Someone once presented to me, and when asked what they would do about specific strategies to achieve the following year’s objectives, their response was, “We are going to do this, that, and the other thing.” I kid you not; that really happened. So, what will retailing look like in 2025? Quite often, all the ideas seem like nothing more than a stream of infomercials with a list of companies that offer service solutions. 2025 retailing will be about change, and I hope retailers are paying attention to how the technological shift with AI will take shape.
No industry is as vulnerable and less protected or shielded from change as the retail sector. When I think of what has taken place over the last ten years, it has been exhausting: the growth of online shopping, closure of major chains, digital marketing, all channels to communicate through, a global pandemic, inflation, high interest rates, and two wars to further disrupt supply chains. If you are a retailer and have survived all this, you are doing something right.
What will retailing look like in 2025? It won’t be about doing this, that, and the other thing. It will be about very specific actions that improve your brand’s performance. I cannot emphasize enough how much valuable time is being lost chasing someone else’s ideas that worked for them. It happens to be a pet peeve of mine, and I can tell you that great brands do chase trends; they create them. With all the economic and technological challenges, retailers must embrace AI a lot faster.
Enter AI into the equation as if everything else we have gone through hasn’t been enough. In Canada’s economic climate, for example, where 1.2 million mortgages will be due for renewal, people will be looking to save more money. We are going to continue a rugged economic wave. And, of course, there will be much discussion around AI. Here is an interview that Retail Insider did with me on Artificial Intelligence. What retailers face in 2025 is a great deal of pressure to understand how they should apply AI to their business. It will be an uneven journey for many small and midsized retailers. And the risk of large ones taking a powerful lead.
My name is George Minakakis. I am the CEO of Inception Retail Group and the author of a new book called “Predictive Leadership – How Humans and AI Will Transform Organizations, Innovation, and Competition. With a release date of December 10, 2024
If you are looking for a Keynote Speaker for your events, you can reach me at gminakakis@inceptionretailgroup.com. Some small and midsized retailers group together and invite me to a joint event.
CEO | MBA | Author | Advisor | Speaker | Business Visionary
George Minakakis is a Thought Leader and Keynote Speaker. His experience leading, developing, and reviving global brands make him a sought-after Executive Advisor.
