Michael Hiatt is the president of Dynamic Retailing, LLC—a retail consultancy focused on helping both retailers and service providers maximize their customer-facing technologies to improve and enhance the shopping experience. He can be reached at Michael@Dynamic-Retailing.com.
Retail innovation cycles last approximately 20 years. As we take a look at retail history, this cycle becomes self-evident. From the general store to department stores to discount stores and so forth, each variety has their day in the sun as the leading channel for most purchases. Today, we’re lucky enough to be living within two powerful cycles simultaneously. But the fun will soon come to an end.