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Industry Overview

The global retail industry is in flux. It is experiencing constant changes caused by new types of technologies. Retail businesses have to adapt to this change and anticipate emerging trends.

Retail industry data:

  • There are 1 million retail establishments in the USA which make sales for $6 trillion annually, employ no less than 29 million people, and continue to grow.
  • There are about 210,000 retailers in the UK. The total value of the retail sector is estimated to be £394 billion annually. It is the largest private-sector employer with no less than 3 million employees. Retail sales are increasing by 10% annually.

Customer shopping expectations are continuously evolving. It is more convenient than ever before. Meeting clients’ expectations is a tough challenge now. Retailers should provide clients with outstanding service, fast transactions, and give value at the same time.

Number of retailers in the US and the UK

Number of retailers in the US and the UKNumber of retailers in the US and the UKNumber of retailers in the US and the UKNumber of retailers in the US and the UK

The retail industry has changed significantly over the past decade and is shifting towards new values and new main assets. Firstly, there is an overall shift of companies’ focus — from being product-oriented to customer-centric models. Secondly, the companies’ main capabilities have become collaborative rather than self-contained. Thirdly, the key asset has changed as well — from tangible assets to data & consumer engagement. Finally, the main success factor has switched from large & structured ecosystems to lean & agile models. All these are caused by tech move. Technologies influence entire business aspects from marketing, sales, orders, check-out to logistics operations. Forward-thinking retailers should keep an eye on future tech trends. Others will be left behind.

Trends:

  • Online global selling The Digital era provides opportunities to capture a bigger market share. Every year international sales grow by 25%.
  • Marketplace growth Customers are looking for one place providing a better experience that a single retailer can’t offer.
  • Innovative digital experience Online experience is playing a crucial role in customers’ behavior and building relationships with them.
  • 5G It will speed up all processes and fuel collaborations, connected spaces, and immersive experience.
  • Customization To dive deep into producing a better customer experience, retailers should offer more options to customize the purchase and provide one-of-a-kind items using tech.
  • Omnichannel Experience Brands provide plenty of touchpoints to customers. Now retailers should collect data, analyze it, and respond to each audience with a proper shopping offer. Keeping all together is a good challenge for businesses.
  • Worry-free checkouts By developing solutions that will provide quick, convenient, and worry-free checkouts, retailers close deals, and raise loyalty.
  • Automation By using tech services that enhance automation within all business operations, from warehouse shipping to better customer experience, companies can reduce costs and waste less.

We collaborate with clients from this industry and already have experience in this field. That is why we are eager to share our expertise with others and get a deeper knowledge base.

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