FOCUS 2 KPMG: FOCUS ON RETAIL DAVID MCCORQUODALE, Partner W
elcome to this fi rst edition of Focus on Retail, our multi-media magazine for leaders in the sector.
Growth is once again on the retail agenda as the recession subsides, but there remain many challenges ahead. Retailers and suppliers alike are still dealing with the legacy of the downturn and there is a clear need to get cash fl ows working properly again. Many are also grappling with very rapid changes in consumer expectations and behaviour brought on by the internet and digital developments.
Those changes are profound. As ‘multi-channel’ morphs into ‘omni-channel’ retail, what we’ve seen is a progressive transfer of power to the consumer. People no longer ‘go shopping’ but are always shopping, armed with an array of information at their fi ngertips. We see change manifested in the increasing power of peer recommendation on social media sites, and in the range of pickup or delivery options now expected as standard.
There are some thorny issues to address. For instance, with household budgets still under pressure and price comparison tools available via every smartphone, retailers must think carefully about their policies on pricing, discounting and ultimately brand positioning.
Meanwhile businesses must strike a balance between offering the best possible service while also keeping costs in check.
But there are also real opportunities. Data-driven personalisation provides a means to drive sales, foster loyalty, and even personalise pricing. Social media offers a platform to recruit brand ambassadors and open a genuine dialogue with consumers.
The challenge exists to create a workforce with the right balance of skills. In the omni- channel world, it’s tempting to think purely in
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terms of digital skill sets but it’s also hugely important to have well-trained in-store associates underpinning the brand experience.
With a healthy number of IPOs on the horizon this year, confi dence is clearly returning to the sector and to a very great extent that buoyancy is justifi ed by the performance of those who have managed to adapt through the recession. These are exciting times for a sector that once again has everything to play for.
Please enjoy this magazine and do feed comments back to us for future editions.
David McCorquodale UK Head of Retail
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