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In this recording, we dive into what retailers need to think about for the future, highlighting the importance of engaging a new consumer landscape, tech-driven retail, conscious retailing and adapting to uncertainty. This includes examples from our recent attendance at the NRF conference: Retail's Big Show in New York, and from around the world.
These shifts will impact how retailers and customers interact, exchange goods and services, transform operating models, and prompt changes in decision-making and workforce management within operations.
Consumer dynamics are changing significantly, challenging retailers to adapt to a diverse age range and rethink their in-store experiences in the digital age. The rise of DINKWADS (double income, no kids, with a dog) and finding the right balance between vibe and function underscores the need for retailers to adjust quickly, empowering customers to actively shape their business models.
The tech-driven revolution demands requires retailers to strategically adopt rapid advancements and empathetic AI. Staying competitive relies on ethical AI practices that enhance productivity and engage customers more deeply. The key is to solve complexity through AI assistants and technological innovations to provide a smooth and hassle-free shopping experience.
The demand for eco-accountability and circular consumption isn't just a trend; it's now an expectation for consumers. This urges retailers to embrace ethical practices and take the lead in environmental responsibility. In addition, regulatory requirements highlight the importance for businesses to set rules and standards, minimising waste and promoting sustainability.
Adapting to uncertainty is a core challenge, especially with the rapid changes fuelled by increased use of AI. Retailers should adopt ethical guidelines and transparency, acknowledging trust as a crucial element of stakeholder management. As the workforce evolves, the prediction that we will all manage at least one virtual team member within a decade has profound implications for how organisations are structured and managed.
Wi Liem is a commercially driven retail professional with ten years’ experience in the supermarket and apparel retail industry.
