Digital transformation and customer demand are top of mind for many retail companies. In the wake of depressed consumer spending and demand where retailers were extremely cautious with their investments, organizations are reassessing their strategic priorities and mobilizing to adapt and respond to the ongoing market changes. Going forward, retailers are cautiously shifting back into growth mode and are looking for ways to achieve sustainable competitive advantages, despite ongoing challenging economic conditions.
Success, however, won’t be driven by reactive growth strategies. It will be created by innovative-thinking, adaptability and ability to transform. Looking at trends, retail growth will be realized by those who are ready to address and harness change — the drive for multichannel integration, mobile technology, enhanced customer brand loyalty, market expansion, and increased focus on personalized shopping experience and customization of products.