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Top challenges faced by the retail industry

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The retail industry has been facing plenty of challenges ever since tech evolution began. Many retail companies have went on to file for bankruptcy in the recent dynamic shifted by the pandemic. This, however, isn’t the doomsday to every retailer out there. There is still light at the end of the tunnel, if they can adapt to the current market changes.

Let’s take a look at the top retail challenges invoking chaos:

Digital disruption

With a lot of changes happening with regards to the consumer behaviour, the e-commerce industry has grown explosively. Every customer has a number of choices before going on to take a final purchasing call. In present days, a huge amount of purchases keep happening on the internet. The good news is that many customers still prefer to purchase at their nearby brick-and-mortar shops. A few customers would research their products online to purchase it in person. Hence there is an opportunity unveiled. This can make it extremely easy for you to expand your retail business.

Top challenges faced by the retail industry

Customer base maintenance

Brand loyalty is inevitable for businesses willing to sustain in the market in the long run. The common mistake many people make is trying to sell while not attracting repeat customer business. This can lead to failure in today’s world. With more traditional customer loyalty programs offering promotions and special offers, you need to look for personalization. Hence communicating with customers to understand their choice and preference is a must. You can understand your customer better when you know about their previous purchases. By properly maintaining customer database, you can make this happen.

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Changing customer demands

There has been a lot of changes happening in what customers need. Every retailer has to stay updated with the sudden changes and seasonal trends in the shopping behaviours of customer. With a few seasonal product line-up changes, you can track your store. Hence you need to understand better about your inventory management processes.

Advantages of SAP ERP for retail

Digital marketing on the rise

Owing to modern marketing changes, every modern business has to ensure that they enable multi-channel marketing to reach out to different customers. Every customer is now used to one-on-one engagement which would develop more personalized customer relationship. You should also not compartmentalize your customer data. Hence synchronizing marketing department would become essential. There shouldn’t be any way left for inefficient communication.

Employee retention

Retail industry has went on to enjoy high employee turnover rate. The biggest challenge, however, has been to maintain the rapport with long-term staffs. The HR team has to ensure that they are provided with regular training. You can automate this with an HR management system.

Majority of the problems faced by the retail industry are internal. How can we tackle it? Read on by clicking here!

Contact us for more details.

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September 20, 2020

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