EXPERTISE SECTORRetail

Retail Industry: Facing customer behavior change in the digital era

The retail’s landscape is shifting because of the impact of COVID-19 implications, such as consumer behavior change, political, and economic factors. The transformation in the digital space has also taken over traditional shopping experience and customer expectations.

Retailing is the process and activities of selling consumer goods or services directly to customers for their personal and household use through multiple channels of distribution in the value chain to earn profit. Retailing contributes as the biggest private sector in the world and the main mover of the economy. Most developed nations have almost 10% of the GDP credited to the retail industry. The retail’s landscape is shifting because of the impact of COVID-19 implications, such as consumer behavior change, political, and economic factors. The transformation in the digital space has also taken over traditional shopping experience and customer expectations. Some segments of retails benefit more than others due to the shift of consumer behavior in recent years. Grocery, essential services, home improvements, and mass merchants may benefit from the changes while apparels and department store sectors may have struggled more. The retail industry covers a wide range of products: food and beverages, personal and household care, apparel, footwear and accessories, furniture, toys and hobbies, electronic and household appliances, and other products.

Grocery

Grocery stores consist of supermarkets, hypermarkets, and convenience stores. For the most part, grocers have remained immune to digital disruption, but recently the digital transformation has evolved the consumer attitudes and expectations. This has pressured the retail landscape from brick and mortar to omnichannel. The evolving consumer demands require grocery retailers to adopt new strategies to increase performance and pursue growth. The essence of the consumer trend revolves around three key shifts: online experience, customer value, and consumer lifestyle. Some well-known players in the industry are Costco, Walmart, Lidl, Ahold Delhaize retail group.

Department Stores

Department stores are retail establishments offering vast arrays of consumer goods categories in one location, with each particular store area specializing in a product category. Department stores suffer quite significantly due to restrictions and limitations on country to country regulations to fight COVID-19 pandemic. However, global department stores are expected to bounce back and grow steadily, with the majority of sales coming from developing economies. 

Wholesales

Wholesale is a separate sector of the value chain, but also part of the value chain in the retail industry. While retail serves a business-to-consumer (B2C) model, wholesale is a business-to-business (B2B) model. Wholesalers are independent parties in the distribution channel that buy in bulk or in mass and then sell to resellers. The entities of wholesalers can be organizations, sole traders, partnerships agents, or brokers. The large quantities of goods makes wholesales benefit from economies of scale. The product segment of wholesale can range from agriculture, mining, manufacturing, merchandising, and other retail goods. 

Key trends in retail experts

Digital Differentiation
Omnichannel
Customer Engagement
Personalized Experience
Digital Mobile Wallet
COVID-19
Customer Loyalty
Supply Chain DIstribution

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