2022 was a mixed bag for retailers, with normal activity returning to the high street after two years of forced closures. However, 2022 was also plagued with challenges including inflationary pricing, supply chain disruptions, economic uncertainty and retaining employees.
Many of these concerns are still prevalent this year.
Retailers need to be conscious of the change in consumer behaviour, not only due to rising prices, but also as they become more aware of environmental issues and demand a higher level of customer service regardless of where they choose to shop.
The supply chain disruptions of 2022 have resulted in excess inventory for most retail companies in 2023. Retailers need enough stock to meet customer demand and deliver goods quickly, without suffering an excess that diminishes working capital.
Retaining employees continues to be a struggle for the retail sector, who suffered 3x worse with employee retention than other industries in 20221. Can businesses adapt their core values to not only attract customers, but also keep employees engaged?
Will these challenges make 2023 another difficult year for retail, or are there opportunities for growth?
We believe there are several.
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"Optimising strategies for sustainability, omni-channel retail, inventory management, and employee retention could be your first step towards business growth this year."