Five Retailer Imperatives for 2023
Retailers face considerable hurdles in 2023, but they can ease the challenges by thinking strategically about the needs of shoppers, employees and communities.
My latest retail column focuses on five imperatives for 2023. I want to briefly relay the imperatives here and you can link to the full column in Drug Store News.
I am underscoring these points as part of my work as a B2B content and thought leadership consultant for organizations in the food, supermarket, drugstore, technology and CPG industries.
Here is a summary of the five imperatives.
1. Accelerate Customer Experience: Retailers should prioritize customer experience. They can drive progress with offerings and experiences that are more consistent across omnichannel, innovative loyalty programs and entertaining in-store experiences.
2. Boost Employee Retention: The retail trade industry faces major challenges with employee retention. Retailers have an opportunity to improve retention by fine-tuning their strategies in areas such as compensation and benefits, training and development, and scheduling flexibility.
3. Understand Younger Consumers: Gen Z consumers are increasingly crucial for retailers, who need to understand the preferences and behaviors of these younger shoppers. Retailers need to delve deep into shopper insights to better understand younger customers and bring new and relevant approaches.
4. Get Innovative about Shopper Savings: Inflation isn’t disappearing anytime soon and there are lots of concerns about the state of the economy. Retailers need to find innovative ways to help shoppers save money in order to improve loyalty and engagement. Retailers can increase loyalty by offering new and creative ways to save throughout the year.
5. Prioritize Access and Equity: Local communities increasingly expect retailers to support access and equity, in aspects ranging from housing to food insecurity. Many retailers are stepping up. Those making commitments and executing well will differentiate their businesses.
The five retail imperatives outlined here can be supported by retail partners including suppliers, manufacturers and service providers. All of these companies have an opportunity to relay their initiatives through strategic content and thought leadership.