Over the past two years, retailers have faced significant challenges like supply chain constraints, rising costs and labour shortages.
In almost every category, consumers are shopping with fewer retailers. They are also browsing products online before making a purchase in-store. While marketplaces are making broad assortments ubiquitous, digital tools have increased transparency on product pricing and availability. Consumers are now able to quickly find the lowest prices, faster fulfilment and in-stock items in real-time.
To effectively cater to modern customers, retailers must focus on differentiated assortments, improved curation and discovery experiences that help customers easily find the product they want. Retailers should also reinvent and renovate customer experiences. They should note that omnichannel innovations have already redefined customer expectations to encompass convenience and proximity and provide a range of fulfilment options and a seamless, digitally-enabled experience.
Retailers must embrace new tools to improve effectiveness and efficiency while addressing sustainability issues. To further customer loyalty and employee engagement, retail businesses must elevate the importance of providing a sense of purpose at work, value staff and increase operating expenses.
[3 minute read]