Over the last months, we have witnessed an important transformation in terms of the way to do business and a particular shift to the consumer experience has taken place in the retail industry. Join us and explore with us the critical signals of change that are currently influencing the global retail environment and the changes that the market is undergoing!
Many of the changes brought by the COVID-19 pandemic —regarding buying behaviors, workforce models, channel mixes and business models— were already emerging long before the pandemic (some of them even for 5-10 years). COVID-19 only accelerated these trends and retailers were forced to make hard decisions quickly.
As these trends evolve, the shift from retail to consumer commerce is growing exponentially. With this in mind, it is important to analyze and understand why the market is changing and which are the business models of the future, with the aim of adapting to this transformation and designing key strategies to achieve your goals.
The shift from retail to consumer commerce is growing exponentially
To illustrate the retail transformation in more detail, we want to share the highlights of the KPMG report, which you can see here:
1. Disruption accelerated
Due to the crisis we are facing since the pandemic, any decision made by retailers brings important consequences and will undoubtedly have an impact on their success over the next 5 years or more.
2. Business models and partnerships
Platform ecosystems alongside omni-channel represent the new implementations in order to remain competitive and implement an evolved business model.
As our global context is constantly changing, so are customer expectations and needs. In order to avoid being left behind, adapting to these new aspects is critical as retail moves from being a ‘push’ (i.e.B2C) to a ‘pull’ (C2B) model.
4. Reducing cost of doing business
Traditional ways of cutting costs are no longer enough to ensure the business is fit for the future. This is a consequence of costs increasing across multiple aspects of the value chain, which demand innovative solutions.
Businesses are expected to stand for something more important than the products they sell. Customers are clearly looking for purpose-driven organizations that aim to make the difference.