In 2016, Jack Ma, the co-founder of Alibaba unveiled “New Retail” as an advanced manifestation of omnichannel retail that converges e-commerce, physical stores, logistics, and data. Though its Hema/Freshippo supermarkets Alibaba demonstrates how New Retail can enable retailers in improving their margins while providing consumers an enhanced shopping experience.
Chinese retail behemoth Alibaba Group introduced its New Retail model, which merges online and offline retail to deliver a cohesive shopping experience for consumers.
– The high penetration of broadband internet and connected devices, coupled with the high acceptance of new technologies fosters a fertile environment for omnichannel retail to thrive in China.
– Omnichannel retail offers opportunities for retailers to expand their customer base, offer customers a highly personalized shopping experience, and fine tuning their operational efficiencies.
– New Retail focuses on delivering “shoppertainment” – a combination of shopping and entertainment – to consumers.
– With the COVID-19 pandemic motivating more consumers to shop online, many of the technologies and services promulgated by New Retail and other omnichannel retail models have gained more importance.
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Bank of America
Dalian Wanda Group
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