Consumer demand directly and acutely influences the retail industry. Modern day consumers want new, unique, and personalised goods without any delays. This generates a myriad of challenges such as managing multi-channel operations, pricing pressures, high demand volatility, extended supply chains, lost sales, and brand erosion. Future Market Insights provides key market intelligence to help enterprises rise to such cyclical challenges.
Technology is growing at an exceptionally quick rate. The retailers who are adapting and evolving are those who will likely succeed. And mobile shopping continues to grow.
The retail industry is dominated by three vital sectors: Multiline retail, internet retail, and specialty retail. Demand in this industry is influenced by consumer confidence, interest rates, and consumer income. Independent businesses need bright ideas to effectively manage supply chains and promote their products to the right consumer base.
The need to attract, retain and develop a workforce that meets the growing needs of the marketplace is more vital than ever. In order to grow, retailers need to make sure they are attracting and retaining talent with the correct skill sets.
The industry drivers:
• Demand trends: Shifting demographics, Modernization and concentration of trade, Rise of the value segment.
• Supply trends: Increasingly volatile input costs, Labor shortages in emerging markets.
• External factors: Rising trade protectionism, Changing tax regimes, Cross border supply constraints
• Declining Brand Loyalty
• Uncertainty About Consumer Spending
• Ineffective Innovation Capabilities
• Increased Regulatory Scrutiny
• Technology adaption and transformation
• Local manufacturer vs brand pricing