Retail is an increasingly competitive market. New technologies continue to change the way consumers shop. While consumers prefer the in-store shopping experience over online, the majority does some form of online research prior to making in-store purchases. Therefore, retailers need to create a seamless online and in-store experience to capture the sale. Technology has allowed local, regional, global and purely online retailers to compete for the same shopper, making constant innovation key.
To grow, retailers will need to look beyond traditional formats, products, and services. To do this, industries will converge, with retailers providing health care services; physical stores matching the online experience through increased in-store technology; and online sites providing a virtual physical store experience.
All of this has resulted in a proliferation of data, cyber risks and the need for agile supply chains. This will require retailers to integrate across functions and change their organizational mindset to be more cross-functional, collaborative and holistic.
As retailers look to innovate, differentiate, and grow in an increasingly competitive market, diversification of their talent portfolio and employee skill sets will be key. Look for this to create a cultural impact on companies requiring them to align and engage their employees. This is where Creative Group can help on a local, regional and global basis.
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