A discussion with Michael Forhez
A new decade means new predictions, especially across industries experiencing technological change. No industry may be more familiar with such change as retail, where a constant of battle of capturing customer attention and a focus towards in-store experiences are top of mind for leaders.
Where are things now headed with a new decade? What will customers want in the next few years? How can retailers adjust? To separate truth from fiction, we interviewed Michael Forhez, Oracle’s Global Managing Director for Consumer Markets, and here’s what he had to say:
As the decade ended, holiday retail sales during 2019 grew 4.1% over 2018. However, online and other non-store sales were up a whopping 14.6%, according to the National Retail Federation (NRF). With these trends in mind, Michael, what are your thoughts as we enter the next decade?
MF: The 2019 holiday sales data indicates that technology has certainly enabled consumers, with businesses simultaneously changing the way they think about the very fabric of the consumer markets, from a cultural and consumption perspective — on both a local and global scale.
Breaking it down for global economies dependent on consumer spending; 68% for the U.S, 56%