This year, Amazon celebrated 30 years in business.

By creating a virtual space where (almost) everything was available at the click of a button, the Seattle-based tech firm changed the face of retail. Tempted away from brick-and-mortar stores by the convenience of online shopping, Amazon created a whole new kind of consumer.

However, not all of its retail ideas have been successful. The company recently decided to close nearly all its cashless physical stores because of low sales. Customers just weren't buying into the concept of a till-less store.

This demonstrates a simple, but important rule of retail: old habits die hard.

Over the years, retail innovations such as the cash register have made life far more convenient for owners and customers alike, and letting go of them isn't that easy.

In this episode, Mike and Amit discuss what makes retail tech successful – and what your shopping experience may look like in years to come.

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Michael Wade is a Professor of Innovation and Strategy and Director of the IMD Global Center for Digital Business Transformation. He also holds the Cisco Chair in Digital Business Transformation. An expert in digital transformation, he has published 10 books and more than 100 case studies, as well as articles on topics such as digital business transformation, innovation, strategy, and digital leadership.
 
Amit Joshi is a Professor of AI, Analytics, and Marketing Strategy. He specializes in helping organizations use artificial intelligence and develop their big data, analytics, and AI capabilities. An award-winning professor and researcher, he has extensive experience in AI and analytics-driven transformations in industries such as banking, fintech, retail, automotive, telecoms, and pharma.

Find out more about IMD at imd.org