US retail industry trends Archives - Business Intelligence

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Competitive pricing analysis

Winning in the German Consumer Market: Top Retail Industry Trends to Track

retail industry trendsRetailing in Germany is going through major transformations as consumers are increasingly becoming accustomed to the new retail trends in the market. Although the German retailers are widely known in the international markets, especially in the US in the context if their entrance into the North American market, the domestic German retail sector is also as sophisticated and competitive as other international markets with their own unique set of challenges and opportunities. In this blog, experts at Infiniti provide comprehensive insights on the current German retail industry trends.

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Top retail industry trends in Germany

Discounters emphasizing on customer experience (CX)

In some key German retail outlets also known as ‘no-frill discount stores’, pallets of products go straight from the backroom to the sales floor. However, with the changing retail industry trends in Germany, these retailers are beginning to emphasize more on improving customer experience in retail. Furthermore, supermarkets in this region have been investing heavily into private brands in order to steal the market share from discounters. As a result, the boundaries between traditional supermarkets and discounters are becoming less clear in the German retail sector.

Increasing value of omnichannel retail

Increasing mobility and a greater number of informed customers are making digitization one of the popular retail industry trends in Germany. As a result, German retail companies have increasingly identified the need to possess the agility that comes with an effective omnichannel strategy. However, most of these retailers lack a sense of direction that is required to make their omnichannel strategy successful. The industry is now waiting to see if these retailers will develop clear strategies and begin investing more into their omnichannel strategies or refrain from selling online.

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Introduction of Amazon fresh

There is some indication Amazon Fresh may be scaling its operations in the United States, but it is a relatively new concept to German consumers and is now being piloted in a few large cities like Berlin and Hamburg. Amazon Fresh delivers groceries directly to consumer homes in temperature-controlled bags. This year online sales in Germany saw a rise compared to the previous year, but it remains to be seen how consumers will respond to specifically ordering groceries online.

The aging German shoppers

The German population is growing older and this is making a significant impact on the retail industry trends in the market, affecting how retailers sell. To cope up with the changing retail industry trends, German retailers are rethinking store layouts, making product packaging easier to read, and putting benches in stores, all in an effort to better serve older customers and enhance their customer experience.

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retail industry

The Age of Retail Revival: How Top Players are Adapting to the Changing Retail Industry Trends

The rules of retail are gradually changing. The success of retail companies no longer revolve around who can offer the lowest prices or a wider category of products. Rather, retail customer experience is now paramount to entice shoppers and persuade them to stay loyal to the brand. While some popular retailers are shutting stores to cope up with the losses incurred, other agile players in the market are embracing new retail industry trends and increasing investment in their physical space to get the desired results.

Although e-commerce sales are soaring, the apocalypse of brick-and-mortar is a concept that is far from reality. The fact remains that consumers love to gain a look and feel of a product before making a purchase, even though they can get it done otherwise through the click of a button. Top retail industry companies understand this behavior and are trying to set the bar high in terms of service and customer experience, in an attempt to outperform ecommerce companies. In this blog, experts at Infiniti uncover new rules for success in the retail industry.

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Adapting to changing retail industry trends

retail industryCreating exceptional in-store experience

Recent studies show that it is more likely for customers to turn to competitor brands in case they face an unpleasant experience in a store. This includes lack of cleanliness, disorganized shelves, and unsatisfactory customer experience. Top companies have accepted such retail industry trends and have already started revamping their in-store facilities and taking efforts to enhance service provided to become more-experience driven and garner more customers to their stores.

Diversification

Retail outlets can no longer survive by only offering what they specialize in. Smart retailers have figured out that expanding their product lines or services is the future of retail business. Several top retail companies have already started venturing into categories apart from their core offering in order to give more value to customers and drive them to these retail outlets.

Adapting to new retail industry trends benefit customers and businesses alike. Wonder how you can stay updated with the retail industry trends and gain an upper hand in the market? Get in touch with our experts for more insights.

Building partnerships

There is no denying to the fact that ecommerce businesses will grow exponentially in the years to come. Entering into partnerships with e-tailers is a great way for brick and mortar companies in the retail industry to survive in the long run. For instance, some retailers have struck partnerships with ecommerce companies that lets customers return goods purchased from other retailers online. It is indeed a very clever way to draw a new demographic for retailers.

Transparent use of data

There is an abundance of customer data available with most of the established companies in the retail industry. Retailers must ensure that these data are put to use without invading the privacy of customers.

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challenges in retail

Headwinds Facing the US Retail Market Right Now

The US retail industry is fairly consolidated and heterogeneous. Although it is one of the biggest retail markets in the world, it is also the most competitive. The top ten retail companies in the US retail market is known to hold one-third of the total market share. Furthermore, the enormous transformation in the sector has brought about new challenges in retail industry. Amidst the constantly evolving market factors, retailers are finding themselves in an uphill battle to profitably increase growth and market share. While retailers may expect increased spending by consumers in the near future, preparing for uncertainty by anticipating and responding to potential retail industry challenges has to be a large part of their overall strategy.

Infiniti possesses over 15 years of experience in helping retailers to increase business agility and decrease operating costs. Request a free proposal to know more about how our solutions can help overcome the key challenges in retail markets.

Challenges in retail market in the US

challenges in retailAttaining operational efficiency

Managing complexities and coping with the changes are some major challenges in retail right now. Yet, in order to bring efficiency to their tasks and processes, companies in the US retail industry must identify ways to deal with complexities and cope with the dynamic market conditions. Today, businesses that are running their operations based on spreadsheets find that it does not allow them to be scalable and grow with the business. Therefore, efficiency in managing their operations is vital for retailers to thrive and overcome the key challenges in retail.

Technological challenges

Most retail companies in the US continue to use outdated technologies. Although many of them understand that using outdated technologies will only add on to the already existing challenges in retail market for them, they often fail to find the required investments needed for an upgrade. Evolving technologies, including automation and business intelligence, have immense potential to transform the day-to-day operations of a retail store. Automation can ensure substantial operational cost reductions when applied to routine and repetitive tasks. It can also provide greater visibility and decision-making support to the retail business owners and operators.

Only by combining streamlined business processes, seamless cross-channel customer service, and personalized marketing campaigns can retailers expect to create buyer experiences which can combat the fickle nature of the modern consumer. Get in touch with our experts for more insights on how to overcome challenges in retail markets with our solutions.

Direct to consumer channels

While retailers are planning their stores for the future, manufacturers are increasing the challenges in retail through direct-to-consumer channels. This helps manufacturers to not lose any extra margin to the retailers. Furthermore, these channels enable them to collect data about customers, which allows them to engage with customers in a personalized manner, driving brand attraction and customer loyalty.

Control over accounts payable process

Retailers engage with several different suppliers. Manually managing the constant flood of invoices makes having control over the accounts payable process difficult for retailers. Such challenges in retail companies lead to a direct impact on the financial forecasting of the business and ultimately affect their bottom line. Partnering with industry players helps retailers to empower fewer resources to manage the accounts payable process while simultaneously increasing process accuracy, accelerating invoice processing, and optimizing payment timing to allow them to take advantage of vendor offered discounts.

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