With supply chains coming under increasing pressure because of world events and natural disasters, a move to consolidate helps you to keep costs under control. One of the easiest ways to do this is within your Goods Not For Resale (GNFR) procurement. For items that you know you will need again and again, consolidating to one supplier can help you to achieve significant cost savings, protect you against price increases and help with product reliability.
Seasonal shopping peaks like Black Friday and Cyber Monday and unpredictable material and stock shortages have driven retailers towards earlier planning with greater precision. Ensuring plenty of product lines are available for customers, alongside adequate GNFR stock, will help you cope seamlessly with peak-demand periods or shortages. Being caught off-guard by surging demand causes havoc for retailers behind the scenes, so early preparation has shown to be key. And working with a trusted and expert GNFR partner who can help you navigate this risk is invaluable.
There’s been no denying that technology has enabled retailers to become far more agile. Retailers with technology embedded at every level of their business can stay ahead across logistics, their supply chain, in-store and warehouse inventory, sales and marketing and customer service. The re-emergence of RFID technology for inventory management and the adoption of Artificial Intelligence (AI) in customer service has helped retailers to plan, predict and prepare quickly, which is key in today’s market.
Exceptional customer experiences
The customer experience in 2024 has experienced an evolution. A recent surge of big-name brands going into administration, including French sportswear brand Le Coq Sportif, or experiencing financial difficulties has showcased how difficult it has become for brands to successfully capture their market audience.
Those brands that are doing well are investing in the customer journey, creating memorable in store and seamless omnichannel experiences.
Retailers are investing heavily in tailoring customer experiences across their channels. From AI-driven product recommendations online to in-store interactions that anticipate customer needs, personalisation has become a necessity for a successful omnichannel strategy. McKinsey & Company estimates that brands that personalise achieve a 15% revenue increase.
Phygital Shopping Experiences:
The fusion of physical and digital (phygital) retail has continued as retailers look to blend the best of both worlds for an exceptional customer experience. People still want human interaction, so by blending tools like Augmented Reality (AR) and AI with physical approaches, shoppers can explore unique in-store experiences. Implementing ‘try before you buy’ technology, using smart mirrors or integrating QR codes can enrich your customers’ in-store experience.
Omnichannel is the foundation of building exceptional customer experiences. Customers want to interact with brands in a variety of ways, so providing seamless shopping experiences across multiple platforms is important to meet their needs. From live inventory information online for local stores to embedding technology in-store for quick purchasing, omnichannel has been fundamental to the customer experience in 2024.
Sustainability
You can expect sustainability to be important every year, and 2024 has been no exception. With more regulations and directives coming into place, retailers have been innovating and exploring ways to reduce environmental impact.
This year, we employed our first Sustainability Officer, Daan Van Vlierden, to help us continue our progress and make bigger strides towards carbon neutrality. Our latest Sustainability Report showed the positive impact we are making, but also that we still have a way to go. Continuous progress is something every retailer should be striving for in 2025.
Circular Economy and Resale Platforms:
2024 has seen a boom in retailers embracing the circular economy through resale, rental and repair services. Second-hand marketplaces like Vinted have also seen enormous growth during 2024. The number of large brands linking up with technology platforms to create resale initiatives is growing, showing a commitment to helping customers shop in environmentally conscious ways and giving them options to recycle their pre-loved items.
2024 has been another year for retail brands to show guts in the face of challenging circumstances. Taking these approaches into 2025 will help retailers continue to perform against uncertainty.
If you’d like help in 2025 to help your retail brand thrive and want a team that has service with guts in its DNA, speak to Worldpack on +31 (0) 88 494 20 80 or email us at online@worldpack.eu.
