To say the global retail market is challenging today would be a gross understatement. A rising cost of living, demanding consumer expectations, supply chain disruption and unforeseen public health crises like COVID-19 all contribute to the erosion of retailers’ bottom lines. However, retail media has in recent years emerged as an increasingly promising guard against these economic uncertainties and can even serve as a profitable revenue stream.
The retail sector is in a paradigm shift of digital transformation, with an anticipated 25% of global retail poised to migrate online by 2025. APIs facilitate digital-first shopping experiences in this evolving landscape, allowing retailers to swiftly adapt and enhance their systems. They empower retailers to extend services like online orders with in-store pickups, curbside delivery, and personalized online shopping recommendations, catering to remote customers’ preferences.
Supply chain disruption continues to affect retailers, consumer packaged goods companies (CPGs), and customers. Constraints on the ability to produce goods have limited the availability of in-demand products, leading to inflation. Not only are manufacturers not making enough products in line with demand in industries such as automotive and electronics, at the same time, those products have become much more expensive.
In the Age of the Consumer, loyalty often equals the absence of something better. To sustain loyalty, we must continuously earn it in every interaction. That means today’s winning Retailers must provide: Clearly, this is easier said than done. Delivering the compelling experiences that consumers expect is a tall order, and it requires a consumer-obsessed culture of quality focused on the Consumer Journey.
A study by Harvard Business Review found that almost 73% of shoppers utilize multiple channels during their shopping journey, with only 7% being online-only shoppers and 20% being store-only shoppers. As the holiday season approaches and major sales events like Black Friday loom, retailers face the daunting task of managing a massive influx of merchandise. The complexity amplifies during the crucial last mile of the supply chain when customers switch from home delivery to in-store pickup.
Retail businesses contend with data challenges unique to a fast-paced, high-volume industry.
