What’s influencing retail strategy?
Over the past 6 months, certain market factors have had an outsized effect on retail strategy, as noted by the stars in the infographic.
Let’s look closer at certain key trends.
POLITICAL
⭐ US-China relations: Montana bans TikTok amid privacy concerns, yet 75% of marketers plan to spend more on TikTok even if more bans may lie ahead
⭐ Inflation relief: Big Food companies in France faced government pressure to cut prices, beginning in July
ECONOMIC
🛍 Mixed signals: While some experts predict a global recession, others say the global economy is resilient – yet stagflation is possible in the UK, US and Europe
🛍 Inflation: Shoppers continue to buy less, seek deals and switch to more affordable alternatives, including private labels
SOCIAL
⭐ Shoplifting: Rising theft has captured the attention of retailers, law enforcement and solution providers
⭐ Return to the office: More employers direct workers to come back, prompting some employees to push back
TECH
🛍 AI: This innovation is shaking up retail with potential efficiencies in customer service, dynamic pricing and automated fulfillment.
🛍 Stores evolve: From retail media (Kroger’s digital screens) to smart fitting rooms, expect to see more tech in brick-and-mortar
Overall, the global retail sector is focusing on opportunities for B2B and B2C growth and efficiency to stay resilient.
What market factors would you add?
Related:
2023 Retail PEST Analysis [from January 2023]
AI in Retail
In-Store Tech Trends
Retail Theft on the Rise
