By Talking Retail
Driving down costs and increasing efficiency will be the biggest priorities for retailers in 2023, says the IGD industry think-tank.
Toby Pickard, the IGD’s global insight leader, said these efforts would help retailers to “reset the cost base” of their businesses.
The IGD’s six global retail trends, identified in its latest insight report, are:
- The efficiency imperative
With cost pressures mounting and retailers having to strip out complexity from their businesses, efficiency is a priority. Technology, automation, collaboration, new ways of working and a fresh approach to marketing all have a role to play. But caution is required, as some cost-cutting initiatives are at the expense of the shopper experience.
- The new value equation
Value is not synonymous with price. Both brands and retailers need to factor in a broader set of variables when trying to create value for shoppers. Other factors such as experience, rewards, time and doing the right thing can move the discussion beyond price alone.
- The magic of stores
Retailers must delight and surprise their shoppers. But this does not mean by theatre and entertainment alone. Time, convenience, checkout, value and range are areas that can be optimised, in-store and online.
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