Challenges in the retail industry:
The Intelligent Retailer
The Right Stock, Time, Place, and Price.
The challenge for retailers is to operate efficiently within disrupted supply chains while maintaining sales, stimulating additional demand and providing memorable customer experiences. All while managing increased costs and market consolidation.
Challenges in the retail industry:
£414m
Navigating complex tax regulations post-Brexit cost retailers £414m in lost revenue in 2021, with staying compliant the biggest source of stress for 7 in 10 retail businesses
94%
of businesses lack full supply chain visibility
90%
of retailers struggle to recruit suitable candidates, particularly for customers-facing and warehouse roles.
90%
of retail data is disorganised and scattered across different silos
What drives the retail industry to become a more intelligent retailer?
300%
The cost of shipping has tripled over the past 12 months
£271bn
Poor forecasting practices cost retailers almost 12% of their total annual sales
30%
'Omnichannel shoppers' have a higher lifetime value than single-channel consumers
73%
of consumers prefer shopping through multiple channels
Opportunities the retail industry can utilize to become an Intelligent Retailer:
1000%
'Near me' searches related to product availability have skyrocketed since 2018
£612bn
Gen z will surpass baby boomer spending by 2025 with a combined annual spend of £612bn, up from £126bn today
30%
Digital workplaces and online collaboration tools increase productivity by almost a third
Top 5 Reasons why retailers are investing in continuous digital improvement:
to improve customer experience
to optimise business processes
to consolidate or upgrade legacy IT
to implement change management
to adopt a new business or revenue model
Retail Customers
The Intelligent Retailer
Video Series
Watch more episodes from this series here
Read more
About supply chain in Retail