Today and tomorrow, successful retailers will be those that achieve the perfect balance between relevance, agility, efficiency and risk.
The balance of power in the retail industry has tipped decisively. Digital is empowering customers. Range and pricing is transparent; loyalty is scarce. New channels and competitors are setting expectations of convenience, value and experience that are hard to match profitably. However disrupted they are today, retailers know they must evolve quickly, and keep evolving, because this revolution will continue.
To thrive, retailers must make rapid adjustments to maintain their balance as the industry disrupts further. They’ll evolve at the pace that’s right for their business — sustaining their profitable legacy, while adapting for the future. We help retailers transform their business to deliver the personal, seamless, omni-channel experience that shoppers increasingly demand — in a way that’s profitable and sustainable.
The future of the retail
Watch EY Americas Retail Leader, Jeff Orschell, share trends that will drive the future of retail post COVID-19 based on his experience at this year’s World Retail Congress Connected. Here, he discusses the common themes shared by CEOs and senior leaders as well as his own insights and implications for retail.