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The Modern Market: your greatest ally, or biggest threat?

By RANDEM - Do Better on 22 June 2016

Any business will vouch that the retail sector has entered into one of its most disruptive, and equally opportunistic phases yet.

With the rise of modern technology, we are inundated with ways as both the retailer and the customer in which we can get what we need, but all too often these choices fluctuate between success and failure.

So, you might be asking yourself: how can I survive, let alone succeed, when there is so much uncertainty? How can you introduce yourself and adapt to global markets that are undergoing dynamic changes? What cost-effective decisions are you making to ensure your business plan is sustainable over the next three to five years?

You are not alone in thinking this.

Key Retail Leaders have been analysing the disruption hitting our markets, and are looking at strategies to convert what many deem as threats into opportunities.

A recent investigation by The Economist, sponsored by our partner Demandware, highlights what a selection of global C-level retail executives believe are the most impactful and disruptive elements that will change the market over the next three years.

Topping their concerns are:

  • Increased globalisation
  • Increased security risks
  • Shifting consumer tastes

The Economist’s study has also revealed insightful statistics in regards to competitive differentiation.

60% of those surveyed agreed that high quality, innovative products was the most important factor, followed closely by the belief in developing a seamless customer service experience.

So what can we draw from this?

We have been able to discuss with our clients effective future-proofing solutions, ranging from market positioning, risk and security, to business model assessment.

You may want to consider:

  • How the effect of increased globalisation (your ability to sell in non-native markets) will affect you
  • How are you complimenting or competing against the rise in the international marketplaces?
  • Is the rise of the ‘fast fashion’ model a key risk to you and your segment?
  • Are you responding in your business model to address the rise in mass customisation?
  • Are you looking at how your business structures and roles in the future need to shape?

As the market of tomorrow approaches, it is crucial that the right product is made accessible with the right systems.

So what are you doing now to attract and engage with the customers of tomorrow? Reach out by clicking here if you'd like to discuss how we can help you do better, now and in the future.

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