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What challenges will retail industry face in the coming years?
What threats will retail industry face in the coming years?
What challenges will retail face in 2022?
What challenges will retail face in 2024?
May 17, 2022 · According to Coresight Research, shoppable livestreaming will be a $100 billion business in China this year. No one can say whether livestreaming will be as big in the U.S. but it is clearly a big ...
- Richard Kestenbaum
- Evolving Customer Demands. Customers change their preferences faster than Clark Kent in a telephone box. Just ask your Walkman, shell suits and the mullet.
- Maintaining Brand Loyalty. COVID-19 has tested people’s patience, faith and resilience. What’s more, it is also testing shoppers’ brand loyalty. The pandemic has pushed customers out of their comfort zones.
- Improving Staff Efficiency. Behind every storefront is a legion of retail warriors. These staff are adept at capturing and disarming customers with a boatload of charm and persuasion skills.
- Attracting & Retaining the Right Hires. Retail has always dealt with the challenge of high turnover rates. But attrition has become an even bigger concern over the last two years.
High inflation. Rising interest rates. Elevated cost of living. Potential recession. Labor shortages. E-commerce competition. Post-pandemic consumer behavior. Rising raw material costs. Logistical challenges. Technological disruption. Global competition. Cybersecurity threat. Government regulations. Sustainability demand. Direct-to-consumer brands.
Feb 1, 2024 · The retail industry is in a perpetual state of flux—consumers are pivoting and adapting in response to a rapidly changing economy; Changing consumer behavior presents challenges and opportunities for retailers; A strong connection with consumers is needed for retailers to be successful in this year
- Capacity. 99% of retailers have lost sales due to a lack of sufficient fulfillment capacity. Nearly every single retailer we surveyed reported that they lack the fulfillment capacity they need to keep up with the onslaught of online orders.
- Carriers. The rise of e-commerce has put shipping carriers in a position of power, squeezing the retailers who rely on them. Even if retailers manage to successfully scale their fulfillment capacity to meet the surge in demand for online orders, they face daunting challenges in the next link of the supply chain: dispatching online orders and delivering them to consumers’ doorsteps.
- Consumer Expectations. Retailers and consumers fail to see eye-to-eye about speed of delivery and when it will be critical to remaining competitive.
Retail industry challenges: top five. According to recent research, the escalating cost of inflation tops the list of retail industry challenges brands face. As of the first quarter of 2024, over half (52%) of small businesses acknowledge grappling with this pressing issue.
Biggest challenges facing the retail industry. The pandemic has transformed the way we live, work and – of course – shop. Changes that we’d seen coming for years suddenly accelerated and created three key challenges for retail. Shifting consumer habits
