3 Biggest Challenges Facing Retailers In 2022?
With all of this said, it’s no surprise that the retail industry is rapidly evolving. The sheer number of information sources available online has empowered consumers to become a true force to be reckoned with. This evolution is not showing any signs of slowing down either. In fact, something new seems to come along every single day – which only serves to further the growing rift between consumers and companies.
In order to compete with the highest-quality, lowest-cost competition out there, retailers face many difficulties. And while most of those challenges are internal, such as the need to stay innovative and adaptable in order to remain competitive, it’s also critical that they address external pressures – such as demonetization, omnichannel shopping and short attention spans – to help their respective businesses thrive in 2022.
Let’s take a look at five main areas where retailers must focus their efforts:
Multi Channel Buying Experience:
There are five key challenges faced by retailers currently facing retailers, and they all revolve around the same theme: customer experience. Consumers are now more demanding than ever, with a range of options for retail experiences at their fingertips. While online shopping has made it possible to deliver almost anything to anyone in mere days, there is still plenty of appeal in visiting a physical location and having the opportunity to try products before making a purchase.
The retail industry is changing faster than ever, and the pace of change is only set to increase. Retailers need to anticipate and adapt to these changes if they want to remain competitive in a rapidly evolving marketplace. In order to help retailers better understand the five key challenges facing the industry today and how they can be addressed, Accenture has carried out research with consumers, industry experts and retail promoter from around the world.
Customer Expectation of Smooth experience:
One of the biggest challenges facing retailers today is the seamless transition between online and in-store experiences. As shoppers are connecting with brands more and more online, they expect their in-store experience to be as seamless as their online experience. This means that not only do they want the same products available in both places, but they also want to be treated like a regular customer when they visit a brick-and-mortar location.
Retailers need to make a shift from a channel-centric view of the customer to a more holistic view that is centered on the customer. By doing so, retailers can strengthen their ability to drive loyalty and better connect with customers. By leveraging centralized customer data, retailers can create a seamless, fluid experience for their customers – beginning with an easily-accessible customer profile. Loyalty programs can help by collecting relevant information and putting it to use.
Technologies not working properly:
With customer needs and expectations becoming more complex than ever, retail businesses are finding themselves faced with a number of new issues that are impacting the way they do business. With the amount of data gathered by businesses now growing at an alarming rate, it is important to ensure that this information is being used correctly and not contributing towards the dreaded ‘data silo’ problem.
For the most part, the above points are a simple reminder to those in the business world that technology is not yet predictive. It can be used to boost existing efforts by generating measurable results, but it is not a magic bullet. With that being said, you can easily see that even a small percentage increase in your direct marketing efforts could mean dramatic growth for your company. And when it comes to e-commerce businesses and physical retailers, it is even more clear: if you want to survive and thrive in the modern marketplace, data must be utilized in a way which allows for meaningful contributions to growth.