Let’s highlight six trends, reflecting shopping polarisation, value for money, innovation, efficiency, ESG and people.
1.) Luxury and Discounters are faring better than mid-market
2.) Last year we saw a shift from Volume to Quality. That is continuing.
3.) Innovation doesn’t mean spending all our cash in the Metaverse. Innovation for your customer base maybe a more seamless integration of existing channels, or a more personalised journey.
4.) It doesn’t matter where your efficiency gains are. Overall, you need a better understanding of your marketing channel mix. You need to accelerate transformation through technology. You need to build greater supply chain resilience and sustainability and you need to invest in financially sustainable business models.
5.) Environmental, Social & Governance (ESG). This isn’t just about Net Zero. And it needs to be more than paying lip service. Customers want Value with Values. Or they will go elsewhere.
6.) People are not some homogenous group with marginally variable needs. And that doesn’t just apply to your customer. Your people – your team – need to be excited, enthused and empowered. In a time of significant change and economic uncertainty, the best organisations maintain a laser focus on their people and their wellbeing.
Remember, at its core, retail is a people business.
If you’re looking to grow profitably, no matter what the markets and the world throws at you, get in touch with us at [email protected].
We’ll be happy to chat with you on how you can use your customer data to not just serve your existing customers better but also how you can discover and best recruit your new hero customers to power the growth of the future.
