In developed nations, services represent 70, 75, 80 percent of GDP. Even in China, which we think about for infrastructure and mining and construction, services represent close to 50 percent of the economy. And that number is growing rapidly. So when we talk about services, what we’re talking about is where the growth in the world is coming from. When we talk about innovation, we’re typically talking about product innovation. Services hasn’t changed a lot over the last 50 years. If you took someone from the year 1950 and put them into an emergency room in 2010, it would look very much the same. So if you think about the retail experience in 1963 versus 2003, it’s very much the same. And I use that time frame pretty deliberately, because over the last ten years things have started to change pretty dramatically. The average customer spends a significant portion of their time online, researching a product, before they come into the store for a big-ticket purchase. Get the full story at McKinsey Insights