate this video to the content we learned in economics a level.. I have no idea how to do it !! Can anyone please help ?
Consumer behaviour changes
Nice video.
@3:29 the retail sales figures say Britain. Shouldn't that be the UK? Or don't the figures include Northern Ireland?
There is difference between UK or Britain? Please do tell us about your interpretation.
Very funny that they said Chinese consumers are more willing to share their personal data? Really, willing? Like they have a choice. You have to register your account in any of their 3 plate form with your real identity. It’s so shame the economist don’t do some deep dive or willfully ignored it.
I watch several youtube videos on how to trade in the stock market but haven't made any headstart because they are either talking some gibberish or sharing their story of how they made it and I do not want to make mistakes by taking risks in my own hands.
Have you considered consulting an investment advisor or using a portfolio manager?
hi, no I haven't do you know any or can you point me in the right direction?
@Bridget Stone Thanks for sharing, but have you made any profit whatsoever?
@Bridget Stone hey thanks for sharing, I just looked her up found her website and left a message, hope she replies soon. I really want to make some profit off this.
Nothing like a pandemic to get everyone shopplng online ;)
True
Agree with you
Makes it easier for them to see what people are buying too. 🤷🏽♀️🤔
@@sg5720 And their spending habits, to see how to sell them more ;)
depends. in some reverse psychology works. with the pandemic, i started to value time outdoors and the real life, the real things. i've also noticed that the things i try and see that they fit, i actually wear, as opposed to most things i used to buy online. with the pandemic my eyes were finally opened and realized i've been fooled online all along.
I don't get excited! I buy and wait and wait 3 to 7 days to get it.... what's so exciting?
A.I is going to have a field day.
So is the effects of a warming planet.
The more you know about people the more you can help the plant but you could say the opposite as well depending on how is using the data/company/government/military
I think people don't mind giving their personal information as long as the data stay anonymous.
treat all of your customer data like you treat the Password,
just use common sense...
don't give the advertiser the customer raw uncensored data like name, address, or credit card number.
You may be missing the point here.
Our data is being used to brainwash us.
If I come into your home, look through your cupboards, drawers and shelves, I can learn a lot about what to target-sell you. If I can monitor your online habits, where you pause, where you look further, I can learn even more. Ultimately, if I can propose different things to you online and see your reaction, then I get close to knowing exactly what to target you with and when. You may think, well that’s great, I would love to be offered only those products that I really like/want/prefer/need.
But where it gets really interesting/insidious is when they start to lead/shape/coerce us to buy things that we really don’t need, but we think we do. It is highly effective, to the point where most people don’t even realize it’s happening.
Make no mistake, all they want is our money, and they’re become ever better at getting it.
@@user-qn6yt3zx3w well you can choose to live inside a cave, or you can be part of modern society
still, the internet technology benefits still outweigh the downside
just use common sense, don't share your sensitive information on your social media
Funny, I have taken the opportunity to downsize my consumption in 2020 and planning to keep it like that. Investing the money to studies as after companies will implement AI fully. We will have significantly less jobs.... so shopping leaves me stone cold.
the more learn about the modern world, the more aware i become of my mistaken birth
Nice video
same with what xiaomi is doing with its physical stores
Is this the reason you brought us tracking in the guise of Covid19
Returning to home workplaces...
No, not at all. Actually buying things is boring to me.
Actually buying/paying for things online makes me 😑
I hate shopping and especially online 🤷♂️
This is only a test of your Emergency preparedness
Informative.
Retailors don't have data but my credit card company does!
Not quite cutting edge information here.
It's QVC online.
My mom does like on line shopping for me on things which it’s hard for me to pay for
So basically future shopping gonna be noisy 😂😂😂😂
More service = more jobs I suppose
pls hire an audio guy
The future? More data being extracted from us, more ads, same wages and higher prices!
3:32 ....its forecast by 2021....uhhm.. narrator lady, we already in 2021🤔🤷♂️
No amount of stuff can replace the freedom humans died for in wars for us to have
Take notes america!!
Why this ubiquitous music in the background.