What is the meaning of New Retail?
‘New retail’ is a term coined by Alibaba co-founder, Jack Ma, referring to the convergence of offline and online commerce to create a seamless shopping experience. , Rebecca Sentance explains: “With innovations like facial recognition, digital payments, rapid-fire delivery, big data, and shopping tailored to the individual, the New Retail experience is designed to be seamless, fast, and convenient. It combines the physicality and accountability of offline shopping with the speed and ease of online shopping and has breathed new life into bricks-and-mortar retail.”