We live in an exciting time. The pace of progress in technology far outstrips the pace at which we are coming up with ideas of its applications. Hence the endless stream of exciting startups that come up with new and innovative ways of applying the technology and changing the way we live our lives. Exciting times indeed.

There are however a few things that seem to take forever to change and are at contrast to everything else that is happening. Take for instance the retail industry- arguably one of the oldest and most established industries. For years, things have been done on a certain way, and the adage 'if it ain't broke, don't fix it' seems to be a recurring theme in this sector. Innovation meets inertia, and the result is often slow, sluggish progress. But as Bob Dylan said, "the times, they are a-changin". The technology innovation and competition to traditional brick-and-mortar is forcing traditional retailers and even supermarkets to sit up and take notice and start thinking about changing the way we have thought of retail.

In particular focus is on the astronomical adoption of the smartphone. In eight short years since the first iPhone was released by Apple (some people may argue that smartphones existed before that, but let's not go there for now), 75 percent or more of the phones sold in the market are smartphones. More importantly 'connected' phones. Last year, mobile overtook desktop as the #1 way to access the Internet. Retailers have started to realize both the power that is in the hands of the consumer to research before they buy, and their own ability to reach the customer proactively with personalized recommendations.

In the mid to late nineties as the reach of the internet exploded and e-commerce seemed to be engulfing the world, the birth of Amazon, eBay, buy.com, and countless other imitators, seemed to suggest that brick-and-mortar is dead. Now, almost 20 years later, brick-and-mortar retail still accounts for more than 90 percent of retail sales. Long live 'the store'!

Humans are social animals, and as much as the convenience of online shopping is enticing, our very nature thirsts for interaction and exploration. So what does all this mean?