RETAILER FOCUS


cooler doors, ad space opportunities are everywhere within the store and 2024 will see more and more retailers take advantage of these.


6. Increase in Medium Term Pop-ups The pop-up store has become a permanent fixture within retail as we’re increasingly seeing a trend towards medium-term pop-ups. Instead of just a few days or a week or a month, pop-up spaces are opening for 2-3 months or even a whole year. Brands know the value of physical retail but in a changeable world, a long-term commitment to a fixed store can be a risk. A medium-term pop-up offers the benefits of physical retail without the pressure.


A longer-term pop-up also allows brands to invest a bit more in the quality of the space, making it a better experience for the consumer. A medium-term pop-up offers enough time for them to gather enough insights into customer behaviour to make an informed decision, compared to just a handful of days.


supply chain is everything. Not only can supply chain issues cause a business to grind to a halt, but a good supply chain is also crucial to fulfilling growth ambitions.


Although the specific issues change, the global situation continues


to be volatile and the next 12 months aren’t likely to be any different. Retailers need to build agility into their supply chains and make them more resilient so they can deal with whatever comes next. Investment into supply chain automation will form part of many


retailers’ strategy for 2024 as they look to reduce costs, increase efficiency, and manage inventory better. Brands will continue to explore local sources of raw materials over the coming year to reduce reliance on overseas suppliers, but we may also see more and more explore non-traditional sources as well. This could include other companies’ waste.


10. Inventory Management will be Under Scrutiny Shifts in consumer behaviour mean inventory management will need to be closely monitored in 2024. Customers are causing buying seasons to become longer around big holidays and key buying events as they look to spread out their spend. This could see deals becoming polarised with the best prices for those who buy very early or very last minute.


Longer buying seasons are also causing many retailers to extend


their return periods, so that consumers have the confidence to buy. Retailers will continue to invest in inventory management technology and real-time stock data to better manage these issues. This includes the potential to dynamically price items, reducing those where it looks like there will be excess stock. Businesses are also adopting a little and often buying behaviour


to help manage inventory and cash flow. Some of this is driven by excess stock in the market due to consumers buying less and delaying larger ticket purchases.


Sustainability 7. Radical Transparency Brands are going to be more transparent than ever over the next 12 months in a bid to build better customer relationships. With consumers still watching their spending, customer perception will be a crucial factor in which retailers get their business. This means brands need to be honest. Sustainability is an area that brands are happy to shout about when they’re making an improvement, but many aren’t very good at sharing the details of their journey. This radical transparency will also extend to calling out other brands and even government policy where necessary.


8. Brand-led Positive Change Brand-led positive change will include helping customers to deal with the challenges they face through a brand’s products, services, or initiatives. Consumers expect brands to help them to be more sustainable without huge price rises, which puts pressure on brands to make their products more environmentally friendly at the same cost.


Operations


9. Supply Chain Resilience If the last few years have shown the retail industry anything, it’s that


housewareslive.net January/February 2024 | 19


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36