Bold Shifts In Retail Models Take Hold
As we finish out 2022, retailers and consumer brands are bracing for strong, macro-level headwinds, including inflation, labor shortages, and supply chain. Retailers are wondering where the unturned stones of profitability may lie. In 2023, we see retailers and brands taking advantage of new opportunities for incremental revenue, transforming their business models to capture additional market share, and implementing cost-saving innovations for operational survival.
Those that find success in these areas will have analyzed where the biggest risks and rewards are. They will also have executed strategies that translate to healthier results. The elite among those will leverage technology that enables their company to quickly reconfigure business structures and capabilities to meet future customer and employee needs with adaptivity, creativity, and resilience. We call this future fit, and our data show that future-fit companies outperform their peers by 2.8 times.
What trends will differentiate future-fit retailers and brands in 2023?