As retailers work to keep up with the increasingly high expectations of consumers, they are facing dynamic market forces ... Retail companies will focus on bundling products with great customer experience. Priorities will be to reduce friction, improve the online presence and use data and predictive analytics as a catalyst to grow market share.
In the coming year, retailers will see continued constraints on the global supply chain. Shipping and logistics bottlenecks will likely impact production, manufacturing, product availability, and costs and pricing.
The exodus of workers in 2021, otherwise known as „the Great Resignation“ has resulted in a shortage of talent and resources across the retail ecosystem. There simply aren’t enough workers to get everything where it needs to be on time.
Supply chain constraints and higher manufacturing and procurement costs are contributing to global inflation.
Intense focus on consistent and frictionless customer experience – customer sentiment now focuses on cradle-to-grave experience around the product/service, not just on the product/service itself; and The shift in New Age Technologies & AI usage – exploring potential functional business areas where technology can be used, not as a differentiating factor, but now as a critical business survival factor.
Look for growth opportunities in smart retail that use a context-driven shopping approach, connect stores with IoT technology and build sustainability principles into packaging and manufacturing processes.
ISG helps retail companies prepare for and take advantage of new trends in market. Contact us to find out how we can help.