From an interview on the future of retail with Matthew Pavich, Revionics Managing Director of Global Strategic Consulting by Fotis Georgiadis of Authority Magazine. Originally posted on Authority Magazine.

Can you share 5 examples of how retail companies will be adjusting over the next five years to the new ways that consumers like to shop?

  1. Growth in eCommerce: COVID-19 has accelerated the growth of eCommerce and forced a lot of retailers to reconsider how important it is. Now, we’re looking at retailers who didn’t have a large eCommerce platform before trying to figure out how to grow their online channel. As this channel expands, they need to consider additional things, including how to price competitively and how to be price transparent. Additionally, there will be an increase in potential competitors as new retailers who are primarily focused on eCommerce for a specific category enter the market, creating a challenging landscape for the future of retail.

About the author

Matthew specializes in Pricing & Retail Strategy, Corporate Strategy & Customer Focused Solutions. Matt is a leader in Pricing Strategy Development, Business Strategy Development & overall Corporate Strategy. Matt has a strong merchant background and experience with C-Level presentations. He has 20+ years of experience in Retail encompassing Consulting, Buying, Pricing, and Marketing across a variety of retail verticals, industries, and regions. Having lived and worked in France, Germany, Hungary and South Africa (with additional long-term engagements in other markets), Matt has 8+ years of driving customer-focused success at Revionics.