Consumer demands are changing fast, making 2020 year even more competitive
According to GlobalData, retail in mature Western economies will continue to suffer challenges due to its evolving.
Both retail demand and supply are saturated in mature retail economies. Consumers have a saturation of access due to technology but are becoming less likely to buy. At the same time, the supply side includes a multitude of small businesses that can sell to anyone, anywhere, anytime online. As a result, retail spending growth is contracting and being spread across a wider range of suppliers.
The research says the shelf life of retailers is shortening. It means that brands must assure their propositions remain relevant.
What is more, the retail sector is unpredictable. If the seller doesn’t create new opportunities, it must be constantly aware of the changing retail landscape to defend and exploit competitive threats.
In addition to that, the focus on sustainability and ethics is growing fast and retailers cannot afford to ignore these trends. The fact that consumers are becoming more aware of the impact they are having on the world makes retailers adapt their supply chains too. Renting and recycling is becoming a major trend that is disrupting the traditional retail model.
Although online growth is slowing, multichannel retailers with an established online business can no longer rely on the online element. This way, synchronization of online and offline growth is expected to bring new business opportunities.
- Direct deposit: how to work with it
- How to create your own e-commerce store for free
- How to cope with shopping cart abandonment