The New Retail Operating Model of the Future
Retail Operating Model of the future
Retail has undergone significant, long-term change.
Retailers have long understood that a very different kind of retail experience is what their business needs to thrive in the future. This experience must be more ecommerce-focused, digitally enabled, personalised, sustainable, and integrated with offline and online shopping, among other requirements.
Online shopping is more popular than ever, attracting some of the previously most resistant demographics. According to Pangeacons analysis, ecommerce purchases from new or infrequent users are expected to rise by a staggering 150 percent.
At Pangeacons consulting, we embrace your challenges as our own and explore all out to find the best solution for your business. We help to solve complex business problems involving strategy, business model, design, delivery and assurance of technology solutions.
It’s true that many retailers have set up omnichannel services like same-day shipping and home delivery successfully. Despite this, only a small number of retailers are genuinely bridging the gap to optimise both their online and offline operations holistically.
Because the retailer bears the responsibility and expense of many tasks that customers who buy in-store perform on their own, such as selecting, packing, and delivering goods to their homes, when customers purchase online.
These additional costs are unaffordable in the long run for an industry where margins are already extremely slim.
Solution:
The answer is to resolve to permanently merging both traditional and online channels. Reset the retail store’s goals, operations, and management style. And to properly localise this process for each individual store.
We identified six key factors to be focused on for the Store of Tomorrow. Each store plan starts with these six key ingredients in mind. A retailer then combines these ingredients in different ways depending on its retail sector, its local market, and its customer needs.
1. Integrated customer experience
2. Optimized supply chain operations
3. Purposeful and skilled workforce
4. Real-time retail data on the edge
5. Enhanced sustainability and social responsibility
6. Data-driven decision making
The Store of Tomorrow concept aims to give customers more choice and convenience while drastically simplifying the omnichannel consumer journey. Additionally, it gives merchants a picture of a future where increased e-commerce doesn’t always translate into poorer profitability. In reality, the approach encourages both revenue growth and cost reduction.
