The shift in spending away from buying stuff and increasing spending on experiences has been well-documented and retailers have approached this problem with strategies that aim to make product ownership itself becomes a by-product of experience, delegates at World Retail Congress were told yesterday.

Pour said: “You need to get the big picture first. The world is getting older and younger at the same time.”

As this shift away from ownership continues, retailers need to reconsider what it is that they are selling to the consumer, he said.

“We don’t really understand the big technological challenges that we are facing. What’s now? And what’s next? Their probably won’t be an iPhone 26.” Pour said. “We not only need to understand people and technology. As a company, you also need to think about the earth.

“With new tools in virtual reality we enable companies to create an experience, rather than a product. Which is also a way to reduce carbon footprint. Like we did with Ikea where you can refurnish your home through the app. You don’t have to come to IKEA. IKEA comes to you,” he said. “Innovating is not just about investing, it’s also about saving money. The future is not a destination, it’s a direction.”