The global retailing landscape is evolving quickly with the rise of omnichannel retailing, and retailers worldwide are constantly experimenting with new concepts and formats. This briefing explores global trends and corporate strategies in omnichannel.
This report comes in PPT.
Companies need to understand and adapt to consumers’ current and future needs by focusing on what they want and how they want to shop. Click-and-collect services turned from a convenience into a necessity almost overnight due to COVID-19 and will likely permanently change the way consumers shop.
The personalisation trend was already brewing pre-pandemic, but COVID-19 acted as a catalyst to further fuel the personalisation trend. Companies are dissecting billions of datapoints to translate these insights into recommendations that are adapted to the consumer’s preferences and needs.
Companies need to create an all-inclusive “one view” of the consumer that is user-friendly and offers a seamless shopping experience. If this is not set up properly, it will be disorganised and erratic, resulting in lower basket sizes and poorer conversions.
E-commerce is expected to generate more than half of the absolute value growth in the global retail industry by 2025. Companies looking to succeed in the e-commerce space need to tackle the current pain-points by addressing logistics, fulfilment, last-mile delivery and collection, as well as the personalisation trend.
Successful manufacturers and retailers will be able to effectively implement logistics, fulfilment, last-mile delivery and collection and personalisation by exploring digital experiences and working out how to allow their audience to use all available channels at any point of the shopping journey.
Retail is the sale of new and used goods to consumers from a business for personal or household consumption from retail outlets, kiosks, market stalls, vending, direct selling and e-commerce. Retail is the aggregation of Retail Offline and Retail E-Commerce. Excludes specialist retailers of motor vehicles, motorcycles, vehicle parts. Also excludes fuel sales, foodservice sales, rental transactions, and wholesale sales (e.g. Cash and Carry). Sales value excluding or including VAT/Sales Tax. Retail also excludes the informal retail sector. Informal retailing is retail trade which is not declared to the tax authorities. Informal retailing encompasses (a) sales generated by unregistered and unlicensed retailers, i.e. retailers operating illegally, and (b) any proportion of sales generated by a registered and licensed retailer that is not declared to the tax authorities. Unregistered and unlicensed retailers operate predominantly (although not exclusively) as street hawkers or operate open market stalls, as these channels are harder for the authorities to monitor than permanent outlets. Activities in the illegal market, which is usually understood to refer to trade in illegal, counterfeit or stolen merchandise, are included within our definition of informal retailing. Activities in the “grey market”, which is usually understood to refer to trade in legal merchandise that is sold through unauthorized channels – for example cigarettes bought legally in another country, legally imported, but sold at lower prices than in authorized channels – will be included as informal retailing if no tax is paid on sale by the retailer. However if the retailer pays tax – for example on cigarettes bought legally in another country but sold at a lower price than standard – the sale is included within formal retail.
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