Consumers are demanding more product choices, personalized service, faster lead times, full order visibility and “click-and-collect” convenience. Delivering what their customers want—when and where they want it, over their channel of choice—can help consumer and retail organizations stay on top of the market. But this is challenging in an industry faced with rising costs, labour shortages, supply chain disruptions, and economic sensitivity.
Consumer and retail organizations are facing unprecedented pressure to overhaul their supply chain operations to improve visibility and increase overall resilience. Supply chain disruptions are also necessitating a move toward ‘just in case’ models for inventory. At the same time, retailers are tasked with creating a platform for unified commerce and designing ‘phygital’ customer experiences through AR and VR technologies creating immersive shopping environments, while omnichannel integration ensures a seamless transition between online and in-store interactions.
The retail industry is being transformed by AI-driven personalization, enhancing customer experiences through tailored recommendations and dynamic pricing. Leveraging data across all channels can help them make timely decisions and accurate forecasts. The integration of social commerce will further streamline shopping, allowing purchases via social media platforms. Customers are also demanding better product transparency and traceability and want to know if the products they’re buying are ethically made- right down to the suppliers of the brand’s suppliers. Organizations that can understand their customers and meet their needs will have an edge in this highly competitive market.
