The retail sector is one of the fastest growing sectors in global economy and this sector has undergone multitude of changes because of the COVID-19 pandemic. The consumers’ needs and sentiments have witnessed a change post the pandemic and retailers have made innovations to satisfy the consumers and augment their shopping experience. At the same time, due to inflation in costs, there is a pressure on the margins earned by retailers as they have not been able to pass the complete increase in costs to the consumers.
Empowered consumers, digital disruption, growing pressure from suppliers to pass on material costs, escalating labour costs, increased speed to market, and shifts in purchasing behavior are challenging today’s retail businesses. Gradual improvement in global mobility and reduction of supply chain breakdowns would help organisations to curb their costs in the long term. In such an environment, organisations need to be innovative and agile in taking proactive, as well as reactive measures to sustain themselves and stay ahead of the competition.
Based on our experience in advising various clients in this regard, we have put together our insights on typical leakages that can take place in organisations in the retail sector and how they can safeguard themselves. We hope you find this document a useful read.
