Measures of social distancing impose this new reality of life, which entails changes in the planning and daily life of citizens. These measures of social distancing will continue to exist, despite the forced closure of the market, and impose this new reality of life, in which traders and citizens will have to adapt.
For their part, retailers need to plan their strategies as they are likely to face global competition from digital platforms, as well as a gradual contraction in their physical sales. In this wave of market turmoil, the search for cooperative solutions and synergies between companies is the subject of discussion in the new agenda of reflection formed by business executives.
The market share of in-store products in terms of global sales shows a downward trend as from 95% of total sales in 2010 it is expected to approach 75% of total sales in 2025.
The strategic moves that shape the developments regarding the store of the future are the following:
- Finding new sources of truth. E-commerce giants AliBaba and Amazon are reorienting their approach to e-sales. The new interesting strategic planning of companies is related to the search for new sources of information concerning consumers, as this will give a boost to sales and improve profitability. For example, alibaba makes extensive use of information sources for potential sales in China. Extensive market analysis and sales efficiency research are the focus of a new strategic philosophy. The sources of information are innumerable, but the processing of this information is the prerogative of the few.
- The generalization of feedback in real time. The secret of success lies in the real-time feedback adopted by the corporate strategy for effective customer base management. The question, however, remains whether to expand the customer portfolio through successful acquisitions to penetrate stronger income consumers (Dollar Shave Club and Grace from Unilever) or even launch a new store concept that has the ability to offer products. and tailor-made services to a specific buying public.
- Creating a smart supply chain.
- The inability to safely predict consumer demand from food to clothing stores huge volumes of non-consumable products.
- As part of the smart supply chain and artificial intelligence systems that companies will utilize, it will be possible to better predict medium-term and future demand with beneficial additional environmental, cost and cost management implications. This progress will also lead to a narrowing of the distance between the productive and the final consumer in terms of the life cycle of a product, as it will be well known in advance to predict selection, for example products to be consumed in the next six months.
- Access to data and data concerning the final consumer is valuable, as it will help the company launch the appropriate product in that segment of the market that is evidenced by unique potential consumers. The long-term concern of the leaders of a commercial company is the evaluation, the assessment of the internal life cycle of the products they promote in the market. Here, the necessity or not of the possibility of joining business forces for targeted and upgraded strategic moves regarding the better approach to the market will be evaluated.
The pursuit of integrating retail with modern technology support systems and ongoing personalized customer experience, it is therefore necessary to integrate in the context of a comprehensive strategy to deal with competitors.