If you are at all up-to-date with what is going on in the retail world, you will likely recognize that this title is quite apropos. With the vast and major changes within the retail sphere, it can often feel as though we are entering the unknown.
According to the report, big changes are in store for the retail industry: “the retail industry is becoming more complex and changing at an ever-increasing speed. Shifting demographics, household downsizing, more educated consumers, new channel formats—among other trends—require that the industry quickly adjust and modify existent models, approaches and processes to satisfy the needs of future customers in order to be successful and profitable.”
Here are some of the key take-aways:
Targeting – Baby Boomers have almost completely upset the balance of things. Ok, not really, but they have had a serious impact. The generation gap now makes tailoring offerings to customers’ specific wants/needs imperative, rather than the mass appeal approach of the 1980s.
Strategic Outsourcing – adapting to the ever evolving demands of customers has led several companies in the industry to outsource everything from talent (people support) to software development. And, according to the article, cost efficiency isn’t the only benefit; outsourcing can help keep management’s attention focussed on key business issues.
Importance of Technology – technology has become important on so many levels in the retailing world, this is not new – but the way that it is used is. Operational efficiency will come to rely heavily on technology, including real-time data delivery and management.
Want more on retailing in 2015? You can download the full PDF here: https://www.pwc.com/es_CL/cl/publicaciones/assets/retailing2015.pdf.
Stay in-the-know. Don’t let major shifts in the industry leave you at the back of the pack. Storesupport can help keep you up-to-date and current. Call us today at 1-877-421-5081.