Are all bets off for Strategic Planners in retail right now?

By Alchemmy’s Di Howard

You’d be forgiven for thinking so. Brexit, Covid and now the challenges emerging as a result of the invasion of Ukraine mean that right now, more than in living memory consumers are more than a little bit cautious.

Parking the obvious economic elements as the pound in your pocket not going quite as far as it did in the past, retailers have the added complexity of increasing supply chain costs and reductions in margins to consider when supporting those customers still wanting their goods and services. And then let’s add in the sustainability and carbon footprint of goods and services…

But is it all headache? Or will retailers be looking closer to home for product?

For sure, once product reaches these shores there are more cost-effective ways of freight than the current eyewatering costs of road haulage. For sure rail freight will reduce costs of mass overland transportation. But it’s not there yet.

So what can retailers do?

  • It sounds trite, but talk to your customers. With both ears open so you can really hear what they are saying.
  • Use your data. Mine it so you know exactly what is going on in your business. What is selling where and if you’re talking to your customers they’ll be telling what they are going to need from you in the future.
  • And don’t forget your employees. They’re your brand, your shop window and they are also consumers. Feeling the pinch probably wanting a pay rise which you’re going to struggle to deliver.

 

What is for sure is that those organisations that take a holistic look at their supply chain, use that information logically with customer centricity at the core of decision making, are likely to whether these curious times more effectively that those who do not back up their decision making with facts.

At Alchemmy we work with you to understand where you are now, what you want to be and fundamentally how you get there.

Written by

alchemmy-admin

Published on

36th April 2022

Tags

Related blog posts

Alchemmy Explores Our Digital Future

At a public event on 6th July, Alchemmy hosted panel discussions on Intelligent Automation and Digital Ethics. A large audience of business and public services representatives were treated to two lively debates, which suggested that while organisations must adopt extensive automation, they should also be acutely sensitive to its pitfalls and dangers.

Read More

2nd November 2022
6:30pm

Days
Hours

Our next event at Riverside House, Bankside

Gen Z and the Future of Retail