Retail has changed and evolved like never before
Proxima’s recent white paper ‘How retailers can get ahead in 2021’ shows that whether you look at the US or the UK, 2020 was a year of massive change and 2021 is shaping up to be another challenging year.
COVID-19 accelerated trends that were already impacting retail and put the industry under immense pressure to adapt and innovate at speed. 2021 will be no different, and retailers will need to ready to adapt and change to thrive rather than just (hopefully) survive.
But where do you direct your energies and how do you fund the innovation?
‘How retailers can get ahead in 2021’ report reveals where companies should be focusing their efforts to stay ahead of competitors and grow Download your free copy today.‘
The key areas we believe senior retail leaders should focus their efforts in 2021 to put themselves in a position to thrive:
- Technology – From digital payments to martech and social media, successful adoption of the right technology will provide a competitive edge.
- Supply chain – A changing world means changing supply chains. There will be rewards for the retailers, on-line and high street, who can create advantage through supply chains.
- Property and Facilities – What retailers need from their facilities has changed. Rapid and agile change to how property is used and maintained going forward will be key to getting ahead.
- Sustainability – Consumer preference for sustainability continues to strengthen. Meeting this need offers growth potential but also throws up logistical and cost challenges.
- Strategic opportunities – There will be times when collaboration and knowledge sharing can be an advantage, finding these opportunities is a potential differentiator.
Technology, supply chain, facilities management, sustainability and strategic opportunities are areas where retailers can make changes that will provide them with real competitive advantages in 2021 and beyond. Our report explores these themes and the opportunities they present.
Proxima work in partnership to accelerating outcomes. Deploying real time procurement specialists to enable our clients to restructure their procurement functions, innovate, digitise and realize enormous savings. Get in touch to find out more.
For most large businesses, the process of adapting a complex and cumbersome system at the pace needed to reflect ever-changing customer habits would be impossible. By building the right relationships with the right partners, retailers are able to access flexible, asset-light networks at their fingertips, as opposed to a “build-your-own” approach that may become outdated before it has legs.
Clare Harris, SVP Proxima
Retailers must collaborate to become future-fit
With the upwards trajectory of demand for online shopping rising much more sharply than anticipated, retailers have felt a huge strain on their supply chains and have struggled to maneuver business operations quickly to keep up with changing consumer attitudes.
How can large retail corporations build a strong yet agile system that will ride the storm of further restrictions as a result of the pandemic, which are likely to continue to affect supply and demand?
Procurement in 2021: Insight from four leaders
Procurement leaders have been at the forefront of dealing with the disruption in 2020. They were forced to adapt to unforeseen challenges quickly, and in many cases have played pivotal roles in getting their organisations back on the front foot.
With 2021 showing no signs of change, there are some common themes that we have identified for procurement leaders to focus on:
- The shifting role of procurement
- Being at the heart of change
- People and wellbeing
If you’d like to enjoy reading their insights in full in this report, please follow this link.
