Retail roulette: Winning in a volatile market
Much like the game of roulette, the retail industry is incredibly unpredictable. Without the right blend of strategy and foresight underpinning each business bet, winning is down to luck, and luck alone.
In this guide, we’ll explore some best practices for navigating this volatile market, so you make bets that count. Because when economic volatility, shifting shopper behavior and technological disruption are transforming the retail landscape so rapidly, luck alone isn't enough to beat the odds.
Retailers are rapidly adopting omnichannel solutions, driven by a digital revolution. In the next five years, success will depend on offering personalized, sustainable and value-added experiences. This strategy includes embracing human centricity, integrating AI-driven solutions and leveraging technology to provide superior customer experiences, such as seamless omnichannel offerings and expedited returns.1
The stakes are high. Consumers globally are feeling the pressure from the cost-of-living crisis, with 34% reporting a decline in financial wellbeing. This year is redefining consumer values, making continuous innovation essential for overcoming market challenges. Notably, 63% of global consumers are willing to purchase products made more affordable through innovation,2 yet maintaining shopper loyalty remains a formidable challenge.
AI technologies such as machine learning, chatbots, natural language processing and computer vision (CV) are transforming the global retail industry. Retailers are increasingly adopting these technologies to enhance operations, but many are limited in their expansion due to budget constraints and legacy systems. Those implementing AI are experiencing significant improvements in sales and profits. Key motivations for this trend include improved customer experiences, increased productivity and cost savings.
As you move through this guide, remember that staying ahead in the retail industry means staying informed. Understanding the evolving landscape and leveraging the right strategies and partners will ensure you don’t just survive but thrive in this high-stakes environment.
63% of global consumers are willing to purchase products made more affordable through innovation.2
1 Kantar, “Retail in 2024 and beyond: Turbulent transformation,” retailiq.kantar.com.
2 NIQ, “2024 consumer outlook,” nielseniq.com.