World Retail Congress - Preliminary Conversations
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Retail team!
Ian McGarrigle, chairperson for the World Retail Congress, (April 25 in Barcelona) summarized his preliminary conversations with retail execs. Great summary and he even gives us the retailers that are focused on these areas.
Here's the link:
Challenges:
- Rebudgeting frequency due to covid impacts
- Ability to adapt to geopolitical events
- Need for scenario planning
- Inflation
- Cost-of-Living
- Recruitment and Retention
- Sustainability is being demanded by consumers, legislators, stakeholders, and the media even though other issues (above) are high priority
- How to connect with the TikTok generation
- Incorporating LLM (large language models) like ChatGPT
- Dirty little secret: ecommerce isn’t profitable for most due to outbound freight, returns, and cost of new customer acquisition. Plus growth overall has slowed down.
These challenges align with our “whitespace” use cases we’ve discovered where there is limited competition in planning solutions.
- Fabric Platforming – Fast Fashion
- Assortment Planning
- Finance and Merchandising Plan Reconciliation
- Labor Budgeting
- Clustering
- Outbound Freight Planning
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Insightful stuff! Thanks, Jared!
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