Retail Outlook 2019

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Retail Outlook 2019

6 strategies to help retailers navigate industry disruption

2019 looks set to be a year of transition. How can retailers ensure they are positioned on the right side of the tipping point? The Retail Outlook 2019 covers six strategies to help retailers stay competitive in 2019 and beyond.

A transitional year for retail

2018 left the industry with a lot to digest—a strong US economy, a record-breaking holiday season, mixed retail earnings, some high-profile bankruptcies, along with global trade and economic tensions. Bolstered by a strong labor market, growth in disposable personal income, and elevated consumer confidence, 2018 experienced strong retail sales.

Retail Outlook 2019

Including 6 strategies to help retailers stay competitive in 2019 and beyond

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Challenges ahead

But the economy may face some headwinds in 2019—making the year one of transition for retailers, who may need bold moves if they want to set themselves up for success in the future. Non-stop disruption is challenging the norms in retailing, creating opportunities for new entrants and making transformation an imperative. At the same time, increasingly powerful consumers expect to ‘have it all’ – more personalised services and better privacy while at the same time wanting businesses to react to all their needs and wants instantly. 

In the last 10 to 20 years, many retailers have moved from growth via new stores to growth via big investments in all areas of the business. This includes launching new digital sales models, acquiring other businesses, or transforming fulfilment processes, for example. This has led to growing costs for acquiring market share, and many retailers find themselves in a precarious position.

6 strategies to help retailers navigate industry disruption

The Retail Outlook 2019 covers six strategies to help retailers stay competitive in 2019 and beyond:

  • Adapt and refresh loyalty programs, focusing on integrity and identity, to create an emotional connection.
  • Develop the relationship with VC firms in order to tap into their expertise with start-ups and use this to chip away at overlooked categories and underserved customers.
  • Use emerging technology to fulfil the brand promise, e.g. in personalization, convenience, and interconnectedness.
  • Learn about digital consumer needs and solutions by looking at global cross-industry trends, for example in China, where traditional consumerism has been bypassed for a more connected approach.
  • Ensure the organisation is connected when it comes to data privacy to avoid having to make trade-offs in customer experience to meet privacy needs.
  • Make your supply chain faster, more predictable and cheaper in order to offer the consumer a differentiated service.

Download the Retail Outlook 2019 to learn more about these strategies and get your retail business on the right track for the future. Feel free to contact me to learn more about setting your business up to face the retail challenges of the future.

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