A turning point in the retail industry, a new opportunity to grow

The “Becoming Retail” report was presented at the third meeting of the Retail Observatory in Spain, a forum for debate on the distribution and commerce sector organized by Salesforce, the world’s #1 customer relationship management (CRM) platform. As we have already discussed in one of our articles, one of its conclusions was that it is time to evolve and that the retail industry found itself at an inflection point due to the pandemic, being forced to undergo profound changes as a result.

According to business leaders in the industry, many technologies will play an important role in digital transformation. E-commerce represented 83% of the professional opinion, while 52% mentioned technology related to the supply chain and 48% to developments for customer service. Moreover, the report indicated that, within three years, sales will be distributed as follows:

  • 25% will come from the brand’s website
  • 26% will come from retail
  • 33% will come from online marketplaces
  • 16% will come from emerging channels, such as social media platforms and online games

The representatives of the industry were also asked about the most important values that should be taken into account when approaching different strategies to continue growing and developing products and services:

  • 60% named trust as the most important value
  • 21% went for the focus on the client
  • 5% considered philanthropy and sustainability
  • 4% chose growth

Rob Garf, VP of Industry Strategy at Salesforce, explained the importance of establishing a bond with customers and focusing on their experience. Providing products and services that enrich their daily life and make a difference is no doubt a central aspect for every commercial strategy.

Digitization was also mentioned in relation to shopping habits. Representatives of various companies such as Neck & Neck, Emefin, mentioned that it should be implemented with the aim of adapting physical stores to the new reality taking into account social distancing and the growing interaction with screens. With the use of this considerable amount of tools, the industry will be able to cope well with this turning point and make the most of the new reality!

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