If our industry thinks the past year has been the most challenging one, there is one thing for sure: the next year will be even more challenging, or in other words, the thing that will increase is the number of challenges that have to be solved and managed. Whether they are the multiple crises we face from around the world, or internal and personal challenges we might have to cope with.
Klaus Striebich
Managing Director of RaRE Advise
Is this a reason for burying your head in the sand? For sure not, as we are used to this rise in complexity, requests, demands and new trends over time.
The good news is: there is still a high willingness among shoppers and customers to buy products and services as purchasing power and the economic situation remain at a good level. That’s the chance for the retailers and service operators to adjust offers and services to change demand into sales numbers and profits.
The simple question remains: is the right product or service offered in the right place and at the right time for a competitive price?
As customers expect to have their needs and wishes fulfilled anytime and anywhere, the key to success will be flexibility, speed, and adaptability.
There are many new concepts in retail, which are ready and able to act and react that fast. Multichannelling and globalization have helped to develop several branches, such as health and beauty, sporting goods or restaurants and entertainment operators. They are coming from each area in the world and are able to expand globally.
Modern communication, new technologies and AI are crucial and a must-have for future success.
Every cent, every centimeter, and every measurement counts – a standstill or going concern does definitively not work.
Most importantly: never forget the main reason and always keep it in focus – the people, the shoppers, the employees and all stakeholders involved.
Let’s be brave enough to make inconvenient decisions, to act and react quickly (and not get tangled in processes and procedures).
Let’s be courageous, open-minded and focused – and a prosperous future will be there for you for sure.
(dp)
